Intestacy is when a person dies without a will. In those situations, Colorado law governs estate administration.

Intestacy laws typically prioritize surviving spouses and biological relatives as beneficiaries. This ensures that the deceased person’s assets are distributed according to state guidelines.

The two asset classes are probate assets and non-probate assets.

Probate assets are solely owned possessions without designated beneficiaries. These include vehicles, stocks, bank accounts, and personal valuables.

Non-probate assets, often jointly owned or with named beneficiaries, can bypass the probate process. These include life insurance, joint property, retirement plans, and trusts. Non-probate assets typically transfer directly to intended recipients. Trust assets go straight to designated beneficiaries, avoiding probate.

A deceased person's debts are paid from their estate during probate. The executor notifies creditors, who have four months to submit claims. The estate representative (administrator) reviews and pays the claims. However, estate administration costs and expenses always get paid first.

When necessary, estate assets can be sold off to cover debts. Colorado provides allowances to protect spouses and dependent children from financial hardship.

Complex estates or probate matters usually require legal assistance. It is best to consult an experienced probate attorney for larger or complex estates.