The Colorado Connection

Posted by on Dec 8, 2014 in Uncategorized | No Comments
By Thomas Hall, Braun & Gresham Attorney & Counselor

By Thomas Hall, Braun & Gresham Attorney & Counselor

 

Texas landowners should be aware that Braun & Gresham can provide legal services in Colorado as well as Texas.  A senior attorney at the firm, Thomas Hall, is licensed in Colorado and has practiced there since 1998.  We are currently representing our Texas clients in estate planning, probate, real estate and conservation easement transactions in “The Centennial State.”

It is not uncommon for Texans to own some land in the Rocky Mountains. In Texas most married couples own their land as husband and wife.  At the death of the first spouse some legal proceeding in Texas is usually necessary to transfer the deceased spouse’s ownership to the surviving spouse.  However, in Colorado many couples will take title to real property together as joint tenants with right of survivorship.  At the first death, the surviving joint tenant receives 100% of the decedent’s interest by operation of law, that is, without any probate proceeding whatsoever.  So if the Texas husband and wife own Colorado property as joint tenants they can avoid the time and expense of a Colorado probate at the first death by owning their Colorado land in joint tenancy.   Although joint tenancy is common in Texas for bank accounts, this type of ownership is very seldom used for real property.  Here is a tip that can save time and money.  If a couple wants the surviving spouse to get full ownership of the Colorado land, the Texas landowners should check their Colorado deeds to see if the deed states that the couple owns their property as joint tenants.  If not, you might consider having the deed redrafted and recorded to create the joint tenancy.

Furthermore, Colorado, unlike Texas, has what is known as a “beneficiary deed.”  This type of deed allows you to own 100% of the property during your life, but name a person to receive title at your death.  This type of deed operates like a “payment on death” transfer or beneficiary designation you might find on an investment account.  No Colorado probate proceeding is necessary.  So if you want your daughter to receive your Colorado vacation home when you die without having to go through a Colorado probate proceeding, you might consider using a beneficiary deed for your Colorado property.

 

 

 

 

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