(1) An owner may transfer an interest in real property effective on the death of the owner by executing a beneficiary deed that contains the words "conveys on death" or "transfers on death" or otherwise indicates the transfer is to be effective on the death of the owner and recording the beneficiary deed prior to the death of the owner in the office of the clerk and recorder in the county where the real property is located. A beneficiary deed may be in substantially the following form: BENEFICIARY DEED (§§ 15-15-401 et seq., Colorado Revised Statutes) CAUTION: THIS DEED MUST BE RECORDED PRIOR TO THE DEATH OF THE GRANTOR IN ORDER TO BE EFFECTIVE. ______________________________________ , as grantor, (Name of grantor) designates____________________________________ as (Name of grantee-beneficiary) grantee-beneficiary whose address is __________________ (Note to Assessor and Treasurer: This address is for identification purposes only, all notices and tax statements should continue to be sent to grantor.) (Optional)[or if grantee-beneficiary fails to survive grantor, grantor designates _________________________, as (Name of successor grantee-beneficiary) successor grantee-beneficiary whose address is _____________________________________________] and grantor transfers, sells, and conveys on grantor's death to the grantee-beneficiary, the following described real property located in the County of ___________, State of Colorado: (insert legal description here) Known and numbered as _______________ THIS BENEFICIARY DEED IS REVOCABLE. IT DOES NOT TRANSFER ANY OWNERSHIP UNTIL THE DEATH OF THE GRANTOR. IT REVOKES ALL PRIOR BENEFICIARY DEEDS BY THIS GRANTOR FOR THIS REAL PROPERTY EVEN IF THIS BENEFICIARY DEED FAILS TO CONVEY ALL OF THE GRANTOR'S INTEREST IN THIS REAL PROPERTY. WARNING: EXECUTION OF THIS BENEFICIARY DEED MAY DISQUALIFY THE GRANTOR FROM BEING DETERMINED ELIGIBLE FOR, OR FROM RECEIVING, MEDICAID UNDER TITLE 25.5, COLORADO REVISED STATUTES. WARNING: EXECUTION OF THIS BENEFICIARY DEED MAY NOT AVOID PROBATE. Executed this______________. (Date) _________________________________ (Grantor) (2) Unless the owner designates otherwise in a beneficiary deed, a beneficiary deed shall not be deemed to contain any warranties of title and shall have the same force and effect as a conveyance made using a bargain and sale deed.
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