Every state offers numerous ways to pass property to others at death without having to go through a will or probate.
By the time you've worked your way through these 8 ways, there may be little if anything left to pass through Colorado’s probate process.
1. Set Up Payable-on-Death Accounts
- The Paperwork
- Adding a POD Designation to a Joint Account
- Choosing Beneficiaries
- If a Beneficiary Dies Before You Do
- If You Change Your Mind
- Claiming the Money
2. Name a Beneficiary for Your Retirement Accounts
- Choosing a Beneficiary
- Required Minimum Distributions From Retirement Accounts
3. Name a Beneficiary for Your Stocks and Bonds
- Transfer-on-Death Registration
- Registration of Government Bonds and Notes
4. Name a Beneficiary for Your Vehicles
- Transfer-on-Death Registration
- Joint Ownership With the Right of Survivorship
- Special Transfer Procedures for Vehicles
5. Name a Beneficiary for Your Real Estate
- Can You Use a TOD Deed?
- How It Works: An Overview
- Possible Drawbacks of TOD Deeds
- How to Prepare, Sign, and Record the Deed
- Three Ways to Cancel the Deed—And One Way Not To
- How the New Owner Claims the Property
6. Hold Property in Joint Ownership
- Kinds of Joint Ownership That Avoid Probate
- Joint Tenancy
- Tenancy by the Entirety
- Community Property
- Alternatives to Joint Ownership
7. Create a Living Trust
- How a Living Trust Avoids Probate
- Other Advantages of a Living Trust
- Why You Still Need a Will
- Do You Really Need a Living Trust?
- Creating a Valid Living Trust
- What Property to Put In a Trust
- Taxes and Record Keeping
- Amending or Revoking a Living Trust Document
8. Take Advantage of Special Procedures for Small Estates
- Why Even Large Estates May Qualify
- Claiming Wages With an Affidavit
- Claiming Other Assets With Affidavits
- Simplified Court Procedures