CO HB1016

Amends Colorado Revised Statutes 15-15-212 to clarify distribution of pay-on-death (POD) account funds when the account holder dies, specifying that surviving beneficiaries receive amounts in proportions designated in the POD designation or in equal shares if no proportions are specified.

Provides that if multiple beneficiaries are designated and any beneficiary fails to survive the account holder, remaining funds go to the surviving beneficiaries in proportion to their respective interests as originally designated.

Establishes that if no beneficiary survives the account holder, the account funds belong to the estate of the last surviving party.

Clarifies that anti-lapse statutes, including Colorado Revised Statutes 15-11-706, do not apply to POD account designations.

Takes effect upon passage and applies retroactively to all existing POD accounts regardless of when they were created.