§ 15-22-101. Short Title
This article shall be known and may be cited as the “Colorado Designated Beneficiary Agreement Act”. Source: L. 2009: Entire article added, (HB 09-1260), ch. 107, p. 428, § 1, effective July 1.
§ 15-22-102. Legislative Declaration
The general assembly finds and determines that: Not all Coloradans are adequately protected by the provisions of the “Colorado Probate Code”, articles 10 to 17 of this title, and other provisions of Colorado law. Current state and federal laws present impediments and disincentives for people wishing to avail themselves of the protections of this title. […]
§ 15-22-103. Definitions
As used in this article, unless the context otherwise requires: “Designated beneficiary” means a person who has entered into a designated beneficiary agreement pursuant to this article. “Designated beneficiary agreement” means an agreement that is entered into pursuant to this article by two people for the purpose of designating each person as the beneficiary of […]
§ 15-22-104. Requirements for a Valid Designated Beneficiary Agreement
A designated beneficiary agreement shall be legally recognized if: The parties to the designated beneficiary agreement satisfy all of the following criteria: Both are at least eighteen years of age; Both are competent to enter into a contract; Neither party is married to another person; (III.5) Neither party is a party to a civil union; […]
§ 15-22-105. Effects and Applicability of a Designated Beneficiary Agreement
A person named as a designated beneficiary in a designated beneficiary agreement shall be entitled to exercise the rights and protections specified in the agreement by virtue of having been so named. A designated beneficiary agreement that is properly executed and recorded as provided in section 15-22-104 (2) shall be valid and legally enforceable in […]
§ 15-22-106. Statutory Form of a Designated Beneficiary Agreement
The following statutory form shall be the standard form for a designated beneficiary agreement: The instructions to each party regarding how to grant or withhold a right or protection by initialing and the words “Party A” and “Party B” shall appear at the top of each page of the statutory form above the columns for […]
§ 15-22-107. Recording – Duties of the County Clerk and Recorder – Fee
A signed and acknowledged designated beneficiary agreement shall be recorded with the county clerk and recorder in the county in which one of the parties resides. The designated beneficiary agreement shall be effective as of the date and time as received for recording by the county clerk and recorder. The county clerk and recorder shall […]
§ 15-22-108. Designated Beneficiary Agreement – Effect on Other Legal Documents
Execution of a designated beneficiary agreement shall not constitute evidence of an intent to revoke a prior will or codicil nor shall it affect any beneficiary designation, transfer, or bequest contained in any other legal documents. Source: L. 2009: Entire article added, (HB 09-1260), ch. 107, p. 437, § 1, effective July 1.
§ 15-22-109. Affirmation of Validity of Designated Beneficiary Agreement
A person exercising rights or protections pursuant to a designated beneficiary agreement shall affirm the validity of a designated beneficiary agreement and disclose any knowledge of any superseding legal documents. Source: L. 2009: Entire article added, (HB 09-1260), ch. 107, p. 437, § 1, effective July 1.
§ 15-22-110. Reliance – Immunity
A third party who acts in good faith reliance on the affirmation of the existence of a valid designated beneficiary agreement shall not be subject to civil liability or administrative discipline for such reliance. Source: L. 2009: Entire article added, (HB 09-1260), ch. 107, p. 437, § 1, effective July 1.
§ 15-22-111. Revocation of a Designated Beneficiary Agreement
A designated beneficiary agreement that has been recorded with a county clerk and recorder may be unilaterally revoked by either party to the agreement by recording a revocation with the clerk and recorder of the county in which the agreement was recorded. A revocation shall be dated, signed, and acknowledged. The revocation shall be effective […]
§ 15-22-112. Death of a Designated Beneficiary – Effect on Designated Beneficiary Agreement
A designated beneficiary agreement is terminated upon the death of either of the parties to the designated beneficiary agreement; however, a right or power which a designated beneficiary agreement conferred upon a designated beneficiary survives the death of the other designated beneficiary. A party to a designated beneficiary agreement who survives a designated beneficiary may […]