When someone passes away without a will, his estate will be distributed to his surviving relatives via intestacy laws. Although the laws regarding intestate succession are complicated, below are some of the more important facts to understand about them.
Colorado Intestacy: Here’s What You Should Know
- Not all property of a decedent will be subject to intestate succession – In fact, while property like bank accounts and real estate may be subject to intestacy laws, property such as the following is not typically subject to these laws (due to the fact that it already has a legally beneficiary designation):
- Assets held in a trust or in joint tenancy.
- IRAs or other retirement accounts
- Accounts and property that have transfer-on-death (TOD) or payable-on-death (POD) designations
- Life insurance proceeds.
- The spouse’s share will depend on whether there are surviving children – Specifically, if the decedent has surviving children from before the marriage, the spouse’s share will be the first $150,000, along with half of the balance while the surviving children from before the marriage will be entitled to the rest of the estate. If there were no children or if the only children were from the surviving spouse, the spouse usually inherits everything.
- Survivorship periods have to be fulfilled/met – In order to be able to inherit assets via Colorado intestacy laws, you have to survive the decedent by 120 hours. So, if someone dies 121 hours after a decedent, the newly deceased person’s estate will include the portion of the inheritance from the first decedent.
- Immigration status will not affect people’s inheritance rights under Colorado intestacy laws – In other words, documented and undocumented immigrants in the U.S. have equal rights to inherit property under Colorado intestacy laws.
Contact a Pueblo Probate Attorney at Gradisar, Trechter, Ripperger & Roth
If the above facts have convinced you that it’s time to start the estate planning process – or if you need experienced representation in Colorado probate, a Pueblo probate attorney at Gradisar, Trechter, Ripperger & Roth is ready to provide you with the highest quality legal services.
Experienced and respected, our Trinidad and Pueblo lawyers have been dedicated to helping our clients navigate the complexities of the legal system and to favorably resolving their important legal issues since 1972. With our trusted attorneys on your side, you can be confident that your case and legal matters will be brought to a successful resolution in the most efficient manner possible.
To learn more about our superior legal services and how we can assist you, contact us by calling (719) 556- 8844 or by emailing us using the contact form on this page. From our offices based in Pueblo, we represent clients in Trinidad, La Jara, Lamar, Walsenburg, Alamosa and throughout the state of Colorado.