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Colorado Statutes, Title 15

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Title 15, Probate, Trusts, and Fiduciaries

0 chapters · 1,078 sections in this title.

All chapters in Title 151,078 Ch 14157 Ch 12155 Ch 11135 Ch 5103 Ch 186 Ch 1.249 Ch 1648 Ch 1547 Ch 1944 Ch 1037 Ch 2.533 Ch 14.523 Ch 1.522 Ch 2322

49 sections·Filtered byTitle 15✕Ch 1.2✕

Colo. Rev. Stat. § 15-1.2-101 Short title
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This article 1.2 may be cited as the "Uniform Fiduciary Income and Principal Act". Source: L. 2021: Entire article added, (SB 21-171), ch. 143, p. 799, § 1, effective January 1, 2022.
Colo. Rev. Stat. § 15-1.2-102 Definitions
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In this article 1.2: (1) "Accounting period" means a calendar year, unless a fiduciary selects another period of twelve calendar months or approximately twelve calendar months. The term includes a part of a calendar year or another period of twelve calendar months or approximatel…
Colo. Rev. Stat. § 15-1.2-103 Scope
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(1) Except as otherwise provided in the terms of a trust, a will, or this article 1.2, this article 1.2 applies to: (a) A trust or estate. (b) Reserved. Source: L. 2021: Entire article added, (SB 21-171), ch. 143, p. 804, § 1, effective January 1, 2022.
Colo. Rev. Stat. § 15-1.2-104 Governing law
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Except as otherwise provided in the terms of a trust or this article 1.2, this article 1.2 applies when this state is the principal place of administration of a trust or estate. By accepting the trusteeship of a trust having its principal place of administration in this state or …

Colo. Rev. Stat. § 15-1.2-201 Fiduciary duties - general principles

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(1) In making an allocation or determination or exercising discretion under this article 1.2, a fiduciary shall: (a) Act in good faith, based on what is fair and reasonable to all beneficiaries; (b) Administer a trust or estate impartially, except to the extent the terms of the t…

Colo. Rev. Stat. § 15-1.2-202 Judicial review of exercise of discretionary power - definition

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(1) In this section, "fiduciary decision" means: (a) A fiduciary's allocation between income and principal or other determination regarding income and principal required or authorized by the terms of the trust or this article 1.2; (b) The fiduciary's exercise or nonexercise of a …

Colo. Rev. Stat. § 15-1.2-203 Fiduciary's power to adjust

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(1) Except as otherwise provided in the terms of a trust or this section, a fiduciary, in a record, without court approval, may adjust between income and principal if the fiduciary determines the exercise of the power to adjust will assist the fiduciary to administer the trust or…

Colo. Rev. Stat. § 15-1.2-204 Notice of action - definitions

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(1) In this section, the following definitions apply: (a) "Objection period" means the period of time prior to the date by which an objection must be received as described in section 15-1.2-304 (4)(e). (b) "Qualified beneficiary" has the same meaning as set forth in section 15-5-…

Colo. Rev. Stat. § 15-1.2-301 Definitions

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In this part 3: (1) "Applicable value" means the amount of the net fair market value of a trust taken into account under section 15-1.2-307. (2) "Express unitrust" means a trust for which, under the terms of the trust without regard to this part 3, income or net income must or ma…

Colo. Rev. Stat. § 15-1.2-302 Application - duties and remedies

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(1) Except as otherwise provided in subsection (2) of this section, this part 3 applies to: (a) An income trust, unless the terms of the trust expressly prohibit use of this part 3 by a specific reference to this part 3 or an explicit expression of intent that net income not be c…

Colo. Rev. Stat. § 15-1.2-303 Authority of fiduciary

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(1) A fiduciary, without court approval, by complying with subsections (2) and (6) of this section, may: (a) Convert an income trust to a unitrust if the fiduciary adopts in a record a unitrust policy for the trust providing: (I) That in administering the trust the net income of …

Colo. Rev. Stat. § 15-1.2-304 Notice

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(1) A notice required by section 15-1.2-303 (2)(b) must be sent in a manner authorized under section 15-5-109 to: (a) The qualified beneficiaries determined under section 15-5-103 (16), other than the attorney general; and (b) Each person acting as trust director of the trust und…

Colo. Rev. Stat. § 15-1.2-305 Unitrust policy

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(1) In administering a unitrust under this part 3, a fiduciary shall follow a unitrust policy adopted under section 15-1.2-303 (1)(a) or (1)(b) or amended or replaced under section 15-1.2-303 (1)(b). (2) A unitrust policy must provide: (a) The unitrust rate or the method for dete…

Colo. Rev. Stat. § 15-1.2-306 Unitrust rate

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(1) Except as otherwise provided in section 15-1.2-309 (2)(a), a unitrust rate may be: (a) A fixed unitrust rate; or (b) A unitrust rate that is determined for each period using: (I) A market index or other published data; or (II) A mathematical blend of market indices or other p…

Colo. Rev. Stat. § 15-1.2-307 Applicable value

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(1) A unitrust policy must provide the method for determining the fair market value of an asset for the purpose of determining the unitrust amount, including: (a) The frequency of valuing the asset, which need not require a valuation in every period; and (b) The date for valuing …

Colo. Rev. Stat. § 15-1.2-308 Period

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(1) A unitrust policy must provide the period used under sections 15-1.2-306 and 15-1.2-307. Except as otherwise provided in section 15-1.2-309 (2)(c), the period may be: (a) A calendar year; (b) A twelve-month period other than a calendar year; (c) A calendar quarter; (d) A thre…

Colo. Rev. Stat. § 15-1.2-309 Special tax benefits - rules

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(1) A unitrust policy may: (a) Provide methods and standards for: (I) Determining the timing of distributions; (II) Making distributions in cash or in kind or partly in cash and partly in kind; or (III) Correcting an underpayment or overpayment to a beneficiary based on the unitr…

Colo. Rev. Stat. § 15-1.2-401 Character of receipts from entity - definitions

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(1) In this section: (a) "Capital distribution" means an entity distribution of money which is a: (I) Return of capital; or (II) Distribution in total or partial liquidation of the entity. (b) "Entity": (I) Means a corporation, partnership, limited liability company, regulated in…

Colo. Rev. Stat. § 15-1.2-402 Distribution from trust or estate

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A fiduciary shall allocate to income an amount received as a distribution of income, including a unitrust distribution under part 3 of this article 1.2, from a trust or estate in which the fiduciary has an interest, other than an interest the fiduciary purchased in a trust that i…

Colo. Rev. Stat. § 15-1.2-403 Business of other activity conducted by fiduciary

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(1) This section applies to a business or other activity conducted by a fiduciary if the fiduciary determines that it is in the interests of the beneficiaries to account separately for the business or other activity instead of: (a) Accounting for the business or other activity as…

Colo. Rev. Stat. § 15-1.2-404 Principal receipts

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(1) A fiduciary shall allocate to principal: (a) To the extent not allocated to income under this article 1.2, an asset received from: (I) An individual during the individual's lifetime; (II) An estate; (III) A trust on termination of an income interest; or (IV) A payor under a c…

Colo. Rev. Stat. § 15-1.2-405 Rental property

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(1) To the extent a fiduciary does not account for the management of rental property as a business under section 15-1.2-403, the fiduciary shall allocate to income an amount received as rent of real or personal property, including an amount received for cancellation or renewal of…

Colo. Rev. Stat. § 15-1.2-406 Receipt on obligation to be paid in money

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(1) This section does not apply to an obligation to which section 15-1.2-409, 15-1.2-410, 15-1.2-411, 15-1.2-412, 15-1.2-414, 15-1.2-415, or 15-1.2-416 applies. (2) A fiduciary shall allocate to income, without provision for amortization of premium, an amount received as interest…

Colo. Rev. Stat. § 15-1.2-407 Insurance policy or contract

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(1) This section does not apply to a contract to which section 15-1.2-409 applies. (2) Except as otherwise provided in subsection (3) of this section, a fiduciary shall allocate to principal the proceeds of a life insurance policy or other contract received by the fiduciary as be…

Colo. Rev. Stat. § 15-1.2-408 Insubstantial allocation not required

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(1) If a fiduciary determines that an allocation between income and principal required by section 15-1.2-409, 15-1.2-410, 15-1.2-411, 15-1.2-412, or 15-1.2-415 is insubstantial, the fiduciary may allocate the entire amount to principal, unless section 15-1.2-203 (5) applies to th…

Colo. Rev. Stat. § 15-1.2-409 Deferred compensation, annuity, or similar payment - definitions

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(1) In this section: (a) "Internal income of a separate fund" means the amount determined under subsection (2) of this section. (b) "Marital trust" means a trust: (I) Of which the settlor's surviving spouse is the only current income beneficiary and is entitled to a distribution …

Colo. Rev. Stat. § 15-1.2-410 Liquidating asset - definition

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(1) In this section, "liquidating asset" means an asset whose value will diminish or terminate because the asset is expected to produce receipts for a limited time. The term includes a leasehold, patent, copyright, royalty right, and right to receive payments during a period of m…

Colo. Rev. Stat. § 15-1.2-411 Minerals, water, and other natural resources

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(1) To the extent a fiduciary does not account for a receipt from an interest in minerals, water, or other natural resources as a business under section 15-1.2-403, the fiduciary shall allocate the receipt: (a) To income, to the extent received: (I) As delay rental or annual rent…

Colo. Rev. Stat. § 15-1.2-412 Timber

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(1) To the extent a fiduciary does not account for receipts from the sale of timber and related products as a business under section 15-1.2-403, the fiduciary shall allocate the net receipts: (a) To income, to the extent the amount of timber cut from the land does not exceed the …

Colo. Rev. Stat. § 15-1.2-413 Marital deduction property not productive of income

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(1) If a trust received property for which a gift or estate tax marital deduction was allowed and the settlor's spouse holds a mandatory income interest in the trust, the spouse may require the trustee, to the extent the trust assets otherwise do not provide the spouse with suffi…

Colo. Rev. Stat. § 15-1.2-414 Derivative or option - definition

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(1) In this section, "derivative" means a contract, instrument, other arrangement, or combination of contracts, instruments, or other arrangements, the value, rights, and obligations of which are, in whole or in part, dependent on or derived from an underlying tangible or intangi…

Colo. Rev. Stat. § 15-1.2-415 Asset-backed security

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(1) Except as otherwise provided in subsection (2) of this section, a fiduciary shall allocate to income a receipt from or related to an asset-backed security, to the extent the payor identifies the payment as being from interest or other current return, and to principal the bala…

Colo. Rev. Stat. § 15-1.2-416 Other financial instrument or arrangement

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A fiduciary shall allocate receipts from or related to a financial instrument or arrangement not otherwise addressed by this article 1.2. The allocation must be consistent with sections 15-1.2-414 and 15-1.2-415. Source: L. 2021: Entire article added, (SB 21-171), ch. 143, p. 831…

Colo. Rev. Stat. § 15-1.2-501 Disbursement from income

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(1) Subject to section 15-1.2-504, and except as otherwise provided in section 15-1.2-601 (3)(b) or (3)(c), a fiduciary shall disburse from income: (a) One-half of: (I) The regular compensation of the fiduciary and any person providing investment advisory, custodial, or other ser…

Colo. Rev. Stat. § 15-1.2-502 Disbursement from principal

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(1) Subject to section 15-1.2-505, and except as otherwise provided in section 15-1.2-601 (3)(b), a fiduciary shall disburse from principal: (a) The balance of the disbursements described in section 15-1.2-501 (1)(a) and (1)(c), after application of section 15-1.2-501 (1)(b); (b)…

Colo. Rev. Stat. § 15-1.2-503 Transfer from income to principal for depreciation - definition

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(1) In this section, "depreciation" means a reduction in value due to wear, tear, decay, corrosion, or gradual obsolescence of a tangible asset having a useful life of more than one year. (2) A fiduciary may transfer to principal a reasonable amount of the net cash receipts from …

Colo. Rev. Stat. § 15-1.2-504 Reimbursement of income from principal

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(1) If a fiduciary makes or expects to make an income disbursement described in subsection (2) of this section, the fiduciary may transfer an appropriate amount from principal to income in one or more accounting periods to reimburse income. (2) To the extent the fiduciary has not…

Colo. Rev. Stat. § 15-1.2-505 Reimbursement of principal from income

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(1) If a fiduciary makes or expects to make a principal disbursement described in subsection (2) of this section, the fiduciary may transfer an appropriate amount from income to principal in one or more accounting periods to reimburse principal or provide a reserve for future pri…

Colo. Rev. Stat. § 15-1.2-506 Income taxes

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(1) A tax required to be paid by a fiduciary which is based on receipts allocated to income must be paid from income. (2) A tax required to be paid by a fiduciary which is based on receipts allocated to principal must be paid from principal, even if the tax is called an income ta…

Colo. Rev. Stat. § 15-1.2-507 Adjustment between income and principal because of taxes

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(1) A fiduciary may make an adjustment between income and principal to offset the shifting of economic interests or tax benefits between current income beneficiaries and successor beneficiaries which arises from: (a) An election or decision the fiduciary makes regarding a tax mat…

Colo. Rev. Stat. § 15-1.2-601 Determination and distribution of net income

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(1) This section applies when: (a) The death of an individual results in the creation of an estate or trust; or (b) An income interest in a trust terminates, whether the trust continues or is distributed. (2) A fiduciary of an estate or trust with an income interest that terminat…

Colo. Rev. Stat. § 15-1.2-602 Distribution to successor beneficiary

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(1) Except to the extent part 3 of this article 1.2 applies for a beneficiary that is a trust, each beneficiary described in section 15-1.2-601 (6) is entitled to receive a share of the net income equal to the beneficiary's fractional interest in undistributed principal assets, u…

Colo. Rev. Stat. § 15-1.2-701 When right to income begins and ends

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(1) An income beneficiary is entitled to net income in accordance with the terms of the trust from the date an income interest begins. The income interest begins on the date specified in the terms of the trust or, if no date is specified, on the date an asset becomes subject to: …

Colo. Rev. Stat. § 15-1.2-702 Apportionment of receipts and disbursements when decedent dies or income interest begins

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(1) A fiduciary shall allocate an income receipt or disbursement, other than a receipt to which section 15-1.2-601 (2) applies, to principal if its due date occurs before the date on which: (a) For an estate, the decedent died; or (b) For a trust or successive interest, an income…

Colo. Rev. Stat. § 15-1.2-703 Apportionment when income interest ends - definition

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(1) In this section, "undistributed income" means net income received on or before the date on which an income interest ends. The term does not include an item of income or expense which is due or accrued or net income that has been added or is required to be added to principal u…

Colo. Rev. Stat. § 15-1.2-801 Uniformity of application and construction

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In applying and construing this uniform act, consideration must be given to the need to promote uniformity of the law with respect to its subject matter among states that enact it. Source: L. 2021: Entire article added, (SB 21-171), ch. 143, p. 840, § 1, effective January 1, 2022…

Colo. Rev. Stat. § 15-1.2-802 Relation to electronic signatures in global and national commerce act

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This article 1.2 modifies, limits, or supersedes the federal "Electronic Signatures in Global and National Commerce Act", 15 U.S.C. sec. 7001 et seq., but does not modify, limit, or supersede section 101 (c) of that act, 15 U.S.C. sec. 7001 (c), or authorize electronic delivery o…

Colo. Rev. Stat. § 15-1.2-803 Application to trust or estate

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(1) Except as provided in the terms of the trust and subsection (2) of this section, this article 1.2 shall take effect on January 1, 2022. (2) (a) This article 1.2 shall not apply to a trust established under a will or trust agreement existing and irrevocable on July 1, 2001, if…

Colo. Rev. Stat. § 15-1.2-804 Severability

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If any provision of this article 1.2 or its application to any person or circumstance is held invalid, the invalidity does not affect other provisions or applications of this article 1.2 which can be given effect without the invalid provision or application, and to this end the p…