The best way to make this work is to use a Special Warranty Deed. For example, you sign a deed to your home (or other Colorado real estate) conveying it from you, as parent(s), to your child or children. The Deed then gets safely tucked away with all your other original estate planning documents. Only after the death of the home owning parent(s) does the Deed then get recorded. With the simple act of recording the Deed, even if signed 20 years earlier, the home passes to the children and completely avoids probate. All with a simple unrecorded Special Warranty Deed sitting in your drawer.
Some attorneys will advise their clients to sign and record a Beneficiary Deed. This works too, but has problems, starting with the fact that is has to be recorded while the Grantor (e.g. parent) is alive. Once recorded, what if you change your mind about who gets your house? Once recorded with the county Clerk and Recorder, a Beneficiary Deed requires additional work -and lawyering- to undo. With an unrecorded Special Warranty Deed you can change your mind. There is nothing of public record to interfere with those actions. Want to sell the real estate? Just go to where you keep your original estate planning documents, find the Special Warranty Deed, AND TEAR IT UP. Bam! The conveyance is undone without any further action required.
One caveat: Not every state has the same conveyance and recording laws, so for any property you own outside of Colorado, you must check with a local attorney practicing in the state in question to see what you can do. We’re just lucky Colorado makes it so easy. Apparently our state believes in KISS too!