On June 5, 2015

Having a will in place can protect you and your family in the event of a catastrophic injury, incapacitation or even death. However, if you end up passing away without having a legal will in place:

  • Your estate will be passed on to your relatives via Colorado intestate laws.
  • The nature of your estate, as well as who your surviving relatives are, will impact determinations regarding who gets what.

Colorado Intestacy Laws: Here’s What Happens When There’s No Will

When people die without a will, Colorado intestacy laws will come into play, and here’s what that can mean, a Denver will attorney explains.

When people die without a will, Colorado intestacy laws will come into play, and here’s what that can mean, a Denver will attorney explains.

When it comes to inheritance rights, according to Colorado intestacy laws:

  • A spouse will have a priority for inheriting an estate over biological children from the decedent and the spouse (if the decedent has no other children).
  • If a decedent has a spouse, kids with that spouse and kids from another relationship, then the spouse will inherit the first $150,000 of the estate, along with half of the remaining balance. The remainder of the estate will go to the kids from the other relationship.
  • If the decedent has a surviving spouse, no children with that spouse but children from another relationship, then the spouse will inherit half of the intestate property, and the children will inherit the other half.
  • Should the decedent leave a spouse and parents but no children, then the spouse will inherit the first $200,000 of the intestate property, as well as three-quarters (3/4) of the balance of the estate. The parents will inherit the remainder of the estate.
  • Should the decedent leave behind parents but no spouse or children, the parents will inherit everything.
  • Should the decedent leave behind siblings and no parents, no spouse and no children, the siblings would inherit everything.

Additionally, it’s also crucial to note that, with Colorado intestacy laws:

  • There is a 120-hour survivorship period – This means that anyone eligible to inherit assets via CO intestacy laws must outlive the decedent by at least 120 hours in order to receive the property.
  • Half-relatives can inherit as though there were whole relatives.
  • Immigration status will typically not impact people’s rights of inheritance via Colorado intestacy laws.

Denver Will Attorney at JR Phillips & Associates, PC

Are you ready to devise a will? Or do you need help with any other estate planning or probate matters? If so, you can rely on an experienced Denver will attorney at JR Phillips & Associates, PC.

We provide a thoughtful, comprehensive approach to our clients’ estate planning needs, and we take pride in helping each of our clients and their families find the best solutions for them. While this means that we provide personalized attention at every step of the process, it also means that our clients can rely on our Denver attorneys to always be competent, caring and professional while providing them with the highest quality legal services at affordable rates.

 

Categories: Estate Planning