TN 14 (10-14)
GN 02315.042 Colorado – Small Estates
A. Policy – Colorado Small Estates
Colorado law permits collection and distribution of small estates under $60,000 by affidavit. Section 15-12-1201 of the Colorado Revised Statutes provides that after 10 days have elapsed since the decedent’s death, any person indebted to the decedent shall make payment of the indebtedness to a person claiming to be the successor of the decedent upon being presented an affidavit made by or on behalf of the successor.
B. Contents of Affidavit
The affidavit must state that:
The value of the entire estate, wherever located, less liens and encumbrances, does not exceed, for the Decedent’s year of death (Y.O.D.) 2014 $64,000, Y.O.D. 2013 $63,000, Y.O.D. 2012 $61,000, and for Y.O.D. 2011 and 21010, $60,000, and there is no real estate;
At least ten (10) days have elapsed since the death of the decedent;
No application or petition for the appointment of a personal representative is pending or has been granted in any jurisdiction; and
Each claiming successor is entitled to payment in the respective proportion set forth in the affidavit.
C. Effect of Affidavit
Section 15-12-1202 of the Colorado Revised Statutes provides that the person paying the successor pursuant to an affidavit is discharged and released to the same extent as if he dealt with a personal representative of the decedent. The person is not required to inquire into the truth of any statement in the affidavit. If any person to whom an affidavit is delivered refuses to pay, payment may be compelled by judicial process. The person to whom payment is made is answerable and accountable to any personal representative of the estate or to any other person having superior right.