Joint Tenancy Form Colorado In Fulton
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Joint Tenants in Colorado For non-spouses, Colorado recognizes joint tenancy with right of survivorship as a common form of joint ownership. This form allows multiple people or entities to own a title interest to the property, and comes with various rights and responsibilities.
Property in Colorado can only be owned be- tween two or more individuals in joint tenancy or as tenants in common. What if I Want to Add Someone as a Joint Owner on My Asset? Before you change the title or ownership of an asset, under- stand that any such change can cause significant legal and/ or tax consequences.
Most likely you will have to go through probate to get the house in your name. Probate is a legal process where an ``estate'' is created (estate means all the property of your dad) and the estate first pays off any of your dad's debts, then any remaining property is distributed to your dad's heirs. Here are the basics:
If you want the title in Joint Tenancy with Rights of Survivorship, you will need a completed Department of Revenue form DR 2395 Joint Tenancy Form signed by all parties. You can find this DR2395 Form online at dmvlorado, or we can provide that Form to you.
The legal concept incompatible with a joint tenancy is Escheat. Joint tenancy ensures that upon the death of one owner, their share automatically transfers to the surviving co-owner(s), which conflicts with the escheatment process that transfers property to the state.
On the death of any one of the joint tenants, the remaining joint tenants will continue to own the whole property including the interest of the deceased joint tenant. There is no need for probate or any deed conveying the interest of the deceased joint tenant to the remaining joint tenants.
The four unities are: time, title, interest and possession.
Except as provided in sections 38-35-118 and 38-41-202 (4), a joint tenant may sever the joint tenancy between himself or herself and all remaining joint tenants by unilaterally executing and recording an instrument conveying his or her interest in real property to himself or herself as a tenant in common.
