Does anybody know if you have to probate a will to sell Colorado mineral rights if you live in Texas, but your minerals are located in Colorado? Also, what is the difference between “joint tenant” vs “tenants in common”? Do these labels make a difference in the selling process?
I’m not licensed in Colorado, but in the vast majority of states Joint Tenancy with Right of Survivorship works like this:
Grantor issues deed to Mike and Sally as Joint Tenants and Not as Tenants in Common with Right of Survivorship. Mike dies. Sally presents a death certificate, affidavit or similar form to the recorder of deeds. The property is now solely in her name without the need for probate. Variations by state laws and tax liens, etc. But generally, Mikes death will wipe away liens he may have had on the property. Also, federal estate taxes (if the estate is over $12 million +) may come into play.
Tenant in Common: Mike dies, Sally only owns 1/2 of the property. If she is married or related to Mike, she may have a claim under a Will or intestacy.
Visit with a Colorado attorney.
This post is not legal, tax or investment advice. Reading or responding to this post does not create an attorney/client relationship.
If all owners on the mineral rights are deceased then probate will be required in Colorado to update title. There are four different processes in Colorado depending on residency, length of time since death and related factors. The buyer of a mineral right may or may not require the title to be updated as a condition of a purchase. Often it can be negotiated the buyer pays for the cost of the probate to be completed.
The information is for general information purposes only.
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Thank you for taking time to explain the difference between Joint Tenants and Tenants in Common.
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