Short answer

Generally no. Assets that pass automatically on death by right of survivorship — for example, property held as joint tenants with right of survivorship (JTWROS), bank accounts with joint-title survivorship, transfer-on-death (TOD) or payable-on-death (POD) designations, and life insurance or retirement accounts with designated beneficiaries — usually pass outside of probate and are not part of the probate estate that must be inventoried. However, there are important exceptions and practical steps you should follow in Colorado before assuming you do not need to list or otherwise account for those items.

Detailed Answer — what this means under Colorado practice

Colorado probate typically addresses the decedent’s probate estate: assets titled only in the decedent’s name at death. Nonprobate transfers pass directly to the survivor or named beneficiary at the moment of death and normally avoid probate. Common nonprobate transfers are:

Joint tenancy with right of survivorship (real estate or bank accounts titled to two or more people with a survivorship clause).
Payable‑on‑death (POD) bank accounts and transfer‑on‑death (TOD) securities or real estate registrations.
Life insurance policies and retirement accounts (IRAs, 401(k)s) with beneficiary designations.

Because those assets transfer outside of probate, they are usually not included on the court’s probate inventory as probate assets. Instead, the surviving owner or beneficiary handles the institution-level transfer (bank, title company, retirement plan administrator) by presenting the death certificate and other required documents.

Important exceptions and situations when you should include or disclose survivorship assets

Even though survivorship assets normally bypass probate, there are several situations in which you should either list them on the probate inventory, disclose them to the court or personal representative, or consult an attorney:

Dispute over ownership or intent: If someone contests whether the surviving co-owner was actually intended to receive the property (for example, if the joint title was added shortly before death for convenience), a court may treat the property as part of the estate. If a dispute exists, do not assume exclusion; list and document the asset and talk to counsel.
Creditor claims: Creditors sometimes argue that certain jointly held property should be available to satisfy the decedent’s debts. Colorado courts may examine the facts — who contributed funds, account history, and intent — when deciding whether to treat the asset as estate property.
Partial ownership or community property questions: If only a portion of the asset belonged to the decedent, or if the title language is ambiguous, valuation and allocation can be required for probate purposes.
Estate tax or federal reporting: For large estates, some nonprobate transfers may still be relevant to federal estate tax or fiduciary income‑tax reporting. Colorado itself does not have a state-level estate tax, but federal rules can make nonprobate transfers relevant.
Court instructions or local practice: Some Colorado probate courts or local clerks ask personal representatives to list known nonprobate transfers on an inventory or an attachment for completeness, even though they are not probate property. Follow the court’s instructions and local forms.

Practical steps to take right away

Gather documents showing how accounts and property were titled (deeds, bank statements, account agreements, beneficiary forms).
Obtain certified copies of the death certificate — institutions will request them to transfer title or release funds.
Contact the institutions (banks, brokerage firms, title companies, retirement plan administrators) to start the transfer process for nonprobate assets.
Ask the probate court clerk or review the personal representative instructions — some courts require you to list or disclose known nonprobate transfers on inventory forms or as attachments.
If there is any disagreement among heirs or possible creditor exposure, get legal advice before distributing or relying on survivorship transfers.

When to include survivorship assets on a formal probate inventory

Even though the default rule excludes survivorship assets from the probate estate, include or disclose them on the inventory in Colorado if any of the following apply:

The survivorship status or title is ambiguous or contested.
Creditors have filed claims that may reach jointly titled property.
The probate court’s local practice or the inventory form explicitly asks for nonprobate items to be listed for full disclosure.
You are preparing federal estate tax filings and need to document total transfers.

What information to record if you do list nonprobate assets

If you decide — or the court requires — that a survivorship asset be listed, include:

Type of asset (bank account, real property, brokerage, insurance, retirement account).
Account or parcel identifiers and the exact title language showing survivorship or beneficiary designation.
Date of death value and the name of the surviving owner/beneficiary.
Documents supporting the transfer (copy of deed, beneficiary form, bank signature card).

When to consult an attorney

Talk with a Colorado probate attorney if any of the following apply:

There’s a dispute about whether the asset truly passed by survivorship.
Creditors are making aggressive claims against jointly held property.
The estate is large or there may be federal tax issues.
You’re the personal representative and the court asks for clarification about nonprobate transfers.

Helpful hints

Don’t assume: confirm the exact title language and beneficiary forms rather than relying on account nicknames or memory.
Keep originals or certified copies of deeds, account statements, and beneficiary forms in a safe place.
Get multiple certified copies of the death certificate — institutions typically require them.
If money is needed quickly for funeral bills or immediate expenses, ask the institution if they will release funds to the survivor while probate is pending.
Be careful distributing or spending disputed jointly titled assets without court approval or legal advice — that can create personal liability later.