In Colorado, probate is not required if the deceased person left a will that names an executor to handle their affairs. However, if there is no will or the estate is worth more than $50,000, probate may be necessary. If you’re named as an executor in a will, you’ll need to file a petition with the court and submit the will for probate. The court will then issue Letters Testamentary, which give you the authority to act on behalf of the estate. You’ll use these letters to open a bank account for the estate and notify creditors of the death.