Colorado Small Estate Affidavit
Collecting Property With a Small Estate Affidavit
Colorado offers a procedure that allows family to skip probate altogether. To qualify, the estate (the property you own at death) must meet these requirements:
the fair market value of all estate property can't exceed $82,000 (2024- this amount is adjusted for inflation each year)
no application or petition for probate is pending or has been granted in any Colorado jurisdiction and
at least 10 days have elapsed since the death.
The affidavit also can't be used to transfer real estate—only "personal property," which is essentially everything but real estate.
Note that even if you own more property than $82,000, the family may still be able to take advantage of the small estate affidavit procedure. That's because under Colorado law, certain types of property aren't included in your estate's value, such as property held in joint tenancy, trust property, POD bank accounts, and other property that does not go through probate, such as investment accounts with designated beneficiaries.
Thus, even relatively large estates might still qualify as a "small estate" for purposes of this affidavit procedure.
How to Use Colorado's Collection of Personal Property by Affidavit
If your estate meets the requirements listed above, all your inheritor has to do is sign a simple document under oath, called an affidavit.
After signing the document (and swearing to its truthfulness) and having it notarized, the inheritor simply presents the affidavit to the person or institution holding the property—for example, a bank where the deceased person had an account. The inheritor will usually need to provide a certified copy of the death certificate. After that, the person or institution transfers the property to your inheritor.
If you would like help determining whether your loved ones estate qualifies for this simplified procedure and/or whether you are qualified to proceed this way, reach out for an initial complimentary consultation. I am always honored to help families during this difficult time with the practical matters so that they can have time and space to grieve the loss of their loved one.