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Richard, Attorney
Category: Estate Law
Satisfied Customers: 55605
Experience:  29 years of experience practicing law, including tax and estate planning.
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Im a CA broker dealer. We normally require letters test. to

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I'm a CA broker dealer. We normally require letters test. to release funds to executor or spouse. We have an individ account with no beneficiary; account holder died and wife called saying CO doens't provide letters Test- assets automatically pass to spouse. is this correct?
Welcome! My goal is to do my very best to understand your situation and to provide a full and complete answer for you.

Good afternoon. That is not correct. Under Colorado law, if the entire estate is small enough (under $63,000 in 2013), the full probate process can be avoided with the spouse providing a Small Estate Affidavit rather than Letters Testamentary. But, if the account is an individual account rather than a joint account and there is no beneficiary listed on the account, the decedent's interest in the account becomes an estate assets and the surviving spouse is going to need to provide either Letters Testamentary or a Small Estate Affidavit upon which you can rely to release the funds in the account.

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