How to distinguish assets belonging to a deceased person’s estate from those held by a corporation established by a relative (Colorado) | Colorado Probate | FastCounsel
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How to distinguish assets belonging to a deceased person’s estate from those held by a corporation established by a relative (Colorado)

July 31, 2025 2 min read

How to Distinguish Estate Assets from Corporate Assets in Colorado

Detailed Answer

1. Define the Probate Estate

In Colorado, assets owned solely by a decedent at the time of death form the probate estate. The Colorado Uniform Probate Code (C.R.S. § 15-10-201) covers these assets. Typical probate assets include:

  • Bank accounts held solely in the decedent’s name
  • Real property titled in the decedent’s name alone
  • Personal property (vehicles, jewelry) owned outright

See the statute: C.R.S. § 15-10-201.

2. Identify Non-Probate Assets

Colorado law carves certain assets out of probate. These include:

  • Joint tenancy or tenancy by the entirety property
  • Payable-on-death or transfer-on-death accounts
  • Life insurance proceeds and retirement benefits with named beneficiaries

These assets pass directly to surviving beneficiaries and never enter probate. For guidance, see C.R.S. § 15-10-103.

3. Recognize Corporate Assets

A Colorado corporation is a separate legal entity under C.R.S. Title 7. Corporate assets belong to the corporation—not to any individual. Typical corporate assets include:

  • Real estate titled in the corporate name
  • Bank accounts opened under the corporate EIN
  • Equipment, inventory, and intellectual property held by the corporation

Review corporate records for bylaws, articles of incorporation, and meeting minutes. These documents clarify which assets belong to the corporation. For more, see the Colorado Secretary of State’s business division: sos.state.co.us.

4. Practical Steps to Differentiate

  1. Examine Titles and Deeds: Check the name on each document. Probate assets list the decedent’s individual name. Corporate assets show the corporate name.
  2. Review Account Registrations: Look for an EIN (Employer Identification Number) on bank and investment statements. An EIN indicates corporate ownership.
  3. Inspect Corporate Minutes: Determine whether the board authorized acquisition of specific assets.
  4. Check Beneficiary Designations: Confirm if life insurance, retirement funds, or TOD deeds name individuals or the decedent’s estate.
  5. Consult a Probate Inventory: The personal representative files an inventory of estate assets under C.R.S. § 15-12-401. This report lists all probate assets.

For probate inventory requirements, see C.R.S. § 15-12-401.

Helpful Hints

  • Maintain a clear asset list: Record titles, account numbers, and ownership details.
  • Check for transfer‐on‐death registrations to reduce probate estate.
  • Keep corporate records current: Ensure bylaws and minutes reflect asset purchases.
  • Verify beneficiary designations on all policies and financial accounts.
  • Seek professional guidance: A probate or business attorney can resolve complex disputes.

The information on this site is for general informational purposes only, may be outdated, and is not legal advice; do not rely on it without consulting your own attorney.