Legal Question in Real Estate Law in Colorado

I am sorry for your loss. The property will have to go through probate to pass to the kids, unless there was a beneficiary deed. Once the property is transferred to the kids, you then could do a pretty simple agreement for taking care of the property, including their duties, who pays what expenses (e.g., the caretaker pays electricity, but all siblings would agree on any big expense and share such expenses), etc. You might also want to add a provision on buying out any sibling who wants out so you don't fight about that later. The probate is the longer part - the agreement is fairly straightforward, though there can be a lot of details to work out as part of it. I could help with this sort of thing and have experience with it if you would like help.