Q: Deed is for Tenants in Common; one of grantees has died, does child become heir? If child dies is spouse now heir?
A:
Tenants in common means that at death the interest in the property does NOT terminate and does NOT revert to the surviving parties listed on the deed/title. Joint tenancy and tenancy by the entirety terminate the interest on death to the surviving parties listed on the deed/title. Colorado defaults to joint tenancy unless affirmatively selected otherwise.
What this means is that if the joint ownership is TiC, probate will likely occur (this is not necessarily a bad thing...) and a successor of the deceased will gain the deceased person's interest. The successor should be listed per a will or default intestate rules (if no will exists).
You may need a lawyer to assist with the probate matters.
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