Detailed answer — what happens to jointly held bank accounts and property when someone dies without a will in Colorado
When a person dies without a will (intestate) in Colorado, the legal outcome depends first on how each asset is titled and whether a beneficiary designation exists. Colorado’s probate and intestate succession rules are contained in Title 15 of the Colorado Revised Statutes (probate, guardianship, and wards). For background, see the state’s Title 15 overview: https://leg.colorado.gov/content/title-15-probate-guardianship-and-wards.
1. Bank accounts
Bank accounts can pass in several ways depending on their setup:
- Joint account with right of survivorship: If the account is expressly held as a joint account with rights of survivorship (or otherwise shows the surviving co-owner as the joint owner), the surviving joint owner generally becomes the sole owner automatically when the other owner dies. This transfer typically happens outside of probate. The bank will require a death certificate and identification from the survivor.
- Payable-on-death (POD) or beneficiary-designated account: If the account names a POD or beneficiary, the funds pass to the named beneficiary outside probate. The bank will ask for a death certificate and beneficiary ID to release funds.
- Joint account without survivorship language or ambiguous title: If the title does not clearly create survivorship rights, or if the bank’s records are ambiguous, the account may need to be resolved through probate. In such cases, the deceased’s share will ordinarily become part of the probate estate and will be distributed under Colorado’s intestacy rules.
- No beneficiary and sole name on account: A solely titled account owned by the decedent with no beneficiary will usually be part of the probate estate and distributed under intestacy law unless a small‑estate procedure or contract-based exception applies.
2. Real property and other titled property
How real estate and other titled property pass depends on how title is held:
- Joint tenancy with right of survivorship: Real property titled in joint tenancy with survivorship passes automatically to the surviving joint tenant outside probate. The surviving owner typically records the decedent’s death certificate and an affidavit or other proof at the county clerk and recorder to update title.
- Tenancy in common: If owners hold property as tenants in common, each owner has a divisible share. When one owner dies, that owner’s share does not automatically pass to the co-owner(s); it becomes part of the deceased owner’s probate estate and is distributed under Colorado intestacy rules.
- Property with a transfer-on-death (TOD) deed or beneficiary deed: If the decedent used a valid transfer-on-death deed (where available and valid under Colorado law), the named beneficiary receives the property outside probate upon the decedent’s death. Confirm availability and form requirements; see Title 15 for transfer/deed rules: https://leg.colorado.gov/content/title-15-probate-guardianship-and-wards.
3. Intestacy — who inherits if property is part of the probate estate
If an asset is part of the probate estate (for example, solely owned property with no beneficiary or a deceased owner’s share of a tenancy in common), Colorado’s intestate succession rules determine who inherits. These rules prioritize close family: surviving spouse and descendants first, then parents, siblings, and more distant relatives if no spouse or descendants exist. The specific distribution depends on the survivors and relationship to the decedent. The intestacy and probate rules are set out in Title 15 of the Colorado Revised Statutes: https://leg.colorado.gov/content/title-15-probate-guardianship-and-wards.
4. Small estates and simplified procedures
Colorado permits certain simplified procedures to collect assets without full probate for small estates or specific account types. The Colorado Judicial Branch publishes probate forms and information about affidavits and small-estate processes that can avoid full administration in some cases: https://www.courts.state.co.us/Forms/Forms_List.cfm?Form_Type_ID=25. Which option applies depends on the asset types and value.
5. Creditor claims and timing
Even when assets pass outside probate (to a joint owner or POD beneficiary), creditors of the decedent may still have claims. If assets pass through probate, the personal representative (executor/administrator) must notify creditors and pay valid claims from the estate before distributing inheritances. Time limits and procedures for creditor claims are governed by Colorado probate law (Title 15).
6. Common practical issues
- Banks and title companies will require a certified death certificate to process transfers.
- Documentation matters: the words used on deeds and account forms (e.g., “joint tenant with right of survivorship,” “tenants in common,” “POD,” “TOD”) control the result.
- Joint ownership can cause unintended tax or inheritance consequences. Putting property into joint title to avoid probate can create later problems (creditor exposure, unequal ownership interests, gift tax questions, or unintended heirs taking title).
7. What you should do next
To proceed after a death with jointly held or titled property in Colorado:
- Gather title documents (deeds, bank statements, account forms showing POD/TOD, vehicle titles).
- Obtain certified copies of the death certificate from the Colorado vital records office or the county coroner/registrar.
- Contact the bank or title company to learn their requirements for releasing funds or transferring title.
- If assets are in doubt, or if creditors, multiple heirs, or complex ownership questions exist, consider consulting a Colorado probate attorney for guidance on whether probate is required and how intestate succession will apply. Colorado probate law is found in Title 15: https://leg.colorado.gov/content/title-15-probate-guardianship-and-wards.
Disclaimer: This article is educational and informational only. It is not legal advice, does not create an attorney-client relationship, and should not be relied upon as a substitute for personalized legal counsel. For advice about a specific situation, consult a licensed Colorado attorney.
Helpful hints — tips for dealing with jointly held accounts and property after a death
- Confirm exact title language on bank and property records. The precise words control the outcome.
- Ask the bank what documentation they require (certified death certificate, affidavit, survivor ID).
- Do not assume joint title means equal ownership; check whether title created survivorship or merely co-ownership.
- Look for beneficiary designations on retirement accounts, life insurance, and brokerage accounts—those pass outside probate to named beneficiaries.
- Use Colorado’s probate forms and small-estate procedures when appropriate to avoid unnecessary administration: https://www.courts.state.co.us/Forms/Forms_List.cfm?Form_Type_ID=25.
- Consider the tax and creditor implications before changing title or accepting property as a joint owner.
- If family members disagree about whether property should pass outside probate, get legal help early to avoid disputes and preserve rights.