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ColoradoSB26-1182026 Regular SessionSenateWALLET

Legacy Giving to Charitable Organizations

Sponsored By: Chad Clifford (Democratic), Cleave Simpson (Republican), James Coleman (Democratic)

Signed by Governor

Financial Services & CommerceProbate, Trusts, & Fiduciaries

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Bill Overview

Analyzed Economic Effects

2 provisions identified: 0 benefits, 0 costs, 2 mixed.

Charities must hold and repay disputed gifts

Beginning Aug 12, 2026, when the estate’s personal representative gives written notice of a pending claim, the charity must hold the money in a constructive trust. If the funds are liable for estate debts, family allowances, or a spouse’s elective share, the charity must repay the estate within 60 days after written notice. If it does not, statutory interest accrues each day. Courts can order repayment, block transfers, use attachments, and award other relief, including attorney fees.

Faster payouts to charities at death

Beginning Aug 12, 2026, banks, brokers, and credit unions pay the charity within 60 days of a complete affidavit. If federal rules require extra steps, payment is due within 120 days. The affidavit must show the death and describe the gift. It must include the charity’s IRS letter, a signed W‑9, payment directions, and proof the signer has authority. A death certificate is needed unless already on file. If filed in person, the firm may ask for a government ID. Firms cannot force the charity to open an account or give staff Social Security numbers or other personal data. These rules cover POD accounts and securities, life insurance and annuities, and pension and retirement plan death benefits. State financial regulators can enforce these rules.

Sponsors & Cosponsors

Sponsors

  • Chad Clifford

    Democratic • House

  • Cleave Simpson

    Republican • Senate

  • James Coleman

    Democratic • Senate

Cosponsors

  • Andrew Boesenecker

    Democratic • House

  • Jennifer Bacon

    Democratic • House

  • Kenny Nguyen

    Democratic • House

  • Meg Froelich

    Democratic • House

  • Mandy Lindsay

    Democratic • House

  • Manny Rutinel

    Democratic • House

  • Sean Camacho

    Democratic • House

  • Cathy Kipp

    Democratic • Senate

  • Chris Kolker

    Democratic • Senate

  • Iman Jodeh

    Democratic • Senate

  • Julie Gonzales

    Democratic • Senate

  • Janice Marchman

    Democratic • Senate

  • Lisa Cutter

    Democratic • Senate

  • Lindsey Daugherty

    Democratic • Senate

  • Lisa Frizell

    Republican • Senate

  • Matt Ball

    Democratic • Senate

  • Marc Snyder

    Democratic • Senate

Roll Call Votes

No roll call votes available for this bill.

Actions Timeline

  1. Governor Signed

    4/17/2026House

  2. Sent to the Governor

    4/8/2026House

  3. Signed by the President of the Senate

    4/7/2026Senate

  4. Signed by the Speaker of the House

    4/7/2026House

  5. House Third Reading Passed - No Amendments

    3/27/2026House

  6. House Second Reading Special Order - Passed - No Amendments

    3/26/2026House

  7. House Second Reading Special Order - Laid Over Daily - No Amendments

    3/25/2026House

  8. House Committee on Finance Refer Unamended to House Committee of the Whole

    3/23/2026House

  9. Senate Third Reading Passed - No Amendments

    3/16/2026Senate

  10. Introduced In House - Assigned to Finance

    3/16/2026House

  11. Senate Third Reading Passed with Amendments - Committee

    3/16/2026Senate

  12. Senate Second Reading Passed with Amendments - Committee

    3/13/2026Senate

  13. Senate Committee on Finance Refer Amended - Consent Calendar to Senate Committee of the Whole

    3/10/2026Senate

  14. Introduced In Senate - Assigned to Finance

    2/19/2026Senate

Bill Text

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