Did you know that Colorado law allows anyone owning a car registered in the state to name a beneficiary to receive that car without having to go through probate? This can make estate planning for small-to-modest estates even easier.
The vehicle owner must complete Department of Revenue Form DR 2009 and keep it with their estate planning documents. Then, upon the death of the vehicle owner, the beneficiary presents the form with a death certificate, and the title will transfer to the beneficiary after paying the appropriate transfer fees. Any lien on the vehicle would still have to be paid, of course, even using this new beneficiary form.
While this process is easy, be aware that this beneficiary deed will supersede anything in your Last Will and Testament. So, if you decide to do a new Will, you should review this form along with any other beneficiary designations you may have on record. It’s best to work with a knowledgeable and experienced attorney in the use of the DR 2009 form for naming a beneficiary title to a motor vehicle.
If you are interested in obtaining a beneficiary deed for your vehicle, please contact Anne McMichael at [email protected], or Jill Curry-Jahn at [email protected], or call 303-572-4200 to schedule a free initial consultation.