This form is a Beneficiary Deed where the Grantor is an individual and there are five Grantee Beneficiaries. There are also five named Successor Grantee Beneficiaries. Grantor conveys and transfers, upon Grantor's death, to the surviving Grantee Beneficiaries or Successor Grantee Beneficiaries. This deed complies with all state statutory laws.
We use cookies to improve security, personalize the user experience, enhance our marketing activities (including cooperating with our marketing partners) and for other business use.
Click "here" to read our Cookie Policy. By clicking "Accept" you agree to the use of cookies. Read less
Read more
- US Legal Forms
- Localized Forms
- Colorado
- Aurora
-
Colorado Transfer on Death Deed or TOD - Beneficiary Deed for Grantor...
Aurora Colorado Transfer on Death Deed or TOD - Beneficiary Deed for Grantor to Five Grantee Beneficiaries
State:
Colorado
City:
Aurora
Control #:
CO-020-77
Format:
Word;
Rich Text
Instant download
Description
Free preview
Related forms
Viewed forms
Lease of Storage Space with Warehouse Company
Lease of Storage Space with Warehouse Company
View this form
Juvenile Adjudication Order - Abuse - Negl...
Juvenile Adjudication Order - Abuse - Neglect - Dependency
View this form
Sale of Business - Bill of Sale for Person...
Sale of Business - Bill of Sale for Personal Assets - Asset Purchase Transaction
View this form
Sales Agency Agreement with General Agent
Sales Agency Agreement with General Agent
View this form
A19 Stipulation of Facts
A19 Stipulation of Facts
View this form
Order After Hearing
Order After Hearing
View this form
How to fill out Aurora Colorado Transfer On Death Deed Or TOD - Beneficiary Deed For Grantor To Five Grantee Beneficiaries?
If you are searching for a relevant form, it’s difficult to choose a better service than the US Legal Forms website – one of the most considerable online libraries. With this library, you can find thousands of form samples for organization and individual purposes by types and regions, or key phrases. With the high-quality search function, discovering the most up-to-date Aurora Colorado Transfer on Death Deed or TOD - Beneficiary Deed for Grantor to Five Grantee Beneficiaries is as easy as 1-2-3. Moreover, the relevance of every record is verified by a group of professional lawyers that on a regular basis review the templates on our website and revise them in accordance with the latest state and county demands.
If you already know about our platform and have an account, all you should do to receive the Aurora Colorado Transfer on Death Deed or TOD - Beneficiary Deed for Grantor to Five Grantee Beneficiaries is to log in to your user profile and click the Download button.
If you utilize US Legal Forms the very first time, just refer to the instructions listed below:
- Make sure you have discovered the form you need. Check its description and utilize the Preview feature (if available) to check its content. If it doesn’t suit your needs, utilize the Search field near the top of the screen to get the proper file.
- Affirm your selection. Choose the Buy now button. Next, select your preferred subscription plan and provide credentials to sign up for an account.
- Process the purchase. Utilize your bank card or PayPal account to finish the registration procedure.
- Get the form. Select the format and save it to your system.
- Make adjustments. Fill out, revise, print, and sign the acquired Aurora Colorado Transfer on Death Deed or TOD - Beneficiary Deed for Grantor to Five Grantee Beneficiaries.
Every form you save in your user profile has no expiry date and is yours permanently. You can easily access them via the My Forms menu, so if you need to get an extra copy for editing or creating a hard copy, you can come back and save it again at any moment.
Make use of the US Legal Forms professional library to get access to the Aurora Colorado Transfer on Death Deed or TOD - Beneficiary Deed for Grantor to Five Grantee Beneficiaries you were seeking and thousands of other professional and state-specific templates on a single website!
Form Rating
4.69
Satisfied(313)
Form popularity
FAQ
Response: A beneficiary deed is a legal document to pass title to real property to a ?grantee-beneficiary? at death, without the need for probate administration. In Colorado, probate can be avoided if the decedent's estate consists only of personal property with a value not exceeding $50,000.00.
Beneficiary deeds enable real property owners in Colorado to transfer their property to a designated beneficiary upon death without having to go through probate, which may help save time and money in the administration of the estate. Under C.R.S.
A life estate deed is a special deed form that allows a property owner to use the property during life and transfer the property automatically at death. Life estate deeds are designed to transfer the property at death without losing the ability to use the property during life.
For any type of real estate title transfer, you'll need to fill out the appropriate forms and have all parties sign in front of a notary. The new owner is responsible for filling out a Real Property Transfer Declaration form and recording the deed at both the recorder's and county clerk's offices.
A beneficiary form states who will directly inherit the asset at your death. Under a TOD arrangement, you keep full control of the asset during your lifetime and pay taxes on any income the asset generates as you own it outright. TOD arrangements require minimal paperwork to establish.
Colorado TOD deeds are recorded with the office of the clerk and recorder for the county in which the relevant real estate is located.
OWNER MAY REVOKE A BENEFICIARY DEED BY EXECUTING AN INSTRUMENT THAT DESCRIBES THE REAL PROPERTY AFFECTED, THAT REVOKES THE DEED, AND THAT IS RECORDED PRIOR TO THE DEATH OF THE OWNER IN THE OFFICE OF THE CLERK AND RECORDER IN THE COUNTY WHERE THE REAL PROPERTY IS LOCATED.
How to Change a Deed When Inheriting a House Step 1: Get a Copy of the Probated Will.Step 2: Confirm the Nature of Property Ownership.Step 3: Get a Certified Copy of the Death Certificate.Step 4: Draft a New Deed that Names You as the Property Owner.Step 5: Sign the Deed.Step 6: Have the New Deed Notarized.
Beneficiary deeds enable real property owners in Colorado to transfer their property to a designated beneficiary upon death without having to go through probate, which may help save time and money in the administration of the estate.
One legal instrument available to Colorado property owners is the transfer on death (TOD) deed. As its name suggests, the TOD deed is a tool that lets someone designate one or more beneficiaries?often a relative or close friend?to obtain the title to their property immediately upon their death.
Aurora Colorado Transfer on Death Deed or TOD - Beneficiary Deed for Grantor to Five Grantee Beneficiaries Related Searches
-
colorado transfer-on-death (beneficiary) deed
-
beneficiary deed colorado template
-
how much does a beneficiary deed cost
-
free printable beneficiary deed colorado
-
revocation of beneficiary deed colorado
-
beneficiary deed colorado tax implications
-
beneficiary deed tax implications
-
document to transfer property upon death
-
revocation of beneficiary deed colorado
-
how much does a beneficiary deed cost
Interesting Questions
A Transfer on Death Deed, also known as a Beneficiary Deed, is a legal document that allows a property owner to transfer their real property to designated beneficiaries upon their death without going through probate.
The owner of the property creates and signs a Transfer on Death Deed, naming specific beneficiaries to inherit the property after their death. The deed is recorded with the county recorder's office but does not affect ownership or rights during the owner's lifetime. Upon the owner's death, the property is automatically transferred to the designated beneficiaries.
A Transfer on Death Deed offers several advantages. It allows the property to transfer directly to beneficiaries without probate, which can save time and money. Additionally, it provides privacy as the transfer is not made public until the owner's death. This type of deed can also be easily revoked or amended during the owner's lifetime.
Any individual who owns real property can create a Transfer on Death Deed, provided they have the legal capacity to do so. This includes homeowners, landowners, and property investors.
Yes, a Transfer on Death Deed can be changed or revoked as long as the owner is alive and has the legal capacity to do so. This can be done by executing a new deed that supersedes the previous one or by executing a revocation document.
Yes, a properly executed Transfer on Death Deed can bypass the need for a will for the property being transferred through it. However, it is advisable to have a will or an estate plan to cover other assets and to address any contingencies that may arise.
Trusted and secure by over 3 million people of the world’s leading companies
Aurora Colorado Transfer on Death Deed or TOD - Beneficiary Deed for Grantor to Five Grantee Beneficiaries
Change state
To change the state, select it from the list below and press Change state.
Changing the state redirects you to another page.
Colorado
Change state
-
No results found.
-
Colorado
-
Alabama
-
Arkansas
-
California
-
Connecticut
-
Florida
-
Georgia
-
Idaho
-
Illinois
-
Indiana
-
Iowa
-
Kansas
-
Kentucky
-
Louisiana
-
Maryland
-
Massachusetts
-
Michigan
-
Minnesota
-
Missouri
-
Montana
-
Nebraska
-
New Hampshire
-
New Jersey
-
New York
-
North Carolina
-
North Dakota
-
Ohio
-
Oregon
-
Pennsylvania
-
Rhode Island
-
South Carolina
-
Tennessee
-
Texas
-
Utah
-
Vermont
-
Virginia
-
Washington
-
West Virginia
-
Wisconsin
-
Wyoming
Law summary
Transfer on Death Deed or TOD - Beneficiary Deed for Grantor to Five Grantee Beneficiaries
Colorado Statutes
TITLE 15 PROBATE, TRUSTS, AND FIDUCIARIES
COLORADO PROBATE CODE
ARTICLE 15 Nonprobate Transfers on Death
PART 4 TRANSFER OF REAL PROPERTY EFFECTIVE ON DEATH
15-15-402. Real property - beneficiary deed.
(1) In addition to any method allowed by law to effect a transfer at death, title to an interest in real property may be transferred on the death of the owner by recording, prior to the owner's death, a beneficiary deed signed by the owner of such interest, as grantor, designating a grantee-beneficiary of the interest. The transfer by a beneficiary deed shall be effective only upon the death of the owner. A beneficiary deed need not be supported by consideration.
(2) The joinder, signature, consent, or agreement of, or notice to, a grantee-beneficiary of a beneficiary deed prior to the death of the grantor shall not be required. Subject to the right of the grantee-beneficiary to disclaim or refuse to accept the property, the conveyance shall be effective upon the death of the owner.
(3) During the lifetime of the owner, the grantee-beneficiary shall have no right, title, or interest in or to the property, and the owner shall retain the full power and authority with respect to the property without the joinder, signature, consent, or agreement of, or notice to, the grantee-beneficiary for any purpose.
Source: L. 2004: Entire part added, p. 728, § 1, effective August 4.
15-15-403. Medicaid eligibility exclusion.
No person who is an applicant for or recipient of medical assistance
for which it would be permissible for the department of health care
policy and financing to assert a claim pursuant to section 25.5-4-301 or
25.5-4-302, C.R.S., shall be entitled to such medical assistance if the
person has in effect a beneficiary deed. Notwithstanding the provisions of
section 15-15-402(1), the execution of a beneficiary deed by an applicant
for or recipient of medical assistance as described in this section shall
cause the property to be considered a countable resource in accordance
with section 25.5-4-302(6), C.R.S., and applicable rules.
Source: L. 2004: Entire part added, p. 728, § 1, effective August 4.
L. 2006: Entire section amended, p. 2004, § 55, effective July 1.
15-15-404. Form of beneficiary deed - recording.
(1) An owner may transfer an interest in real property effective on the death of the owner by executing a beneficiary deed that contains the words "conveys on death" or "transfers on death" or otherwise indicates the transfer is to be effective on the death of the owner and recording the beneficiary deed prior to the death of the owner in the office of the clerk and recorder in the county where the real property is located. A beneficiary deed may be in substantially the following form:
BENEFICIARY DEED
(§§ 15-15-401 et seq., Colorado Revised Statutes)
CAUTION: THIS DEED MUST BE RECORDED PRIOR TO THE DEATH OF THE GRANTOR IN ORDER TO BE EFFECTIVE.
___, as grantor,
(Name of grantor)
designates____________________________________ as
(Name of grantee-beneficiary)
grantee-beneficiary whose address is ___ (Note to Assessor and Treasurer: This address is for identification purposes only, all notices and tax statements should continue to be sent to grantor.)
(Optional)[or if grantee-beneficiary fails to survive grantor, grantor designates ___, as
(Name of successor grantee-beneficiary)
successor grantee-beneficiary whose address is ________________________ _____________________]
and grantor transfers, sells, and conveys on grantor's death to the grantee-beneficiary, the following described real property located in the County of ___, State of Colorado:
(insert legal description here)
Known and numbered as _______________
THIS BENEFICIARY DEED IS REVOCABLE. IT DOES NOT TRANSFER ANY OWNERSHIP UNTIL THE DEATH OF THE GRANTOR. IT REVOKES ALL PRIOR BENEFICIARY DEEDS BY THIS GRANTOR FOR THIS REAL PROPERTY EVEN IF THIS BENEFICIARY DEED FAILS TO CONVEY ALL OF THE GRANTOR'S INTEREST IN THIS REAL PROPERTY.
WARNING: EXECUTION OF THIS BENEFICIARY DEED MAY DISQUALIFY THE GRANTOR FROM BEING DETERMINED ELIGIBLE FOR, OR FROM RECEIVING, MEDICAID UNDER TITLE 26, COLORADO REVISED STATUTES.
WARNING: EXECUTION OF THIS BENEFICIARY DEED MAY NOT AVOID PROBATE.
Executed this______________.
(Date)
_________________________________
(Grantor)
(2) Unless the owner designates otherwise in a beneficiary deed, a
beneficiary deed shall not be deemed to contain any warranties of title and
shall have the same force and effect as a conveyance made using a bargain
and sale deed.
Source: L. 2004: Entire part added, p. 728, § 1, effective August 4.
15-15-405. Revocation change revocation by will prohibited.
(1) An owner may revoke a beneficiary deed by executing an instrument that describes the real property affected, that revokes the deed, and that is recorded prior to the death of the owner in the office of the clerk and recorder in the county where the real property is located. The joinder, signature, consent, agreement of, or notice to, the grantee-beneficiary is not required for the revocation to be effective. A revocation may be in substantially the following form:
REVOCATION OF BENEFICIARY DEED
(§§ 15-15-401 et seq., Colorado Revised Statutes)
CAUTION: THIS REVOCATION MUST BE RECORDED PRIOR TO THE DEATH OF THE GRANTOR IN ORDER TO BE EFFECTIVE.
___, as grantor, hereby
(Name of grantor)
REVOKES all beneficiary deeds concerning the following described real property located in the County of
___, State of Colorado:
(insert legal description here)
Known and numbered as _______________
Executed this ___.
(Date)
_________________________________
(Grantor)
(2) A subsequent beneficiary deed revokes all prior grantee-beneficiary designations by the owner for the described real property in their entirety even if the subsequent beneficiary deed fails to convey all of the owner's interest in the described real property. The joinder, signature, consent, or agreement of, or notice to, either the original or new grantee-beneficiary is not required for the change to be effective.
(3) The most recently executed beneficiary deed or revocation of all beneficiary deeds or revocations that have been recorded prior to the owner's death shall control regardless of the order of recording.
(4) A beneficiary deed that complies with the requirements of this part 4 may not be revoked, altered, or amended by the provisions of the will of the owner.
Source: L. 2004: Entire part added, p. 729, § 1, effective August 4.
15-15-406. Acknowledgment.
A beneficiary deed or revocation of a beneficiary deed shall be subject to the requirements of section 38-35-109(2), C.R.S., and may be
acknowledged in accordance with section 38-35-101, C.R.S.
Source: L. 2004: Entire part added, p. 730, § 1, effective August 4.
15-15-407. Vesting of ownership in grantee-beneficiary.
(1) Title to the interest in real property transferred by a beneficiary deed shall vest in the designated grantee-beneficiary only on the death of the owner.
(2) A grantee-beneficiary of a beneficiary deed takes title to the owner's interest in the real property conveyed by the beneficiary deed at the death of the owner subject to all conveyances, encumbrances, assignments, contracts, mortgages, liens, and other interests, affecting title to the property, whether created before or after the recording of the beneficiary deed, or to which the owner was subject during the owner's lifetime including, but not limited to, any executory contract of sale, option to purchase, lease, license, easement, mortgage, deed of trust, or other lien. The grantee-beneficiary also takes title subject to any interest in the property of which the grantee-beneficiary has either actual or constructive notice.
(3)(a) A person having an interest described in subsection (2) of this section whose interest is not recorded in the records of the office of the clerk and recorder of the county in which the property is located at the time of the death of the owner, shall record evidence or a notice of the interest in the property not later than four months after the death of the owner. The notice shall name the person asserting the interest, describe the real property, and describe the nature of the interest asserted.
(b) Failure to record evidence or notice of interest in the property described in subsection (2) of this section within four months after the death of the owner shall forever bar the person from asserting an interest in the property as against all persons who do not have notice of the interest. A person who, without notice, obtains an interest in the property acquired by the grantee-beneficiary shall take the interest free from all persons who have not recorded their notice of interest in the property or evidence of their interest prior to the expiration of the four-month period.
(4) The interest of the grantee-beneficiary shall be subject to any claim of the department of health care policy and financing for recovery of medical assistance payments pursuant to section 25.5-4-301 or 25.5-4-302, C.R.S., which shall be enforced in accordance with section 15-15-103.
(5) The provisions of any anti-lapse statute shall not apply to beneficiary deeds. If one of multiple grantee-beneficiaries fails to survive the owner, and no provision for such contingency is made in the beneficiary deed, the share of the deceased grantee-beneficiary shall be proportionately added to, and pass as a part of, the shares of the surviving grantee-beneficiaries.
Source: L. 2004: Entire part added, p. 730, § 1, effective August 4.
L. 2006: (4) amended, p. 2004, § 56, effective July 1. L. 2007: (4) amended, p. 2028, § 31, effective June 1.
15-15-408. Joint tenancy definitions.
(1) A joint tenant of an interest in real property may use the procedures described in this part 4 to transfer his or her interest effective upon the death of such joint tenant. However, title to the interest shall vest in the designated grantee-beneficiary only if the joint tenant-grantor is the last to die of all of the joint tenants of such interest. If a joint tenant-grantor is not the last joint tenant to die, the beneficiary deed shall not be effective, and the beneficiary deed shall not make the grantee-beneficiary an owner in joint tenancy with the surviving joint tenant or tenants. A beneficiary deed shall not sever a joint tenancy.
(2) As used in this section, "joint tenant" means a person who owns an interest in real property as a joint tenant with right of survivorship.
Source: L. 2004: Entire part added, p. 731, § 1, effective August 4.
15-15-409. Rights of creditors and others. (Repealed)
15-15-410. Purchaser from grantee-beneficiary protected.
(1) Subject to the rights of claimants under section 15-15-407(2), if the property acquired by a grantee-beneficiary or a security interest therein is acquired for value and without notice by a purchaser from, or lender to, a grantee-beneficiary, the purchaser or lender shall take title free of rights of an interested person in the deceased owner's estate and shall not incur personal liability to the estate or to any interested person.
(2) For purposes of this section, any recorded instrument evidencing a transfer to a purchaser from, or lender to, a grantee-beneficiary on which a state documentary fee is noted pursuant to section 39-13-103, C.R.S., shall be prima facie evidence that the transfer was made for value. Any such sale or loan by the grantee-beneficiary shall not relieve the grantee-beneficiary of the obligation to the personal representative of the deceased owner's estate under section 15-15-103.
Source: L. 2004: Entire part added, p. 732, § 1, effective August 4.
L. 2007: (2) amended, p. 2028, § 32, effective June 1.
15-15-411. Limitations on actions and proceedings against grantee-beneficiaries.
(1) Unless previously adjudicated or otherwise barred, the claim of a claimant to recover from a grantee-beneficiary who is liable to pay the claim, and the right of an heir or devisee or of a personal representative acting on behalf of an heir or devisee, to recover property from a grantee-beneficiary or the value thereof from a grantee-beneficiary is forever barred as follows:
(a) A claim by a creditor of the owner is forever barred at one year
after the owner's death.
(b) Any other claimant or an heir or devisee is forever barred at the
earlier of the following:
(I) Three years after the owner's death; or
(II) One year after the time of recording the proof of death of the owner in the office of the clerk and recorder in the county in which the legal property is located.
(2) Nothing in this section shall be construed to bar an action to recover property or value received as the result of fraud.
Source: L. 2004: Entire part added, p. 733, § 1, effective August 4.
15-15-412. Nontestamentary disposition.
A beneficiary deed shall not be construed to be a testamentary disposition and shall not be invalidated due to nonconformity with the provisions of the "Colorado Probate Code" governing wills.
Source: L. 2004: Entire part added, p. 733, § 1, effective August 4.
15-15-413. Proof of death.
Proof of the death of the owner or a grantee-beneficiary shall be
established in the same manner as for proving the death of a joint tenant.
Source: L. 2004: Entire part added, p. 733, § 1, effective August 4.
15-15-414. Disclaimer.
A grantee-beneficiary may refuse to accept all or any part of the real property interest described in a beneficiary deed. A grantee-beneficiary may disclaim all or any part of the real property interest described in a beneficiary deed by any method provided by law. If a grantee-beneficiary refuses to accept or disclaims any real property interest, the grantee-beneficiary shall have no liability by reason of being designated as a grantee-beneficiary under this part 4.Source: L. 2004: Entire part added, p. 733, § 1, effective August 4.
15-15-415. Applicability.
The provisions of this part 4 shall apply to beneficiary deeds executed by owners who die on or after August 4, 2004.
Source: L. 2004: Entire part added, p. 733, § 1, effective August 4.
Legal definition
Transfer on Death Deed or TOD - Beneficiary Deed for Grantor to Five Grantee Beneficiaries
Colorado Statutes
TITLE 15 PROBATE, TRUSTS, AND FIDUCIARIES
COLORADO PROBATE CODE
ARTICLE 15 Nonprobate Transfers on Death
PART 4 TRANSFER OF REAL PROPERTY EFFECTIVE ON DEATH
15-15-402. Real property - beneficiary deed.
(1) In addition to any method allowed by law to effect a transfer at death, title to an interest in real property may be transferred on the death of the owner by recording, prior to the owner's death, a beneficiary deed signed by the owner of such interest, as grantor, designating a grantee-beneficiary of the interest. The transfer by a beneficiary deed shall be effective only upon the death of the owner. A beneficiary deed need not be supported by consideration.
(2) The joinder, signature, consent, or agreement of, or notice to, a grantee-beneficiary of a beneficiary deed prior to the death of the grantor shall not be required. Subject to the right of the grantee-beneficiary to disclaim or refuse to accept the property, the conveyance shall be effective upon the death of the owner.
(3) During the lifetime of the owner, the grantee-beneficiary shall have no right, title, or interest in or to the property, and the owner shall retain the full power and authority with respect to the property without the joinder, signature, consent, or agreement of, or notice to, the grantee-beneficiary for any purpose.
Source: L. 2004: Entire part added, p. 728, § 1, effective August 4.
15-15-403. Medicaid eligibility exclusion.
No person who is an applicant for or recipient of medical assistance
for which it would be permissible for the department of health care
policy and financing to assert a claim pursuant to section 25.5-4-301 or
25.5-4-302, C.R.S., shall be entitled to such medical assistance if the
person has in effect a beneficiary deed. Notwithstanding the provisions of
section 15-15-402(1), the execution of a beneficiary deed by an applicant
for or recipient of medical assistance as described in this section shall
cause the property to be considered a countable resource in accordance
with section 25.5-4-302(6), C.R.S., and applicable rules.
Source: L. 2004: Entire part added, p. 728, § 1, effective August 4.
L. 2006: Entire section amended, p. 2004, § 55, effective July 1.
15-15-404. Form of beneficiary deed - recording.
(1) An owner may transfer an interest in real property effective on the death of the owner by executing a beneficiary deed that contains the words "conveys on death" or "transfers on death" or otherwise indicates the transfer is to be effective on the death of the owner and recording the beneficiary deed prior to the death of the owner in the office of the clerk and recorder in the county where the real property is located. A beneficiary deed may be in substantially the following form:
BENEFICIARY DEED
(§§ 15-15-401 et seq., Colorado Revised Statutes)
CAUTION: THIS DEED MUST BE RECORDED PRIOR TO THE DEATH OF THE GRANTOR IN ORDER TO BE EFFECTIVE.
___, as grantor,
(Name of grantor)
designates____________________________________ as
(Name of grantee-beneficiary)
grantee-beneficiary whose address is ___ (Note to Assessor and Treasurer: This address is for identification purposes only, all notices and tax statements should continue to be sent to grantor.)
(Optional)[or if grantee-beneficiary fails to survive grantor, grantor designates ___, as
(Name of successor grantee-beneficiary)
successor grantee-beneficiary whose address is ________________________ _____________________]
and grantor transfers, sells, and conveys on grantor's death to the grantee-beneficiary, the following described real property located in the County of ___, State of Colorado:
(insert legal description here)
Known and numbered as _______________
THIS BENEFICIARY DEED IS REVOCABLE. IT DOES NOT TRANSFER ANY OWNERSHIP UNTIL THE DEATH OF THE GRANTOR. IT REVOKES ALL PRIOR BENEFICIARY DEEDS BY THIS GRANTOR FOR THIS REAL PROPERTY EVEN IF THIS BENEFICIARY DEED FAILS TO CONVEY ALL OF THE GRANTOR'S INTEREST IN THIS REAL PROPERTY.
WARNING: EXECUTION OF THIS BENEFICIARY DEED MAY DISQUALIFY THE GRANTOR FROM BEING DETERMINED ELIGIBLE FOR, OR FROM RECEIVING, MEDICAID UNDER TITLE 26, COLORADO REVISED STATUTES.
WARNING: EXECUTION OF THIS BENEFICIARY DEED MAY NOT AVOID PROBATE.
Executed this______________.
(Date)
_________________________________
(Grantor)
(2) Unless the owner designates otherwise in a beneficiary deed, a
beneficiary deed shall not be deemed to contain any warranties of title and
shall have the same force and effect as a conveyance made using a bargain
and sale deed.
Source: L. 2004: Entire part added, p. 728, § 1, effective August 4.
15-15-405. Revocation change revocation by will prohibited.
(1) An owner may revoke a beneficiary deed by executing an instrument that describes the real property affected, that revokes the deed, and that is recorded prior to the death of the owner in the office of the clerk and recorder in the county where the real property is located. The joinder, signature, consent, agreement of, or notice to, the grantee-beneficiary is not required for the revocation to be effective. A revocation may be in substantially the following form:
REVOCATION OF BENEFICIARY DEED
(§§ 15-15-401 et seq., Colorado Revised Statutes)
CAUTION: THIS REVOCATION MUST BE RECORDED PRIOR TO THE DEATH OF THE GRANTOR IN ORDER TO BE EFFECTIVE.
___, as grantor, hereby
(Name of grantor)
REVOKES all beneficiary deeds concerning the following described real property located in the County of
___, State of Colorado:
(insert legal description here)
Known and numbered as _______________
Executed this ___.
(Date)
_________________________________
(Grantor)
(2) A subsequent beneficiary deed revokes all prior grantee-beneficiary designations by the owner for the described real property in their entirety even if the subsequent beneficiary deed fails to convey all of the owner's interest in the described real property. The joinder, signature, consent, or agreement of, or notice to, either the original or new grantee-beneficiary is not required for the change to be effective.
(3) The most recently executed beneficiary deed or revocation of all beneficiary deeds or revocations that have been recorded prior to the owner's death shall control regardless of the order of recording.
(4) A beneficiary deed that complies with the requirements of this part 4 may not be revoked, altered, or amended by the provisions of the will of the owner.
Source: L. 2004: Entire part added, p. 729, § 1, effective August 4.
15-15-406. Acknowledgment.
A beneficiary deed or revocation of a beneficiary deed shall be subject to the requirements of section 38-35-109(2), C.R.S., and may be
acknowledged in accordance with section 38-35-101, C.R.S.
Source: L. 2004: Entire part added, p. 730, § 1, effective August 4.
15-15-407. Vesting of ownership in grantee-beneficiary.
(1) Title to the interest in real property transferred by a beneficiary deed shall vest in the designated grantee-beneficiary only on the death of the owner.
(2) A grantee-beneficiary of a beneficiary deed takes title to the owner's interest in the real property conveyed by the beneficiary deed at the death of the owner subject to all conveyances, encumbrances, assignments, contracts, mortgages, liens, and other interests, affecting title to the property, whether created before or after the recording of the beneficiary deed, or to which the owner was subject during the owner's lifetime including, but not limited to, any executory contract of sale, option to purchase, lease, license, easement, mortgage, deed of trust, or other lien. The grantee-beneficiary also takes title subject to any interest in the property of which the grantee-beneficiary has either actual or constructive notice.
(3)(a) A person having an interest described in subsection (2) of this section whose interest is not recorded in the records of the office of the clerk and recorder of the county in which the property is located at the time of the death of the owner, shall record evidence or a notice of the interest in the property not later than four months after the death of the owner. The notice shall name the person asserting the interest, describe the real property, and describe the nature of the interest asserted.
(b) Failure to record evidence or notice of interest in the property described in subsection (2) of this section within four months after the death of the owner shall forever bar the person from asserting an interest in the property as against all persons who do not have notice of the interest. A person who, without notice, obtains an interest in the property acquired by the grantee-beneficiary shall take the interest free from all persons who have not recorded their notice of interest in the property or evidence of their interest prior to the expiration of the four-month period.
(4) The interest of the grantee-beneficiary shall be subject to any claim of the department of health care policy and financing for recovery of medical assistance payments pursuant to section 25.5-4-301 or 25.5-4-302, C.R.S., which shall be enforced in accordance with section 15-15-103.
(5) The provisions of any anti-lapse statute shall not apply to beneficiary deeds. If one of multiple grantee-beneficiaries fails to survive the owner, and no provision for such contingency is made in the beneficiary deed, the share of the deceased grantee-beneficiary shall be proportionately added to, and pass as a part of, the shares of the surviving grantee-beneficiaries.
Source: L. 2004: Entire part added, p. 730, § 1, effective August 4.
L. 2006: (4) amended, p. 2004, § 56, effective July 1. L. 2007: (4) amended, p. 2028, § 31, effective June 1.
15-15-408. Joint tenancy definitions.
(1) A joint tenant of an interest in real property may use the procedures described in this part 4 to transfer his or her interest effective upon the death of such joint tenant. However, title to the interest shall vest in the designated grantee-beneficiary only if the joint tenant-grantor is the last to die of all of the joint tenants of such interest. If a joint tenant-grantor is not the last joint tenant to die, the beneficiary deed shall not be effective, and the beneficiary deed shall not make the grantee-beneficiary an owner in joint tenancy with the surviving joint tenant or tenants. A beneficiary deed shall not sever a joint tenancy.
(2) As used in this section, "joint tenant" means a person who owns an interest in real property as a joint tenant with right of survivorship.
Source: L. 2004: Entire part added, p. 731, § 1, effective August 4.
15-15-409. Rights of creditors and others. (Repealed)
15-15-410. Purchaser from grantee-beneficiary protected.
(1) Subject to the rights of claimants under section 15-15-407(2), if the property acquired by a grantee-beneficiary or a security interest therein is acquired for value and without notice by a purchaser from, or lender to, a grantee-beneficiary, the purchaser or lender shall take title free of rights of an interested person in the deceased owner's estate and shall not incur personal liability to the estate or to any interested person.
(2) For purposes of this section, any recorded instrument evidencing a transfer to a purchaser from, or lender to, a grantee-beneficiary on which a state documentary fee is noted pursuant to section 39-13-103, C.R.S., shall be prima facie evidence that the transfer was made for value. Any such sale or loan by the grantee-beneficiary shall not relieve the grantee-beneficiary of the obligation to the personal representative of the deceased owner's estate under section 15-15-103.
Source: L. 2004: Entire part added, p. 732, § 1, effective August 4.
L. 2007: (2) amended, p. 2028, § 32, effective June 1.
15-15-411. Limitations on actions and proceedings against grantee-beneficiaries.
(1) Unless previously adjudicated or otherwise barred, the claim of a claimant to recover from a grantee-beneficiary who is liable to pay the claim, and the right of an heir or devisee or of a personal representative acting on behalf of an heir or devisee, to recover property from a grantee-beneficiary or the value thereof from a grantee-beneficiary is forever barred as follows:
(a) A claim by a creditor of the owner is forever barred at one year
after the owner's death.
(b) Any other claimant or an heir or devisee is forever barred at the
earlier of the following:
(I) Three years after the owner's death; or
(II) One year after the time of recording the proof of death of the owner in the office of the clerk and recorder in the county in which the legal property is located.
(2) Nothing in this section shall be construed to bar an action to recover property or value received as the result of fraud.
Source: L. 2004: Entire part added, p. 733, § 1, effective August 4.
15-15-412. Nontestamentary disposition.
A beneficiary deed shall not be construed to be a testamentary disposition and shall not be invalidated due to nonconformity with the provisions of the "Colorado Probate Code" governing wills.
Source: L. 2004: Entire part added, p. 733, § 1, effective August 4.
15-15-413. Proof of death.
Proof of the death of the owner or a grantee-beneficiary shall be
established in the same manner as for proving the death of a joint tenant.
Source: L. 2004: Entire part added, p. 733, § 1, effective August 4.
15-15-414. Disclaimer.
A grantee-beneficiary may refuse to accept all or any part of the real property interest described in a beneficiary deed. A grantee-beneficiary may disclaim all or any part of the real property interest described in a beneficiary deed by any method provided by law. If a grantee-beneficiary refuses to accept or disclaims any real property interest, the grantee-beneficiary shall have no liability by reason of being designated as a grantee-beneficiary under this part 4.Source: L. 2004: Entire part added, p. 733, § 1, effective August 4.
15-15-415. Applicability.
The provisions of this part 4 shall apply to beneficiary deeds executed by owners who die on or after August 4, 2004.
Source: L. 2004: Entire part added, p. 733, § 1, effective August 4.
Sorry, this device is not supported
Please open this page on your desktop computer.