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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

48 sections·Filtered byTitle 15✕Ch 16✕

Colo. Rev. Stat. § 15-16-801 Short title
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This short title of this part 8 is the "Colorado Uniform Directed Trust Act". Source: L. 2019: Entire part R&RE, (SB 19-105), ch. 51, p. 166, § 1, effective August 2.
Colo. Rev. Stat. § 15-16-802 Definitions
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As used in this part 8, unless the context otherwise requires: (1) "Breach of trust" includes a violation by a trust director or trustee of a duty imposed on that director or trustee by the terms of the trust, this part 8, or law of this state other than this part 8 pertaining to…
Colo. Rev. Stat. § 15-16-803 Application - principal place of administration
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(1) This part 8 applies to a trust, whenever created, that has its principal place of administration in this state, subject to the following rules: (a) If the trust was created before August 2, 2019, this part 8, as amended in 2019, applies only to a decision or action occurring …
Colo. Rev. Stat. § 15-16-804 Common law and principles of equity
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The common law and principles of equity supplement this part 8, except to the extent modified by this part 8 or law of this state other than this part 8. Source: L. 2019: Entire part R&RE, (SB 19-105), ch. 51, p. 168, § 1, effective August 2.

Colo. Rev. Stat. § 15-16-805 Exclusions - definition

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(1) In this section, "power of appointment" means a power that enables a person acting in a nonfiduciary capacity to designate a recipient of an ownership interest in or another power of appointment over trust property. (2) This act does not apply to a: (a) Power of appointment; …

Colo. Rev. Stat. § 15-16-806 Powers of trust director

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(1) Subject to section 15-16-807, the terms of a trust may grant a power of direction to a trust director. (2) Unless the terms of a trust provide otherwise: (a) A trust director may exercise any further power appropriate to the exercise or nonexercise of a power of direction gra…

Colo. Rev. Stat. § 15-16-807 Limitations on powers of trust director

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(1) A trust director is subject to the same rules as a trustee in a like position and under similar circumstances in the exercise or nonexercise of a power of direction regarding: (a) A payback provision in the terms of the trust necessary for compliance with the reimbursement re…

Colo. Rev. Stat. § 15-16-808 Duty and liability of trust director

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(1) Subject to subsection (2) of this section, with respect to a power of direction or a further power under section 15-16-806 (2)(a): (a) A trust director has the same fiduciary duty and liability in the exercise or nonexercise of the power: (I) If the power is held individually…

Colo. Rev. Stat. § 15-16-809 Duty and liability of directed trustee

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(1) Subject to subsection (2) of this section, a directed trustee shall take reasonable action to comply with a trust director's exercise or nonexercise of a power of direction or further power under section 15-16-806 (2)(a), and the trustee is not liable for the action. (2) A di…

Colo. Rev. Stat. § 15-16-810 Duty to provide information to trust director or trustee

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(1) Subject to section 15-16-811, a trustee shall provide information to a trust director to the extent the information is reasonably related both to: (a) The powers or duties of the trustee; and (b) The powers or duties of the director. (2) Subject to section 15-16-811, a trust …

Colo. Rev. Stat. § 15-16-811 No duty to monitor, inform, or advise

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(1) Unless the terms of a trust provide otherwise: (a) A trustee does not have a duty to: (I) Monitor a trust director; or (II) Inform or give advice to a settlor, beneficiary, trustee, or trust director concerning an instance in which the trustee might have acted differently tha…

Colo. Rev. Stat. § 15-16-812 Application to cotrustee

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The terms of a trust may relieve a cotrustee from duty and liability with respect to another cotrustee's exercise or nonexercise of a power of the other cotrustee to the same extent that in a directed trust a directed trustee is relieved from duty and liability with respect to a …

Colo. Rev. Stat. § 15-16-813 Limitations of action against trust director

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(1) An action against a trust director for breach of trust must be commenced within the same limitations period as an action against a trustee for a similar breach of trust as prescribed by section 15-5-1005. (2) A report or accounting has the same effect on the limitations perio…

Colo. Rev. Stat. § 15-16-814 Defenses in action against trust director

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In an action against a trust director for breach of trust, the director may assert the same defenses a trustee in a like position and under similar circumstances could assert in an action for breach of trust against the trustee. Source: L. 2019: Entire part R&RE, (SB 19-105), ch.…

Colo. Rev. Stat. § 15-16-815 Jurisdiction over trust director

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(1) By accepting appointment as a trust director of a trust subject to this part 8, the director submits to personal jurisdiction of the courts of this state regarding any matter related to a power or duty of the director. (2) This section does not preclude other methods of obtai…

Colo. Rev. Stat. § 15-16-816 Office of trust director

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(1) Unless the terms of a trust provide otherwise, the rules applicable to a trustee apply to a trust director regarding the following matters: (a) Acceptance under section 15-5-701; (b) Giving of bond to secure performance under section 15-5-702; (c) Reasonable compensation unde…

Colo. Rev. Stat. § 15-16-817 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. 2019: Entire part R&RE, (SB 19-105), ch. 51, p. 173, § 1, effective August 2.

Colo. Rev. Stat. § 15-16-818 Relation to electronic signatures in global and national commerce act

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This part 8 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 of any…

Colo. Rev. Stat. § 15-16-901 Short title

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The short title of this part 9 is the "Colorado Uniform Trust Decanting Act". Source: L. 2016: Entire part added, (SB 16-085), ch. 228, p. 869, § 1, effective August 10.

Colo. Rev. Stat. § 15-16-902 Definitions

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As used in this part 9, unless the context otherwise requires: (1) "Appointive property" means the property or property interest subject to a power of appointment. (2) "Ascertainable standard" means a standard relating to an individual's health, education, support, or maintenance…

Colo. Rev. Stat. § 15-16-903 Scope - definitions

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(1) Except as otherwise provided in subsections (2) and (3) of this section, this part 9 applies to an express trust that is: (a) Irrevocable; or (b) Revocable by the settlor only with the consent of the trustee or a person holding an adverse interest. (2) This part 9 does not ap…

Colo. Rev. Stat. § 15-16-904 Fiduciary duty

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(1) In exercising the decanting power, an authorized fiduciary shall act in accordance with its fiduciary duties, including the duty to act in accordance with the purposes of the first trust. (2) This part 9 does not create or imply a duty to exercise the decanting power or to in…

Colo. Rev. Stat. § 15-16-905 Application - governing law

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(1) This part 9 applies to a trust created before, on, or after August 10, 2016, which: (a) Has its principal place of administration in this state, including a trust whose principal place of administration has been changed to this state; or (b) Provides by its trust instrument t…

Colo. Rev. Stat. § 15-16-906 Reasonable reliance

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A trustee or other person that reasonably relies on the validity of a distribution of part or all of the property of a trust to another trust, or a modification of a trust, under this part 9, law of this state other than this part 9, or the law of another jurisdiction is not liab…

Colo. Rev. Stat. § 15-16-907 Notice - exercise of decanting power

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(1) In this section, a notice period begins on the day notice is given under subsection (3) of this section and ends sixty-two days after the day notice is given. (2) Except as otherwise provided in this part 9, an authorized fiduciary may exercise the decanting power without the…

Colo. Rev. Stat. § 15-16-908 Representation

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(1) Notice to a person with authority to represent and bind another person under a first-trust instrument or this part 9 has the same effect as notice given directly to the person represented. (2) Consent of or waiver by a person with authority to represent and bind another perso…

Colo. Rev. Stat. § 15-16-909 Court involvement

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(1) On application of an authorized fiduciary, a person entitled to notice under section 15-16-907 (3), a beneficiary, or with respect to a charitable interest the attorney general or other person that has standing to enforce the charitable interest, the court may: (a) Provide in…

Colo. Rev. Stat. § 15-16-910 Formalities

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An exercise of the decanting power must be made in a record signed by an authorized fiduciary. The signed record must, directly or by reference to the notice required by section 15-16-907, identify the first trust and the second trust or trusts and state the property of the first…

Colo. Rev. Stat. § 15-16-911 Decanting power under expanded distributive discretion - definitions

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(1) As used in this section, unless the context otherwise requires: (a) "Noncontingent right" means a right that is not subject to the exercise of discretion or the occurrence of a specified event that is not certain to occur. The term does not include a right held by a beneficia…

Colo. Rev. Stat. § 15-16-912 Decanting power under limited distributive discretion - definitions

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(1) As used in this section, unless the context otherwise requires, "limited distributive discretion" means a discretionary power of distribution that is limited to an ascertainable standard or a reasonably definite standard. (2) An authorized fiduciary that has limited distribut…

Colo. Rev. Stat. § 15-16-913 Trust for beneficiary with disability - definitions

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(1) As used in this section, unless the context otherwise requires: (a) "Beneficiary with a disability" means a beneficiary of a first trust who the special-needs fiduciary believes may qualify for governmental benefits based on disability, whether or not the beneficiary currentl…

Colo. Rev. Stat. § 15-16-914 Protection of charitable interest - definitions

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(1) As used in this section, unless the context otherwise requires: (a) "Determinable charitable interest" means a charitable interest that is a right to a mandatory distribution currently, periodically, on the occurrence of a specified event, or after the passage of a specified …

Colo. Rev. Stat. § 15-16-915 Trust limitation on decanting

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(1) An authorized fiduciary may not exercise the decanting power to the extent the first-trust instrument expressly prohibits exercise of: (a) The decanting power; or (b) A power granted by state law to the fiduciary to distribute part or all of the principal of the trust to anot…

Colo. Rev. Stat. § 15-16-916 Change in compensation

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(1) If a first-trust instrument specifies an authorized fiduciary's compensation, the fiduciary may not exercise the decanting power to increase the fiduciary's compensation above the specified compensation unless: (a) All qualified beneficiaries of the second trust consent to th…

Colo. Rev. Stat. § 15-16-917 Relief from liability and indemnification

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(1) Except as otherwise provided in this section, a second-trust instrument may not relieve an authorized fiduciary from liability for breach of trust to a greater extent than the first-trust instrument. (2) A second-trust instrument may provide for indemnification of an authoriz…

Colo. Rev. Stat. § 15-16-918 Removal or replacement of authorized fiduciary

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(1) An authorized fiduciary may not exercise the decanting power to modify a provision in a first-trust instrument granting another person power to remove or replace the fiduciary unless: (a) The person holding the power consents to the modification in a signed record and the mod…

Colo. Rev. Stat. § 15-16-919 Tax-related limitations - definitions

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(1) As used in this section, unless the context otherwise requires: (a) "Grantor trust" means a trust as to which a settlor of a first trust is considered the owner under 26 U.S.C. secs. 671-677, as amended, or 26 U.S.C. sec. 679, as amended. (b) "Internal revenue code" means the…

Colo. Rev. Stat. § 15-16-920 Duration of second trust

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(1) Subject to subsection (2) of this section, a second trust may have a duration that is the same as or different from the duration of the first trust. (2) To the extent that property of a second trust is attributable to property of the first trust, the property of the second tr…

Colo. Rev. Stat. § 15-16-921 Need to distribute not required

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An authorized fiduciary may exercise the decanting power regardless of whether under the first trust's discretionary distribution standard the fiduciary would have made or could have been compelled to make a discretionary distribution of principal at the time of the exercise. Sou…

Colo. Rev. Stat. § 15-16-922 Saving provision

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(1) If exercise of the decanting power would be effective under this part 9 except that the second-trust instrument in part does not comply with this part 9, the exercise of the power is effective and the following rules apply with respect to the principal of the second trust att…

Colo. Rev. Stat. § 15-16-923 Trust for care of animal - definitions

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(1) As used in this section, unless the context otherwise requires: (a) "Animal trust" means a trust or an interest in a trust created to provide for the care of one or more animals. (b) "Protector" means a person listed under section 15-11-901 (3)(d) with authority to enforce th…

Colo. Rev. Stat. § 15-16-924 Terms of second trust

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A reference in this title 15 to a trust instrument or terms of the trust includes a second-trust instrument and the terms of the second trust. Source: L. 2016: Entire part added, (SB 16-085), ch. 228, p. 889, § 1, effective August 10.

Colo. Rev. Stat. § 15-16-925 Settlor

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(1) For purposes of law of this state other than this part 9, and subject to subsection (2) of this section, a settlor of a first trust is deemed to be the settlor of the second trust with respect to the portion of the principal of the first trust subject to the exercise of the d…

Colo. Rev. Stat. § 15-16-926 Later-discovered property

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(1) Except as otherwise provided in subsection (3) of this section, if exercise of the decanting power was intended to distribute all the principal of the first trust to one or more second trusts, later-discovered property belonging to the first trust and property paid to or acqu…

Colo. Rev. Stat. § 15-16-927 Obligations

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A debt, liability, or other obligation enforceable against property of a first trust is enforceable to the same extent against the property when held by the second trust after exercise of the decanting power. Source: L. 2016: Entire part added, (SB 16-085), ch. 228, p. 889, § 1, …

Colo. Rev. Stat. § 15-16-928 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. 2016: Entire part added, (SB 16-085), ch. 228, p. 890, § 1, effective August 10.

Colo. Rev. Stat. § 15-16-929 Relation to electronic signatures in global and national commerce act

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This part 9 modifies, limits, or supersedes the "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 of any of the …

Colo. Rev. Stat. § 15-16-930 Severability

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If any provision of this part 9 or its application to any person or circumstance is held invalid, the invalidity does not affect other provisions or applications of this part 9 which can be given effect without the invalid provision or application, and to this end the provisions …