Colorado: How to Decide Which Assets to List on a Small Estate Affidavit

This article explains how to decide which assets to list on a Colorado small estate affidavit (sometimes called an affidavit for collection of personal property) and which assets you can leave blank or list as zero. It assumes you start with no legal background. This is an informational guide only and not legal advice — see the Disclaimer at the end.

What a Colorado small estate affidavit is and when it applies

A small estate affidavit is a simplified tool that lets a person collect certain personal property of a deceased person without formal probate. Colorado law limits when and what property can be collected with such an affidavit. For the controlling statutory rules, see Colorado’s probate statutes (Title 15). You can review Title 15 on the Colorado General Assembly site: Colorado Revised Statutes, Title 15 (Trusts, Estates, and Fiduciary Relations). Check the statutes or a lawyer for the current dollar limits and exact procedural requirements.

Basic rule for what to list

List every asset that (1) is personal property owned by the decedent at death, (2) is subject to collection under Colorado’s small-estate procedures, and (3) is located in Colorado or can be collected under Colorado law. Do not list assets that pass automatically to someone else by operation of law or contract (for example, property owned as joint tenants with right of survivorship or accounts with a named beneficiary or payable-on-death designation), and do not list real estate that requires formal probate or other real-property transfer procedures unless the statute specifically permits it.

Common categories — what to include and what to leave out

• Bank accounts in the deceased’s sole name: Include. Use the balance as of the date of death. If the account is in Colorado and no POD/beneficiary designation exists, list it on the affidavit.
• Accounts with POD/beneficiary or jointly owned accounts marked “JTWROS” (joint tenants with right of survivorship): Generally exclude. These pass automatically to the co-owner or beneficiary and usually are not part of the estate for collection. If you are unsure whether a joint account is true JTWROS, check the bank records; when in doubt, document why you excluded it.
• Life insurance and retirement accounts with named beneficiaries: Exclude. Proceeds paid directly to a named beneficiary are not collectible through a small estate affidavit. If the policy or account is payable to the estate (no beneficiary named), include it.
• Real property (land and houses): Usually exclude. Most Colorado small-estate procedures cover personal property only. Real estate normally requires probate or a specific transfer process. Do not list real property unless the statute or form specifically allows its inclusion.
• Motor vehicles: Often include if titled solely in the decedent’s name. Colorado’s DMV has procedures to transfer vehicle title after a death; the vehicle’s value is normally the fair market value less any secured loan. If there is no equity (loan balance >= value), list the decedent’s equity as $0 and note the lien.
• Personal property and household items: Include. For furniture, jewelry, artwork, and personal effects, list either individual values for high-value items or a reasonable aggregate fair-market value for groups of items.
• Debts, liens, and secured claims: When valuing an item, state the decedent’s net interest (fair value minus outstanding liens). For example, a car worth $7,000 with an outstanding loan of $8,000 = decedent’s interest $0 (record the lien amount and creditor).
• Out-of-state assets: They may not be collectible under Colorado small-affidavit rules. Note their existence and consult counsel: they may require ancillary proceedings in the other state.
• Intangible property (stocks, bonds): Include if the certificates or accounts are in the decedent’s name and there is no beneficiary designation. Provide account balances or number and value of shares as of the date of death.
• Business interests: Do not include unless the interest is personal property collectible under the statute and the value falls within the small-estate limits. Many business ownership interests raise complex issues; consult an attorney.

When you can put zero or leave a field blank

• Put zero if the decedent had no equity in the item (e.g., car value less or equal to loan balance) or the item had no fair-market value.
• Put zero for property that exists but the decedent had no legal interest in (for example, a joint account with rights of survivorship where the decedent did not own an interest that passes through the estate).
• Do not leave an asset blank if it clearly belongs to the estate and falls within the affidavit’s scope — instead estimate its value. Leaving required fields blank can delay the transaction or raise questions from third parties (banks, title agencies).
• If you exclude an asset because it passes outside the estate (POD, beneficiary, JTWROS), add a brief explanatory note in the affidavit or in an attachment (for example: “Bank Account ending XXXX: Excluded — payable on death to Jane Doe”). This helps the payor quickly confirm why the item is not claimed through the affidavit.

How to value assets for the affidavit

1. Use balances or appraisals as of the date of death where possible.
2. For personal items, use fair-market value — a reasonable estimate is acceptable if you document your method.
3. For encumbered assets, list net equity (value minus liens) and identify the lienholder.
4. If a creditor has a valid claim, listing the asset does not remove the creditor’s rights. The affidavit does not eliminate debts; it only facilitates collection of property in the decedent’s name.

Practical step-by-step checklist

1. Obtain a certified death certificate.
2. Locate the affidavit form or statutory language required for Colorado small-estate collection and confirm eligibility limits. See Colorado statutes for details: Title 15 — Trusts, Estates, and Fiduciary Relations.
3. Make a list of all assets the decedent owned in their sole name.
4. Identify assets with beneficiary designations or joint ownership; mark those as excluded and note why.
5. Gather account statements, vehicle titles, insurance policies, and loan statements to support values and lien amounts.
6. Complete the affidavit, attach required evidence, and sign before a notary as required by statute or form instructions.
7. Provide the affidavit and supporting documents to the payor (bank, DMV, title company). Keep copies for your records.

Risks of incorrect listings

Giving false information on an affidavit can create personal liability. A payor who accepts an affidavit in good faith may still be exposed if the affidavit was wrong. Creditors’ rights and interests of other heirs can complicate collection. If you face ambiguity (especially about real property, large accounts, pensions, or business interests), consult a Colorado probate attorney before filing the affidavit.

Where to find the exact rules and forms

Statutory rules for probate, estate collection, and related affidavits are in Colorado’s Revised Statutes (Title 15). Read the applicable statutory provisions on the Colorado General Assembly website: https://leg.colorado.gov/content/title-15-trusts-estates-and-fiduciary-relations. For vehicle title transfers and DMV requirements after death, consult the Colorado Division of Motor Vehicles: https://dmv.colorado.gov/.