Any advice on probate and trusts in Colorado?

My Mom did not Probate my Dads Will. Both her and his Wills stated "whats mine is yours" Beneficiaries only came into the picture if my parents died at the same time. Then the estate was split between 4 kids. Then it would be probated. After my Dads death, my Mom redid her Will.

I was told long ago not to have our cars in both names. If in both names you can be sued for everything you own. If only one spouse listed as owner, you can only be sued for half.

I don't have CDs so not familiar with if there can be two owners. With our IRAs, we each have our own and we are each others beneficiaries. Same with our investments, I am beneficiary. This way there is no probate. My girls come after me and again there will be no probate.

See an attorney.

It sounds like you have property titled as Joint Tenancy with Right of Survivorship, which in general means the property will pass automatically upon death. You also seem to have designated each other as beneficiaries in some assets, which also in general means that you skip probate.

You say you have wills. Wills must go through probate but it is always a good idea to have wills. One of you may die before all assets are jointly titled or a beneficiary is named. Colorado has what is called small estate probate that is very simple. The estate must not contain any real property (i.e. land, homes, buildings, etc.) and, as of 2022, personal property must be worth less than $74,000.

Another issue: If you have creditors or anticipate having creditors, know that in Colorado property owned in joint tenancy is subject to the liabilities and creditors of all the joint tenants. Colorado also has a statute that says non-probate transfers are subject to creditors.

Divorce can be an issue. In Colorado, divorce automatically revokes the ex-spouse as a beneficiary of the will. However, divorce can work differently when assets are titled in JTWROS or ex-spouses are named beneficiaries.

If an experienced estate planning attorney recently drafted your estate plans and explained the pros and cons, that's one thing. If you did it on your own, Midkid is so right. Hire an estate planning attorney to go over all your documents and discuss your objectives.

As always, these are suggestions and not legal advice. See a licensed, estate planning attorney.

Anything in both names won’t go to probate until you have both passed.

Note that some accounts, like individual retirement accounts, can’t be titled jointly, but may pass without probate if they have designated beneficiaries. Some assets don’t have titles and would go through probate. Some probatable estates are “small” and qualify for a state’s abbreviated process.

As always, if you want legal advice you can rely on, consult an appropriate attorney.

There may be contingencies you are not anticipating: future dementia in one spouse, remarriage and subsequent beneficiaries, simultaneous deaths, …

Wills must be probated. Trusts are not probated. For property to be held by Trust the Trust must be created, then all assets must be drawn into the Trust. That means deed titles and etc. Many people make a Trust and then don't "fund it", that is to say they don't move accounts and deeds into the trust legally by changing titles and accounts to read that they are held by the Trust.
Think of it this way. When you create a Trust and move things into it these things are owned by the TRUST, not by you or your husband.
See a good trust and estate attorney to answer your questions.

Time for an estate planning attorney.

100% worth the cost to pay for peace!