[CO] [CO] Is the transfer on death deed the same as a beneficiary deed?
Is the transfer on death deed the same as a Colorado beneficiary deed?
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Yes, the transfer on death (TOD) deed is the same as a beneficiary deed in Colorado (CO Rev. Stat. § 15-15-404).
In Colorado, this deed is officially called a beneficiary deed, but it functions the same way as what other states call a transfer on death deed. It allows a property owner to name a beneficiary who will automatically receive the property upon the owner's death without the need for probate.
So, the beneficiary instantly becomes the owner upon the death of the current owner, and the property does not go through probate.
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Is the transfer on death deed the same as a Colorado beneficiary deed?
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Are you currently located in Colorado or planning to have property in Colorado?
Currently located in Colorado.
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Barrister
Hello and welcome to the site! My name is Barrister and I am a licensed attorney here to help. I know your question is important, so thanks for your patience as I reply—I'm often helping several customers at once.
Thanks.
Barrister
Yes, the transfer on death (TOD) deed is the same as a beneficiary deed in Colorado (CO Rev. Stat. § 15-15-404).
In Colorado, this deed is officially called a beneficiary deed, but it functions the same way as what other states call a transfer on death deed. It allows a property owner to name a beneficiary who will automatically receive the property upon the owner's death without the need for probate.
So, the beneficiary instantly becomes the owner upon the death of the current owner, and the property does not go through probate.
Thank you for the information.
Barrister
You are very welcome. Did you have any other questions about this situation I can help with?
No, thank you.
Barrister
You are very welcome. Glad I could help. It was my pleasure to assist with your question. Have a great afternoon and be safe!
Barrister
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