(1) (a) On and after August 10, 2016, the division shall make available a beneficiary designation form that allows the owner or joint owners of a vehicle to arrange for the transfer of the vehicle's title to a named beneficiary upon the death of the owner or upon the death of all joint owners of the vehicle. At a minimum, the form must include fields for the following information: (I) The manufacturer, model, year, and vehicle identification number of the vehicle; (II) The name of the owner or every joint owner of the vehicle; (III) The words "transfer on death to", or the abbreviation "TOD", followed by the name of the beneficiary; and (IV) The signature of the owner of the vehicle or of each joint owner of the vehicle. (V) Repealed. (b) The division shall make beneficiary designation forms available: (I) In each office of the division that is open to the public for conducting business relating to motor vehicles and drivers' licenses; and (II) On the division's public website. (2) (a) Upon the death of the owner, or of the last surviving joint owner, of a vehicle for which a beneficiary designation form has been properly executed, as described in subsection (1)(a) of this section, the beneficiary shall present the form to the division and request a new title of ownership of the vehicle in the beneficiary's name. The form must be accompanied by: (I) Proof of the death of the vehicle's owner or proof of the death of the last surviving joint owner of the vehicle; and (II) The fee for an application for a certificate of title, as described in section 42-6-137 (1). (b) Upon the presentation of a properly executed beneficiary designation form and accompanying documents, as described in subsection (2)(a) of this section, the division, subject to any security interest, shall issue a new certificate of title to the beneficiary. For the purposes of this subsection (2)(b), the division may rely on a death certificate, record, or report that constitutes prima facie evidence of death. (2.4) The personal representative, as defined in section 15-10-201 (39), of the estate of a deceased vehicle owner is not liable for obtaining a new certificate of title or for transferring title to the vehicle if the personal representative does not have actual knowledge of the existence of a valid, unrevoked beneficiary designation form. (2.6) A successor, as defined in section 15-10-201 (51), of a decedent, or a person acting on behalf of a successor, is not liable for obtaining a new certificate of title or transferring title to the vehicle by an affidavit executed in accordance with section 15-12-1201 if the person does not have actual knowledge of the existence of a valid, unrevoked beneficiary designation form. (3) During the lifetime of the owner of a vehicle for which a beneficiary designation form has been properly executed or before the death of the last surviving joint owner of such a vehicle: (a) The signature or consent of the beneficiary is not required for any transaction relating to the vehicle; and (b) The owner or surviving joint owners of the vehicle may revoke the beneficiary designation form or change the beneficiary of the beneficiary designation form at any time by: (I) Selling the vehicle with proper assignment and delivery of the certificate of title to another person; or (II) Properly executing a subsequent beneficiary designation form that designates a new beneficiary. (4) Upon the death of the owner or upon the death of the last surviving joint owner of a vehicle for which a beneficiary designation form has been properly executed, the interest of the beneficiary in the vehicle is subject to any contract of sale, assignment, or ownership or security interest to which the owner or joint owners of the vehicle were subject during their lifetime. (5) Except as provided in paragraph (b) of subsection (3) of this section, the designation of a beneficiary in a beneficiary designation form may not be changed or revoked by will or by any other instrument or by a change in circumstances. (6) The transfer on death of a vehicle pursuant to this section is a nonprobate transfer pursuant to the "Colorado Probate Code", articles 10 to 17 of title 15. (7) As used in this section, unless the context otherwise requires: (a) "Beneficiary" means one or more specifically named persons or entities designated to receive title to a vehicle upon the death of the preceding owner or joint owners. (b) "Beneficiary designation form" means a form that indicates the intention of a present owner or joint owners of a vehicle to transfer ownership of the vehicle to a named beneficiary upon the death of the owner or last surviving joint owner of the vehicle. (c) "Division" means the division of motor vehicles in the department of revenue. (d) "Joint owner" means an individual who owns a vehicle with one or more other individuals as joint tenants with rights of survivorship. "Joint owner" does not include an individual who owns a vehicle with one or more other individuals as tenants in common. (e) "Owner" means an individual who owns a vehicle. (f) "Vehicle" includes any motor vehicle, motorcycle, motor home, trailer, or other item for which a certificate of title is issued by the division.
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