CO HB1051

The Department of Motor Vehicles must create and make available beneficiary designation forms (in physical offices and online) that allow vehicle owners to name a beneficiary to receive the vehicle title upon the owner's death.

The form must include the vehicle identification details, names of all owners, the beneficiary name, signatures of all owners, and a notary's signature and seal.

Upon the owner's death, the named beneficiary may present the notarized form to the Department along with proof of death and the certificate of title application fee to receive a new title in their name.

During the owner's lifetime, the beneficiary has no rights or signature requirements on vehicle transactions, and owners may revoke or change the beneficiary by selling the vehicle or executing a new designation form.

The beneficiary's interest in the vehicle is subject to any existing security interests, liens, or sales contracts, and the transfer is not considered a testamentary document subject to probate law.