Legal Question in Wills and Trusts in Colorado
Probate
My wife and I, who have primary residence in Texas, have joint tenancy ownership with our son of a second residence in Colorado. It is our son's second residence, too. He lives another residence in Colorado. My wife and I have wills containing credit trust language that does not mention any specific assets. This same son is executor and trustee of both wills. If my wife and I die at essentially the same time, our wills will be probated in Texas. Our son understands that, due to the financing of the Colorado residence, at the time of our deaths the trust should receive one half the market value of the Colorado residence. Two other children will share our assets. Question: Would it be necessary to submit the wills for probate in Colorado?
2 Answers from Attorneys
Re: Probate
Not really. Your executor would get an exemplified copy of the Texas judgment with will attached, and file that in the Colorado county where the property is located. The US Constitution requires sister states to give full faith and credit to sister state judgments.
Re: Probate
Ancilliary administration may be required in Colorado for the Colorado property. However, this would only occur for property that paases through either your or your wife's estate.
If the Colorado property is held jointly with your son, that property may not be part of either estate. If the property is not part of either estate, then it would not require estate administration.
Another potential problem exists with your titling. Titling the property jointly may prevent the intended application of applicable exclusion amount to the property at the first death between you and your wife. You should carefully examine this issue with your Texas estate planning attorney.
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