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What happens to a jointly owned property if one owner dies in Colorado?

In joint tenancy, each owner has an equal and undivided interest in the property. Most importantly, a joint tenancy creates a right of survivorship, which means that when one owner dies, his or her interest passes to the surviv- ing joint owner(s).

Does Colorado have joint tenancy with right of survivorship?

In Colorado, joint tenancy, a form of co-ownership, creates a right of survivorship. If one joint tenant passes away, their interest in the property automatically passes to the surviving joint tenant(s) without the need for probate.

What are the disadvantages of joint tenants with rights of survivorship?

Yes. Generally, the right of survivorship will take precedence over a Last Will and Testament if the jointly-owned property is distributed wrongfully in someones estate plans. Therefore, you shouldnt list any property in your Will that you and another person(s) jointly own with the right of survivorship.

Does a quitclaim deed transfer ownership in Colorado?

The benefits and drawbacks of using a quitclaim deed in Colorado real estate transactions. When navigating a real estate transaction in the state of Colorado, a quitclaim deed may be used to transfer title and ownership interests. Generally, this document is signed by a grantor and then released to the grantee.

Does Colorado recognize joint tenancy with right of survivorship?

If you want the title in Joint Tenancy with Rights of Survivorship, you will need a completed Department of Revenue form DR 2395 Joint Tenancy Form signed by all parties. You can find this DR2395 Form online at dmv.colorado.gov, or we can provide that Form to you.

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