04:34
Faizan
One of the easiest and most surefire ways to give the government complete control is to die without leaving a will. Not only do state courts decide who gets your property, but you don't have a say in who manages your estate through the probate process either – and in Colorado, this could end up being one of your creditors.
Personal Representative
When you write a will, you typically name someone in the document to take charge of settling your estate – the executor, called a personal representative in Colorado. If you don't leave a valid will, the court must appoint someone to the job. In all likelihood, it will be your spouse if you're married, but if you’re not or if she doesn't feel up to assuming such a responsibility, it could end up being someone you'd rather not trust with your money or property. First preference goes to anyone who would inherit from you, according to Colorado's rules for intestate succession, regardless of whether they're detail-oriented and can be trusted to handle the job. If no heir steps up to assume the position within 45 days, one of your creditors may do so.
Bequests to Spouse and Children
Intestate succession determines who inherits assets from an estate when there is no will and in what percentages. In Colorado, the rules are somewhat complex. Your spouse and your descendants – your children – are first in line, as is the case in most states. Beyond this, however, Colorado makes a distinction between children you and your spouse have together and those from other relationships, as well as whether they're minors or adults. If you're not married but you have children, all your property goes to your children, and if you're married but have no children, Colorado gives everything to your spouse – unless your parents are alive. In this case, she must share. Your spouse also receives all of your estate if she's the parent of all your children, unless she has children from another relationship. If she does, she receives the first $150,000 of your estate and half the remainder, with the balance going to the children you share with her. But this assumes that you personally don't have any children from another relationship.
Adult vs. Minor Descendants
If you have children from a relationship other than the one with your surviving spouse, who gets what under Colorado law depends on their ages. If any of them are minors, your spouse receives half of your estate and the balance goes to your children to be divided among all of them, regardless of who their other parent is. If they are adults, your spouse receives the first $100,000 of your property and half the remainder, with your children inheriting the other half.
Bequests to Other Kin
If you predecease your parents, this further complicates intestate succession in Colorado. If one or both of them are still living, they're entitled to inherit from you under state law, but only if you have no children. If you're married but have no children, your spouse receives $200,000 off the top of your estate and 75 percent of the balance, with 25 percent going to your surviving parent or parents. Your parents receive everything if you have no spouse or children. If you're not married, have no children and your parents predecease you, your siblings inherit your property, and if you have no siblings, Colorado gives your property to your grandparents. If they're deceased, your estate goes to their descendants. If none of these people are living, the state will not look any further – your property will escheat, or go to, Colorado.
Personal Representative
When you write a will, you typically name someone in the document to take charge of settling your estate – the executor, called a personal representative in Colorado. If you don't leave a valid will, the court must appoint someone to the job. In all likelihood, it will be your spouse if you're married, but if you’re not or if she doesn't feel up to assuming such a responsibility, it could end up being someone you'd rather not trust with your money or property. First preference goes to anyone who would inherit from you, according to Colorado's rules for intestate succession, regardless of whether they're detail-oriented and can be trusted to handle the job. If no heir steps up to assume the position within 45 days, one of your creditors may do so.
Bequests to Spouse and Children
Intestate succession determines who inherits assets from an estate when there is no will and in what percentages. In Colorado, the rules are somewhat complex. Your spouse and your descendants – your children – are first in line, as is the case in most states. Beyond this, however, Colorado makes a distinction between children you and your spouse have together and those from other relationships, as well as whether they're minors or adults. If you're not married but you have children, all your property goes to your children, and if you're married but have no children, Colorado gives everything to your spouse – unless your parents are alive. In this case, she must share. Your spouse also receives all of your estate if she's the parent of all your children, unless she has children from another relationship. If she does, she receives the first $150,000 of your estate and half the remainder, with the balance going to the children you share with her. But this assumes that you personally don't have any children from another relationship.
Adult vs. Minor Descendants
If you have children from a relationship other than the one with your surviving spouse, who gets what under Colorado law depends on their ages. If any of them are minors, your spouse receives half of your estate and the balance goes to your children to be divided among all of them, regardless of who their other parent is. If they are adults, your spouse receives the first $100,000 of your property and half the remainder, with your children inheriting the other half.
Bequests to Other Kin
If you predecease your parents, this further complicates intestate succession in Colorado. If one or both of them are still living, they're entitled to inherit from you under state law, but only if you have no children. If you're married but have no children, your spouse receives $200,000 off the top of your estate and 75 percent of the balance, with 25 percent going to your surviving parent or parents. Your parents receive everything if you have no spouse or children. If you're not married, have no children and your parents predecease you, your siblings inherit your property, and if you have no siblings, Colorado gives your property to your grandparents. If they're deceased, your estate goes to their descendants. If none of these people are living, the state will not look any further – your property will escheat, or go to, Colorado.
Posted in: Estate Laws
