Colorado Renunciation And Disclaimer of Joint Tenant or Tenancy Interest
Colorado Revised Statutes
Title 15 - Probate, Trusts, & Fiduciaries
Art. 11. Intestate Succession and Wills
PART 8 GENERAL PROVISIONS CONCERNING PROBATE AND NONPROBATE TRANSFERS
Disclaimer of property interests.
(1) Right to disclaim interest in property. A person, or
the representative of a person, to whom an interest in or with respect
to property or an interest therein devolves by whatever means may disclaim
it in whole or in part by delivering or filing a written disclaimer under
this section. The right to disclaim exists notwithstanding (i) any limitation
on the interest of the disclaimant in the nature of a spendthrift provision
or similar restriction or (ii) any restriction or limitation on the right
to disclaim contained in the governing instrument. For purposes of this
subsection (1), the "representative of a person" includes a personal representative
of a decedent, a conservator of a protected person, an agent acting on
behalf of that person within the express authority of a power of attorney,
and any other fiduciary acting on behalf of the person.
(2) Time of disclaimer. The following rules govern the time when
a disclaimer shall be filed or delivered:
(a) If the property or interest has devolved to the disclaimant
under a testamentary instrument or by the laws of intestacy, the disclaimer
shall be filed, if of a present interest, not later than nine months after
the death of the deceased owner or deceased donee of a power of appointment
and, if of a future interest, not later than nine months after the event
determining that the taker of the property or interest is finally ascertained
and his or her interest is indefeasibly vested. If the disclaimant does
not have actual knowledge of the existence of the interest, such disclaimer
shall be filed not later than nine months after the disclaimant has actual
knowledge of the existence of the interest. The disclaimer shall be filed
in the court of the county in which proceedings for the administration
of the estate of the deceased owner or deceased donee of the power are
pending or where they would be pending if commenced. A copy of the disclaimer
shall be delivered or mailed to any personal representative or other fiduciary
of the decedent or donee of the power.
(b) If a property or interest has devolved to the disclaimant under
a nontestamentary instrument or contract, the disclaimer shall be delivered
or filed, if of a present interest, not later than nine months after the
effective date of the nontestamentary instrument or contract and, if of
a future interest, not later than nine months after the event determining
that the taker of the property or interest is finally ascertained and his
or her interest is indefeasibly vested. If the person entitled to disclaim
does not have actual knowledge of the existence of the interest, the disclaimer
shall be delivered or filed not later than nine months after the person
learns of the existence of the interest. The effective date of a revocable
instrument or contract is the date on which the maker no longer has power
to revoke it or to transfer to himself or herself or another the entire
legal and equitable ownership of the interest. The disclaimer or a copy
thereof shall be delivered in person or mailed by registered or certified
mail, return receipt requested, to the person who has legal title to or
possession of the interest disclaimed, or is entitled thereto in the event
of the disclaimer.
(c) A surviving joint tenant may disclaim the entire interest or
any portion thereof in any property or interest therein that is the subject
of a joint tenancy devolving to him or her, by right of survivorship.
(d) If real property or an interest therein is disclaimed, a copy
of the disclaimer shall be recorded in the office of the county clerk and
recorder of the county in which the property or interest disclaimed is
located.
(3) Form of disclaimer. The disclaimer shall (i) describe the property
or interest disclaimed, (ii) be signed by the disclaimant, and (iii) be
acknowledged if it affects real property or an interest therein.
(4) Effect of disclaimer. The effects of a disclaimer are:
(a) If property or an interest therein devolves to a disclaimant
under a testamentary instrument, under a power of appointment exercised
by a testamentary instrument, or under the laws of intestacy, and the decedent
has not provided for another disposition of that interest, should it be
disclaimed, or of disclaimed or failed interests in general, the disclaimed
interest devolves as if the disclaimant had predeceased the decedent, but
if by law or under the testamentary instrument the descendants of the disclaimant
would share in the disclaimed interest per capita at each generation or
otherwise were the disclaimant to predecease the decedent, then the disclaimed
interest passes per capita at each generation or passes as directed by
the governing instrument to the descendants of the disclaimant who survive
the decedent. A future interest that takes effect in possession or enjoyment
after the termination of the estate or interest disclaimed takes effect
as if the disclaimant had predeceased the decedent. A disclaimer relates
back for all purposes to the date of death of the decedent.
(b) If property or an interest therein devolves to a disclaimant
under a nontestamentary instrument or contract and the instrument or contract
does not provide for another disposition of that interest, should it be
disclaimed, or of disclaimed or failed interests in general, the disclaimed
interest devolves as if the disclaimant had predeceased the effective date
of the instrument or contract, but if by law or under the nontestamentary
instrument or contract the descendants of the disclaimant would share in
the disclaimed interest per capita at each generation or otherwise were
the disclaimant to predecease the effective date of the instrument, then
the disclaimed interest passes per capita at each generation, or passes
as directed by the governing instrument to the descendants of the disclaimant
who survive the effective date of the instrument. A disclaimer relates
back for all purposes to that date. A future interest that takes effect
in possession or enjoyment at or after the termination of the disclaimed
interest takes effect as if the disclaimant had died before the effective
date of the instrument or contract that transferred the disclaimed interest.
(c) The disclaimer or the written waiver of the right to disclaim
is binding upon the disclaimant or person waiving and all persons claiming
through or under either of them.
(5) Waiver and bar. The right to disclaim property or an interest therein
is barred by (i) an assignment, conveyance, encumbrance, pledge, or transfer
of the property or interest, or a contract therefor, (ii) a written waiver
of the right to disclaim, (iii) an acceptance of the property or interest
or a benefit under it, or (iv) a sale of the property or interest under
judicial sale made before the disclaimer is made.
(6) Remedy not exclusive. This section does not abridge the right
of a person to waive, release, disclaim, or renounce property or an interest
therein under any other statute.
(7) Application. An interest in property that exists on the effective
date of this section as to which, if a present interest, the time for filing
a disclaimer under this section has not expired or, if a future interest,
the interest has not become indefeasibly vested or the taker finally
ascertained, may be disclaimed within nine months after the effective date
of this section.
Title 15, Art. 11, Part 8, §15-11-801.
