Is the a Deadline for a Representative to Deliver a Deed in Probate?
Full Question:
Must a Personal Representative provide a Life Estate Deed within a specified amount of time? If so, what is that time limit?
06/06/2010 |
Category: Wills and Es... ยป Probate |
State: Colorado |
#22323
Answer:
A life estate deed allows one to designate another person as a "beneficiary" to receive the property upon his or her death without going through probate. Two or more persons in survivorship form may own real estate, so that upon the death of any one of them, the title of the deceased person would pass to the survivor or survivors. Title may be transferred without court proceedings, typically by filing an affidavit and death certificate with the County Auditor and Recorder. While there are notices required for probating the estate, CO statutes don’t specify a specific deadline for delivering a deed in his/her possession, other than requiring that the representative act in a good faith, reasonable manner.
