Chapter 20 - § 20.4 • SPECIAL RIGHTS OF SPOUSE AND CHILDREN

• Jurisdiction: Colorado

§ 20.4 • SPECIAL RIGHTS OF SPOUSE AND CHILDREN

§ 20.4.1—Statutory Homestead

For the effect of the death of a person who dies seised of a homestead leaving a surviving spouse or minor children, see § 20.6.

§ 20.4.2—Exempt Property

Prior to January 1, 2012, the decedent's surviving spouse was entitled to exempt property from the estate in the form of cash in the amount of, or other property of the estate in the value of, $26,000 in excess of any security interests therein.¹⁵⁶ On and after January 1, 2012, the decedent's surviving spouse is entitled to exempt property from the estate in the form of cash in the amount of, or other property of the estate in the value of, $30,000 in excess of any security interests therein.¹⁵⁷ If there is no surviving spouse, the decedent's dependent children are entitled jointly to the same exempt property. The right to exempt property is in addition to any benefit or share passing to the surviving spouse or dependent children by the decedent's will, unless otherwise provided, by intestate succession, or by way of elective share. Rights to exempt property have priority over all claims against the estate except claims for the costs and expenses of administration and reasonable funeral, burial, interment, or cremation expenses. The right to exempt property abates as necessary to permit payment of the family allowance.¹⁵⁸

§ 20.4.3—Family Allowance

In addition to the right to exempt property, the decedent's surviving spouse and minor children who the decedent was obligated to support and children who were in fact being supported by the decedent are entitled to a reasonable allowance in money out of the estate for their maintenance during the period of administration but not longer than one year if the estate is inadequate to discharge allowed claims.¹⁵⁹ The family allowance is exempt from and has priority over all claims against the estate except claims for the costs and expenses of administration and reasonable funeral, burial, interment, or cremation expenses. The family...