Detailed Answer
Gathering essential information and documents before the decedent’s passing can significantly reduce delays, court costs, and family stress during probate in Colorado. Below is a comprehensive checklist organized by category. Whenever possible, keep originals in a secure location and provide instructions for access.
1. Last Will and Testament
A valid will directs the distribution of assets and names a personal representative (executor). Colorado law outlines execution requirements in C.R.S. § 15-11-502. Key points:
- The will must be in writing.
- The testator must sign it in the presence of at least two witnesses.
- Witnesses must sign the will.
2. Trust Agreements
If the decedent created a revocable or irrevocable trust, locate:
- Trust instrument and any amendments.
- Funding documents (deeds, account retitling). Under Colorado’s trust code C.R.S. § 15-5-702, only properly funded trusts avoid probate.
3. Asset Inventory
- Real estate: Deeds, mortgage statements, property tax records.
- Bank and brokerage accounts: Statements from the last two years.
- Retirement plans and IRAs: Plan summaries and beneficiary designations.
- Life insurance policies and annuities: Contracts and beneficiary forms.
- Business interests: Partnership agreements, corporate bylaws, ownership certificates.
4. Titles and Registrations
- Vehicles: Title certificates, lien information.
- Boats and recreational vehicles: Registration or title documents.
- Safe deposit boxes: Location, bank name, box number, key, and access instructions.
5. Beneficiary and Payable-on-Death Designations
Assets with beneficiary designations pass outside probate. Confirm that forms are up to date for:
- Retirement accounts (401(k), pension plans).
- Life insurance and annuities.
- Bank and investment accounts (payable-on-death or transfer-on-death designations). See C.R.S. § 15-10-401.
6. Digital Assets and Access Information
Compile usernames, passwords, security questions, and two-factor authentication methods for email, social media, online banking, cryptocurrency wallets, and cloud storage. Colorado’s Uniform Fiduciary Access to Digital Assets Act (C.R.S. § 15-15-801 et seq.) governs access.
7. Funeral, Burial, or Cremation Plans
- Prepaid funeral contracts or cemetery plot deeds.
- Obituary preferences and contact list for funeral home coordination.
8. Personal and Family Records
- Birth, marriage, divorce, and death certificates.
- Adoption papers or guardianship documents for minor children.
- Social Security numbers for the decedent and all named beneficiaries.
Helpful Hints
- Store originals in a fireproof safe or with the personal representative.
- Prepare a written summary explaining the location of documents and access instructions.
- Review beneficiary designations every 2–3 years and after major life events.
- Use a secure digital vault or password manager to track online credentials.
- Discuss your plans with family members and the appointed personal representative.
Disclaimer: This article is for educational purposes only and does not constitute legal advice. Consult a licensed Colorado attorney for guidance specific to your situation.