§ 15-11-1207 — Disclaimer of rights of survivorship in jointly held property

Colorado § 15-11-1207

• Jurisdiction: Colorado
• Title 15: Probate,
• Art.: Intestate Succession and Wills

Text

(1)
Upon the death of a holder of jointly held property, a surviving holder may disclaim,
in whole or in part, the incremental portion of the jointly held property devolving to
the surviving holder by right of survivorship.

(2) A disclaimer pursuant to subsection (1) of this section takes effect as of
the death of the holder of jointly held property to whose death the disclaimer
relates.

(3) In the event of a disclaimer pursuant to subsection (1) of this section with
only one holder surviving the death of the holder to whose death the disclaimer
relates, the incremental portion disclaimed shall, as a consequence of the
disclaimer, pass as part of the estate of the deceased holder.

(4) In the event of a disclaimer pursuant to subsection (1) of this section with
two or more of the holders surviving the death of the holder to whose death the
disclaimer relates:

(a) The disclaimer does not sever the joint tenancy with respect to the jointly
held property as among the surviving holders;

(b) The incremental portion disclaimed shall, as a consequence of a
disclaimer, devolve to the surviving holders in proportion to their respective
interests in the jointly held property excluding the disclaimant and any other
surviving holder who disclaims to the extent of his or her disclaimer of the
incremental portion;

(c) An incremental portion devolving to a surviving holder, as a consequence
of one or more disclaimers, may be disclaimed by the surviving holder;

(d) To the extent that all of the surviving holders disclaim an incremental
portion devolving to them, the portion shall instead pass as part of the estate of the
deceased holder; and

(e) The proportion of each of the surviving holders with respect to the jointly
held property shall be adjusted to take into account the devolution of the
incremental portion to the extent that the portion is disclaimed.

Legislative History

Source: L. 2011: Entire part added, (SB 11-166), ch. 203, p. 863, � 1, effective August 10.