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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

33 sections·Filtered byTitle 15✕Ch 2.5✕

Colo. Rev. Stat. § 15-2.5-101 Short title
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This article may be cited as the "Colorado Uniform Powers of Appointment Act". Source: L. 2014: Entire article added, (HB 14-1353), ch. 209, p. 772, § 1, effective July 1, 2015.
Colo. Rev. Stat. § 15-2.5-102 Definitions
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In this article: (1) "Appointee" means a person to whom a powerholder makes an appointment of appointive property. (2) "Appointive property" means property or property interest subject to a power of appointment. (3) "Blanket-exercise clause" means a clause in an instrument, which…
Colo. Rev. Stat. § 15-2.5-103 Governing law
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(1) Unless the terms of the instrument creating a power of appointment manifest a contrary intent: (a) The creation, revocation, or amendment of the power is governed by the law of the donor's domicile at the relevant time; and (b) The exercise, release, or disclaimer of the powe…
Colo. Rev. Stat. § 15-2.5-104 Supplementation by common law and principles of equity
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Unless displaced by the particular provisions of this article, the principles of law and equity supplement its provisions. Source: L. 2014: Entire article added, (HB 14-1353), ch. 209, p. 774, § 1, effective July 1, 2015. OFFICIAL COMMENT This act codifies those portions of the l…

Colo. Rev. Stat. § 15-2.5-201 Creation of power of appointment

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(1) A power of appointment is created only if: (a) The instrument creating the power: (I) Is valid under applicable law; and (II) Except as otherwise provided in subsection (2) of this section, transfers the appointive property; and (b) The terms of the instrument creating the po…

Colo. Rev. Stat. § 15-2.5-202 Nontransferability

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A powerholder may not transfer a power of appointment. If a powerholder dies without exercising or releasing a power, the power lapses. Source: L. 2014: Entire article added, (HB 14-1353), ch. 209, p. 775, § 1, effective July 1, 2015. OFFICIAL COMMENT A power of appointment is no…

Colo. Rev. Stat. § 15-2.5-203 Presumption of unlimited authority

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(1) Subject to section 15-2.5-205, and unless the terms of the instrument creating a power of appointment manifest a contrary intent, the power is: (a) Presently exercisable; (b) Exclusionary; and (c) Except as otherwise provided in section 15-2.5-204, general. Source: L. 2014: E…

Colo. Rev. Stat. § 15-2.5-204 Exception to presumption of unlimited authority

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(1) Unless the terms of the instrument creating a power of appointment manifest a contrary intent, the power is nongeneral if: (a) The power is exercisable only at the powerholder's death; and (b) The permissible appointees of the power are a defined and limited class that does n…

Colo. Rev. Stat. § 15-2.5-205 Rules of classification - definitions

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(1) In this section, "adverse party" means a person with a substantial beneficial interest in property, which interest would be affected adversely by a powerholder's exercise or nonexercise of a power of appointment in favor of the powerholder, the powerholder's estate, a credito…

Colo. Rev. Stat. § 15-2.5-206 Power of the donor to revoke or amend

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(1) A donor may revoke or amend a power of appointment only to the extent that: (a) The instrument creating the power is revocable by the donor; or (b) The donor reserves a power of revocation or amendment in the instrument creating the power of appointment. Source: L. 2014: Enti…

Colo. Rev. Stat. § 15-2.5-301 Requisites for exercise of power of appointment

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(1) A power of appointment may be exercised only: (a) If the instrument exercising the power is valid under applicable law; (b) If the terms of the instrument exercising the power: (I) Manifest the powerholder's intent to exercise the power; and (II) Subject to section 15-2.5-304…

Colo. Rev. Stat. § 15-2.5-302 Intent to exercise - determining intent from residuary clause

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(1) In this section: (a) "Residuary clause" does not include a residuary clause containing a blanket-exercise clause or a specific-exercise clause. (b) "Will" includes a codicil and a testamentary instrument that revises another will. (2) A residuary clause in a powerholder's wil…

Colo. Rev. Stat. § 15-2.5-303 Intent to exercise - after-acquired power

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(1) Unless the terms of the instrument exercising a power of appointment manifest a contrary intent: (a) Except as otherwise provided in paragraph (b) of this subsection (1), a blanket-exercise clause extends to a power acquired by the powerholder after executing the instrument c…

Colo. Rev. Stat. § 15-2.5-304 Substantial compliance with donor-imposed formal requirement

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(1) A powerholder's substantial compliance with a formal requirement of appointment imposed by the donor, including a requirement that the instrument exercising the power of appointment make reference or specific reference to the power, is sufficient if: (a) The powerholder knows…

Colo. Rev. Stat. § 15-2.5-305 Permissible appointment

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(1) A powerholder of a general power of appointment that permits appointment to the powerholder or the powerholder's estate may make any appointment, including an appointment in trust or creating a new power of appointment, that the powerholder could make in disposing of the powe…

Colo. Rev. Stat. § 15-2.5-306 Appointment to deceased appointee or permissible appointee's descendant

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(1) An appointment to a deceased appointee is ineffective. (2) Unless the terms of the instrument creating a power of appointment manifest a contrary intent, a powerholder of a nongeneral power may exercise the power in favor of, or create a new power of appointment in, a descend…

Colo. Rev. Stat. § 15-2.5-307 Impermissible appointment

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(1) Except as otherwise provided in section 15-2.5-306, an exercise of a power of appointment in favor of an impermissible appointee is ineffective. (2) An exercise of a power of appointment in favor of a permissible appointee is ineffective to the extent the appointment is a fra…

Colo. Rev. Stat. § 15-2.5-308 Selective allocation doctrine

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If a powerholder exercises a power of appointment in a disposition that also disposes of property the powerholder owns, the owned property and the appointive property must be allocated in the permissible manner that best carries out the powerholder's intent. Source: L. 2014: Enti…

Colo. Rev. Stat. § 15-2.5-309 Capture doctrine - disposition of ineffectively appointed property under general power

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(1) To the extent a powerholder of a general power of appointment, other than a power to withdraw property from, revoke, or amend a trust, makes an ineffective appointment: (a) The gift-in-default clause controls the disposition of the ineffectively appointed property; or (b) If …

Colo. Rev. Stat. § 15-2.5-310 Disposition of unappointed property under released or unexercised general power

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(1) To the extent a powerholder releases or fails to exercise a general power of appointment other than a power to withdraw property from, revoke, or amend a trust: (a) The gift-in-default clause controls the disposition of the unappointed property; or (b) If there is no gift-in-…

Colo. Rev. Stat. § 15-2.5-311 Disposition of unappointed property under released or unexercised nongeneral power

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(1) To the extent a powerholder releases, ineffectively exercises, or fails to exercise a nongeneral power of appointment: (a) The gift-in-default clause controls the disposition of the unappointed property; or (b) If there is no gift-in-default clause, or to the extent the claus…

Colo. Rev. Stat. § 15-2.5-312 Disposition of unappointed property if partial appointment to taker in default

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Unless the terms of the instrument creating or exercising a power of appointment manifest a contrary intent, if the powerholder makes a valid partial appointment to a taker in default of appointment, the taker in default of appointment may share fully in unappointed property. Sou…

Colo. Rev. Stat. § 15-2.5-313 Appointment to taker in default

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If a powerholder makes an appointment to a taker in default of appointment and the appointee would have taken the property under a gift-in-default clause had the property not been appointed, the power of appointment is deemed not to have been exercised and the appointee takes the…

Colo. Rev. Stat. § 15-2.5-314 Powerholder's authority to revoke or amend exercise

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(1) A powerholder may revoke or amend an exercise of a power of appointment only to the extent that: (a) The powerholder reserves a power of revocation or amendment in the instrument exercising the power of appointment and, if the power is nongeneral, the terms of the instrument …

Colo. Rev. Stat. § 15-2.5-401 Disclaimer

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(1) Subject to the "Uniform Disclaimer of Property Interests Act", part 12 of article 11 of this title: (a) A powerholder may disclaim all or part of a power of appointment; and (b) A permissible appointee, appointee, or taker in default of appointment may disclaim all or part of…

Colo. Rev. Stat. § 15-2.5-402 Authority to release

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A powerholder may release a power of appointment, in whole or in part, except to the extent the terms of the instrument creating the power prevent the release. Source: L. 2014: Entire article added, (HB 14-1353), ch. 209, p. 780, § 1, effective July 1, 2015. OFFICIAL COMMENT Whet…

Colo. Rev. Stat. § 15-2.5-403 Method of release

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(1) A powerholder of a releasable power of appointment may release the power in whole or in part: (a) By substantial compliance with a method provided in the terms of the instrument creating the power; or (b) If the terms of the instrument creating the power do not provide a meth…

Colo. Rev. Stat. § 15-2.5-404 Revocation or amendment of release

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(1) A powerholder may revoke or amend a release of a power of appointment only to the extent that: (a) The instrument of release is revocable by the powerholder; or (b) The powerholder reserves a power of revocation or amendment in the instrument of release. Source: L. 2014: Enti…

Colo. Rev. Stat. § 15-2.5-405 Power to contract - presently exercisable power of appointment

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(1) A powerholder of a presently exercisable power of appointment may contract: (a) Not to exercise the power if the contract, when made, does not confer a benefit on a person other than a taker in default or a permissible appointee; or (b) To exercise the power if the contract, …

Colo. Rev. Stat. § 15-2.5-406 Power to contract - power of appointment not presently exercisable

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(1) A powerholder of a power of appointment that is not presently exercisable may contract to exercise or not to exercise the power only if the powerholder: (a) Is also the donor of the power; and (b) Has reserved the power in the instrument creating the power. Source: L. 2014: E…

Colo. Rev. Stat. § 15-2.5-601 Uniformity of application and construction

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In applying and construing this article, 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. 2014: Entire article added, (HB 14-1353), ch. 209, p. 781, § 1, effective July 1, 2015.

Colo. Rev. Stat. § 15-2.5-602 Relation to electronic signatures in global and national commerce act

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

Colo. Rev. Stat. § 15-2.5-603 Application to existing relationships

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(1) Except as otherwise provided in this article, on July 1, 2015, or on the effective date of any amendment to this article: (a) This article or any amendment to this article applies to a power of appointment created before, on, or after July 1, 2015, or any amendment to this ar…