Colorado § 15-11-403 Exempt property

Colorado Statutes

§ 15-11-403 — Exempt property

Colorado·Title 15 Probate,·Art. Intestate Succession and Wills

(1)(a) Prior to January 1, 2012, the decedent's surviving spouse is entitled to exempt property from the estate in the form of cash in the amount of or other property of the estate in the value of twenty-six thousand dollars in excess of any security interests therein. If there is no surviving spouse, the decedent's dependent children are entitled jointly to the same exempt property. Rights to exempt property have priority over all claims against the estate, except claims for the costs and expenses of administration, and reasonable funeral and burial, interment, or cremation expenses, which shall be paid in the priority and manner set forth in section 15-12-805. The right to exempt property shall abate as necessary to permit payment of the family allowance. These rights are in ad

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(1) (a) Prior to January 1, 2012, the decedent's
surviving spouse is entitled to exempt property from the estate in the form of cash
in the amount of or other property of the estate in the value of twenty-six thousand
dollars in excess of any security interests therein. If there is no surviving spouse,
the decedent's dependent children are entitled jointly to the same exempt property.
Rights to exempt property have priority over all claims against the estate, except
claims for the costs and expenses of administration, and reasonable funeral and
burial, interment, or cremation expenses, which shall be paid in the priority and
manner set forth in section 15-12-805. The right to exempt property shall abate as
necessary to permit payment of the family allowance. These rights are in addition to
any benefit or share passing to the surviving spouse or dependent children by the
decedent's will, unless otherwise provided, by intestate succession, or by way of
elective-share.

(b) On and after January 1, 2012, the decedent's surviving spouse is entitled
to exempt property from the estate in the form of cash in the amount of or other
property of the estate in the value of thirty thousand dollars in excess of any
security interests therein. If there is no surviving spouse, the decedent's dependent
children are entitled jointly to the same exempt property. Rights to exempt
property have priority over all claims against the estate, except claims for the costs
and expenses of administration and reasonable final disposition and funeral
expenses, which are paid in the priority and manner set forth in section 15-12-805.
The right to exempt property abates as necessary to permit payment of the family
allowance. These rights are in addition to any benefit or share passing to the
surviving spouse or dependent children by the decedent's will, unless otherwise
provided, by intestate succession or by way of elective-share.

(2) The dollar amount stated in paragraph (a) or (b) of subsection (1) of this
section shall be increased or decreased based on the cost of living adjustment as
calculated and specified in section 15-10-112; except that, when the increase in the
dollar amount stated in paragraph (b) of subsection (1) of this section, as enacted in
Senate Bill 11-016, enacted in 2011, takes effect, the next regularly scheduled cost
of living adjustment will be suspended for one year.

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Legislative History

Source: L. 94: Entire part R&RE, p. 995, � 3, effective July 1, 1995. L. 96: Entire section amended, p. 657, � 6, effective July 1. L. 2002: Entire section amended, p. 652, � 5, effective July 1. L. 2009: Entire section amended, (HB 09-1287), ch. 310, p. 1682, � 10, effective July 1, 2010. L. 2011: Entire section amended, (SB 11-016), ch. 77, p. 211, � 1, effective August 10. L. 2021: (1)(b) amended, (SB 21-006), ch. 123, p. 492, � 12, effective September 7.