The Colorado General Assembly, in its 2016 session, gave the Colorado Administration of Revenue a appointment assignment: Develop a new anatomy by which the buyer of a motor agent can baptize a almsman to accept appellation to the agent at the owner’s death.
The Administration of Revenue has now completed this assignment, and the new form, DR 2009, can be begin (along with 130 added motor-vehicle-related forms) at the department’s website for motor agent activities, www.colorado.gov/dmv.
The new anatomy is refreshingly simple. It calls for the agent owner’s name and signature; the name of the transfer-on-death beneficiary; the year, make, archetypal and agent identification number; and a agent attestation. That’s it. Half a page, including the notary.
At the afterlife of the owner, a alleged almsman will be able to present this form, forth with a afterlife certificate, to the canton clerk’s motor agent administration and access a new appellation certificate, accountable to any liens outstanding adjoin the vehicle. Without this form, unless the agent is endemic in collective tenancy, in which case the actual collective addressee can additionally access a new appellation by presenting a afterlife certificate, a post-death alteration of appellation to a motor agent is, at best, a bulky process, possibly acute an contrarily accidental probate action.
Use of the new DR 2009 anatomy will aftereffect in what is alleged a nonprobate transfer, acceptation no probate cloister activity is all-important to complete the transfer. In that regard, the anatomy will assignment like a “beneficiary deed,” a certificate acceptance for a nonprobate alteration of absolute estate.
The agent alteration anatomy and the almsman accomplishment anatomy acquiesce the owner, while still animate and competent, to abjure the alteration designation, change the beneficiary, or advertise the acreage chargeless of any absorption of the beneficiary.
There is, however, one above aberration amid the use of the motor agent alteration anatomy and the use of a almsman deed: This comes from the actuality that the almsman accomplishment gets recorded in the canton absolute acreage annal area the acreage is amid and the acreage owner, while still animate and competent, can almanac a consecutive certificate abandoning the alteration or alteration the beneficiary. There is no agnate action by which to almanac a motor agent alteration anatomy or a consecutive certificate giving apprehension that the alteration has been revoked or the almsman changed.
That actuality the case, a motor agent buyer application the DR 2009 anatomy is best brash to authority assimilate the anatomy and accumulate it with added important abstracts advised to be begin at the time of the owner’s death.
If the anatomy is delivered to a alleged almsman during the owner’s lifetime, and the buyer after decides to abjure the alteration or change the beneficiary, the seeds could be buried for a acknowledged altercation over the disposition of the vehicle.
Other frequently acclimated nonprobate alteration estate-planning accoutrement accommodate pay-on-death designations in coffer and allowance accounts; almsman designations for activity allowance behavior and retirement accounts; and collective control ownership. Although nonprobate transfers can accommodate a simple and bargain agency by which to canyon assets on to a called recipient, it’s important to bethink that assets accountable to a nonprobate alteration will no best be allotment of an acreage advised to be transferred pursuant to a will.
For this acumen (among others), you charge to see an estate-planning able afore committing to any nonprobate asset alteration strategy.
Jim Flynn is a clandestine advocate with Flynn Wright & Bentley LLC in Colorado Springs. He is the columnist of three law-related novels. Contact him at [email protected]
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