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Colorado Renunciation And Disclaimer of Joint Tenant or Tenancy...

Joint Tenant/joint Tenancy With/ Right Of Survivorship

Name: Joint Tenant/joint Tenancy With/ Right Of Survivorship
Brand: US Legal Forms

Category:

Real Estate - Disclaimers of Property Interest

State:

Colorado

Control #:

CO-04-03

Format:

Instant download

Description

This form is a Renunciation and Disclaimer of a Joint Interest in Property. The beneficiary is the surviving joint tenant and pursuant to the Colorado Revised Statutes, Title 15, Art. 11, Part 8, the surviving joint tenant has chosen to disclaim his/her interest in the property. The surviving joint tenant attests that the disclaimer of property will be filed no later than nine months after the death of the decedent. The form also contains a state specific acknowledgment and a certificate to verify mailing.

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Joint tenants with the right of survivorship benefit from equal ownership and avoidance of probate. Joint tenants with the right of survivorship (JTWROS) is a legal structure where two or more parties share ownership of a financial account or another asset.To create a joint tenancy with the right of survivorship, all you need to do is put the right words on the title document, such as a deed to real estate. "Right of survivorship" means that whoever dies last owns the property. The previous joint tenants merely had the use of the property while they were alive. A joint tenancy with right of survivorship (JTWROS), like a tenancy in common, is a form of co-ownership. It may involve two or more owners. You should consult an attorney about your plans first to be sure that the deed is properly drafted. A right of survivorship ensures property held in joint tenancy will pass directly to the other joint tenants upon a title holder's death. My question is, when the joint tenants with rights of survivorship goes into action - do we have to refinance the house or does it all stay the same?

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Colorado Renunciation And Disclaimer of Joint Tenant or Tenancy Interest

Colorado Revised Statutes
Title 15 - Probate, Trusts, & Fiduciaries
Art. 11. Intestate Succession and Wills

PART 8 GENERAL PROVISIONS CONCERNING PROBATE AND NONPROBATE TRANSFERS

Disclaimer of property interests.

(1) Right to disclaim interest in property. A person, or the representative of a person, to whom an interest in or with respect to property or an interest therein devolves by whatever means may disclaim it in whole or in part by delivering or filing a written disclaimer under this section. The right to disclaim exists notwithstanding (i) any limitation on the interest of the disclaimant in the nature of a spendthrift provision or similar restriction or (ii) any restriction or limitation on the right to disclaim contained in the governing instrument. For purposes of this subsection (1), the "representative of a person" includes a personal representative of a decedent, a conservator of a protected person, an agent acting on behalf of that person within the express authority of a power of attorney, and any other fiduciary acting on behalf of the person.

(2) Time of disclaimer. The following rules govern the time when a disclaimer shall be filed or delivered:

(a) If the property or interest has devolved to the disclaimant under a testamentary instrument or by the laws of intestacy, the disclaimer shall be filed, if of a present interest, not later than nine months after the death of the deceased owner or deceased donee of a power of appointment and, if of a future interest, not later than nine months after the event determining that the taker of the property or interest is finally ascertained and his or her interest is indefeasibly vested. If the disclaimant does not have actual knowledge of the existence of the interest, such disclaimer shall be filed not later than nine months after the disclaimant has actual knowledge of the existence of the interest. The disclaimer shall be filed in the court of the county in which proceedings for the administration of the estate of the deceased owner or deceased donee of the power are pending or where they would be pending if commenced. A copy of the disclaimer shall be delivered or mailed to any personal representative or other fiduciary of the decedent or donee of the power.

(b) If a property or interest has devolved to the disclaimant under a nontestamentary instrument or contract, the disclaimer shall be delivered or filed, if of a present interest, not later than nine months after the effective date of the nontestamentary instrument or contract and, if of a future interest, not later than nine months after the event determining that the taker of the property or interest is finally ascertained and his or her interest is indefeasibly vested. If the person entitled to disclaim does not have actual knowledge of the existence of the interest, the disclaimer shall be delivered or filed not later than nine months after the person learns of the existence of the interest. The effective date of a revocable instrument or contract is the date on which the maker no longer has power to revoke it or to transfer to himself or herself or another the entire legal and equitable ownership of the interest. The disclaimer or a copy thereof shall be delivered in person or mailed by registered or certified mail, return receipt requested, to the person who has legal title to or possession of the interest disclaimed, or is entitled thereto in the event of the disclaimer.

(c) A surviving joint tenant may disclaim the entire interest or any portion thereof in any property or interest therein that is the subject of a joint tenancy devolving to him or her, by right of survivorship.

(d) If real property or an interest therein is disclaimed, a copy of the disclaimer shall be recorded in the office of the county clerk and recorder of the county in which the property or interest disclaimed is located.

(3) Form of disclaimer. The disclaimer shall (i) describe the property or interest disclaimed, (ii) be signed by the disclaimant, and (iii) be acknowledged if it affects real property or an interest therein.

(4) Effect of disclaimer. The effects of a disclaimer are:

(a) If property or an interest therein devolves to a disclaimant under a testamentary instrument, under a power of appointment exercised by a testamentary instrument, or under the laws of intestacy, and the decedent has not provided for another disposition of that interest, should it be disclaimed, or of disclaimed or failed interests in general, the disclaimed interest devolves as if the disclaimant had predeceased the decedent, but if by law or under the testamentary instrument the descendants of the disclaimant would share in the disclaimed interest per capita at each generation or otherwise were the disclaimant to predecease the decedent, then the disclaimed interest passes per capita at each generation or passes as directed by the governing instrument to the descendants of the disclaimant who survive the decedent. A future interest that takes effect in possession or enjoyment after the termination of the estate or interest disclaimed takes effect as if the disclaimant had predeceased the decedent. A disclaimer relates back for all purposes to the date of death of the decedent.

(b) If property or an interest therein devolves to a disclaimant under a nontestamentary instrument or contract and the instrument or contract does not provide for another disposition of that interest, should it be disclaimed, or of disclaimed or failed interests in general, the disclaimed interest devolves as if the disclaimant had predeceased the effective date of the instrument or contract, but if by law or under the nontestamentary instrument or contract the descendants of the disclaimant would share in the disclaimed interest per capita at each generation or otherwise were the disclaimant to predecease the effective date of the instrument, then the disclaimed interest passes per capita at each generation, or passes as directed by the governing instrument to the descendants of the disclaimant who survive the effective date of the instrument. A disclaimer relates back for all purposes to that date. A future interest that takes effect in possession or enjoyment at or after the termination of the disclaimed interest takes effect as if the disclaimant had died before the effective date of the instrument or contract that transferred the disclaimed interest.

(c) The disclaimer or the written waiver of the right to disclaim is binding upon the disclaimant or person waiving and all persons claiming through or under either of them.

(5) Waiver and bar. The right to disclaim property or an interest therein is barred by (i) an assignment, conveyance, encumbrance, pledge, or transfer of the property or interest, or a contract therefor, (ii) a written waiver of the right to disclaim, (iii) an acceptance of the property or interest or a benefit under it, or (iv) a sale of the property or interest under judicial sale made before the disclaimer is made.

(6) Remedy not exclusive. This section does not abridge the right of a person to waive, release, disclaim, or renounce property or an interest therein under any other statute.

(7) Application. An interest in property that exists on the effective date of this section as to which, if a present interest, the time for filing a disclaimer under this section has not expired or, if a future interest, the interest has not become indefeasibly vested or the taker finally ascertained, may be disclaimed within nine months after the effective date of this section. Title 15, Art. 11, Part 8, Â§15-11-801.

Colorado Renunciation And Disclaimer of Joint Tenant or Tenancy Interest

Colorado Revised Statutes
Title 15 - Probate, Trusts, & Fiduciaries
Art. 11. Intestate Succession and Wills

PART 8 GENERAL PROVISIONS CONCERNING PROBATE AND NONPROBATE TRANSFERS

Disclaimer of property interests.

(2) Time of disclaimer. The following rules govern the time when a disclaimer shall be filed or delivered:

(4) Effect of disclaimer. The effects of a disclaimer are:

(c) The disclaimer or the written waiver of the right to disclaim is binding upon the disclaimant or person waiving and all persons claiming through or under either of them.

(6) Remedy not exclusive. This section does not abridge the right of a person to waive, release, disclaim, or renounce property or an interest therein under any other statute.

Joint Tenant/joint Tenancy With/ Right Of Survivorship

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Can joint tenancy be used for all types of properties?

Are there any downsides to joint tenancy?

What are the benefits of joint tenancy with right of survivorship?

Can joint tenants change the agreement later?

What happens to my share if I want to sell my part in a joint tenancy?

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What is joint tenancy with right of survivorship?

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Joint Tenant/joint Tenancy With/ Right Of Survivorship

Description

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How to fill out Joint Tenant/joint Tenancy With/ Right Of Survivorship?

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