You may want to bypass the probate process when planning a Colorado estate. Methods of disposing of property at your death without going through the probate process usually require the assistance of an estate planning attorney. If you die without a will and without having made other provisions, the property in your estate will pass according to Colorado law.
If you are married and own property jointly with a spouse, consider holding title or owning the property as joint tenants with rights of survivorship. This means that upon the death of one partner, the property automatically passes to the other without the necessity of a will or probate. If you have made provisions so that all your real estate and personal property is jointly owned in this manner, the property should pass to your spouse without a will. It is always a good idea to have a will prepared anyway in the event of a simultaneous death, or if you have neglected to add your spouse’s name to a vehicle or other piece of property.
Some estate planning attorneys may suggest that you put your property into a trust. An attorney will assist you in establishing the trust and conveying property into it. The trust will be managed by a named trustee, which may be yourself and/or your spouse, and will name designated beneficiaries. It may be irrevocable and pass property through a generation and on to your grandchildren, or it may be revocable by you during your lifetime and terminate or become irrevocable at your death. The trust agreement will establish the terms of the trust and will state what happens to the trust property after your death.
You may consider deeding any real estate you own to your intended beneficiaries while reserving a life estate to yourself. A life estate allows you to live on property until you die, at which time the property will belong to the beneficiary, or "grantee," named in the deed. That individual will not be able to terminate your reserved rights in the property during your lifetime. A life estate, or "lady bird deed" as it may be called, will only convey interest in real estate. You would have to make other provisions to dispose of your personal property.
If you die without a will and without making other provisions, your property will pass according to Colorado’s laws of intestate succession. These laws establish the share of a surviving spouse, as well as the share of surviving children and parents, based on the particular set of circumstances that exist at the time of your death.