Title 15, Probate, Trusts, and Fiduciaries
0 chapters · 926 sections in this title.
Colo. Rev. Stat. § 15-5-403 Trusts created in other jurisdictions
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(1) A trust not created by a will is validly created if its creation complies with the law of the jurisdiction in which the trust instrument was executed, or the law of the jurisdiction in which, at the time of creation: (a) The settlor was domiciled, had a place of abode, or was…
Colo. Rev. Stat. § 15-5-404 Trust purposes
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A trust may be created only to the extent its purposes are lawful, not contrary to public policy, and possible to achieve. A trust and its terms must be for the benefit of its beneficiaries. Source: L. 2018: Entire article added, (SB 18-180), ch. 169, p. 1161, � 1, effective Janu…
Colo. Rev. Stat. § 15-5-405 Charitable purposes - enforcement
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(1) A charitable trust may be created for the relief of poverty; the advancement of education or religion; the promotion of health, governmental, or municipal purposes; or other purposes the achievement of which is beneficial to the community. (2) If the terms of a charitable tru…
Colo. Rev. Stat. § 15-5-406 Creation of trust induced by fraud, duress, or undue influence
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A trust is void to the extent its creation was induced by fraud, duress, or undue influence. Source: L. 2018: Entire article added, (SB 18-180), ch. 169, p. 1161, � 1, effective January 1, 2019.
Colo. Rev. Stat. § 15-5-407 Evidence of oral trust
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Except as required by a statute other than this article 5, a trust need not be evidenced by a trust instrument, but the creation of an oral trust and its terms may be established only by clear and convincing evidence. Source: L. 2018: Entire article added, (SB 18-180), ch. 169, p…
Colo. Rev. Stat. § 15-5-408 Trust for care of an animal
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Subject to this section and section 15-5-409.5, a trust for the care of designated domestic or pet animals and the animals' offspring in gestation is valid. For purposes of this section, the determination of the animals' offspring in gestation is made at the time the designated d…
Colo. Rev. Stat. § 15-5-409 Noncharitable trust without ascertainable beneficiary
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Subject to section 15-5-409.5 and except as provided pursuant to sections 38-30-110 to 38-30-112, if a trust is for a specific, lawful, noncharitable purpose or for lawful, noncharitable purposes to be selected by the trustee, and there is no definite or definitely ascertainable …
Colo. Rev. Stat. § 15-5-410 Modification or termination of trust - proceedings for approval or disapproval
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(1) In addition to the methods of termination prescribed by sections 15-5-411 to 15-5-414, a trust terminates to the extent that: (a) The trust is revoked or expires pursuant to its terms; (b) No purpose of the trust remains to be achieved; or (c) The purposes of the trust have b…
Colo. Rev. Stat. § 15-5-411 Modification or termination of noncharitable irrevocable trust by consent
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(1) If, upon petition, the court finds that the settlor and all beneficiaries consent to the modification or termination of a noncharitable irrevocable trust, the court shall approve the modification or termination even if the modification or termination is inconsistent with a ma…
Colo. Rev. Stat. § 15-5-412 Modification or termination because of unanticipated circumstances or inability to administer trust effectively
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(1) The court may modify the administrative or dispositive terms of a trust or terminate the trust if, because of circumstances not anticipated by the settlor, modification or termination will further the purposes of the trust. To the extent practicable, the modification must be …
Colo. Rev. Stat. § 15-5-413 Cy pres
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(1) Except as otherwise provided in subsection (2) of this section, if a particular charitable purpose becomes unlawful, impracticable, impossible to achieve, or wasteful: (a) The trust does not fail, in whole or in part; (b) The trust property does not revert to the settlor or t…
Colo. Rev. Stat. § 15-5-414 Modification or termination of uneconomic trust
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(1) After notice to the qualified beneficiaries, the trustee of a trust property having a total value less than one hundred thousand dollars may terminate the trust if the trustee concludes that the value of the trust property is insufficient to justify the cost of administration…
Colo. Rev. Stat. § 15-5-415 Reformation to correct mistakes
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The court may reform the terms of a trust, even if unambiguous, to conform the terms to the settlor's intention if it is proved by clear and convincing evidence that the settlor's intent and the terms of the trust were affected by a mistake of fact or law, whether in expression o…
Colo. Rev. Stat. § 15-5-416 Modification to achieve settlor's tax objectives
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To achieve the settlor's tax objectives, the court may modify the terms of a trust in a manner that is not contrary to the settlor's probable intention. The court may provide that the modification has retroactive effect. Source: L. 2018: Entire article added, (SB 18-180), ch. 169…
Colo. Rev. Stat. § 15-5-417 Combination and division of trusts
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After notice to the qualified beneficiaries and trust directors, a trustee may combine two or more trusts into a single trust or divide a trust into two or more separate trusts, if the result does not impair the rights of any beneficiary or adversely affect achievement of the pur…
Colo. Rev. Stat. § 15-5-501 Rights of beneficiary's creditor or assignee
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Except as provided in section 15-5-504, to the extent a beneficiary's interest is not subject to a spendthrift provision, the court may authorize a creditor or assignee of the beneficiary to attach present or future distributions to or for the benefit of the beneficiary. The cour…
Colo. Rev. Stat. § 15-5-502 Spendthrift provision
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(1) A spendthrift provision is valid only if it restrains both voluntary and involuntary transfer of a beneficiary's interest. (2) A term of a trust providing that the interest of a beneficiary is held subject to a spendthrift trust, or words of similar import, is sufficient to r…
Colo. Rev. Stat. § 15-5-503 Exceptions to spendthrift provision - definitions
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(1) In this section: (a) Child includes any person or entity who can enforce a child support order in this or another state. (b) Child support order means any administrative or court order requiring the payment of child support, child support arrears, child support debt, retroact…
Colo. Rev. Stat. § 15-5-504 Discretionary trusts - effect of standard - definitions
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(1) In this section: (a) Child includes any person or entity who can enforce a child support order in this or another state. (b) Child support order means any administrative or court order requiring the payment of child support, child support arrears, child support debt, retroact…
Colo. Rev. Stat. § 15-5-505 Creditor's claim against a settlor
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(1) Whether or not the terms of a trust contain a spendthrift provision, the following rules apply: (a) During the lifetime of the settlor, the property of a revocable trust is subject to claims of the settlor's creditors. (b) With respect to an irrevocable trust, a creditor or a…
Colo. Rev. Stat. § 15-5-506 Overdue distribution - definition
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(1) In this section, mandatory distribution means a distribution of income or principal which the trustee is required to make to a beneficiary under the terms of the trust, including a distribution upon termination of the trust. The term does not include a distribution subject to…
Colo. Rev. Stat. § 15-5-507 Personal obligations of trustee
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Trust property is not subject to personal obligations of the trustee, even if the trustee becomes insolvent or bankrupt. Source: L. 2021: Entire part added, (SB 21-162), ch. 170, p. 943, � 1, effective September 7.
Colo. Rev. Stat. § 15-5-508 Application of part
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(1) This part 5 applies to all trusts created before, on, or after July 1, 2022. (2) This part 5 applies to all judicial proceedings concerning trusts commenced on or after July 1, 2022. (3) This part 5 applies to judicial proceedings concerning trusts commenced before July 1, 20…
Colo. Rev. Stat. § 15-5-601 (Reserved)
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C.R.S. 15-5-601Statutes current through Chapter 65 of the 2026 Regular Session, effective as of April 20, 2026. The text of this section is not final. It will not be final until compared to, and updated from, the text provided by the Colorado Office of Legislative Legal Services …
Colo. Rev. Stat. § 15-5-602 Revocation or amendment of revocable trust
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(1) Unless the terms of a trust expressly provide that the trust is irrevocable, the settlor may revoke or amend the trust. This subsection (1) does not apply to a trust created under an instrument executed before August 7, 2013. (2) Unless the terms of a trust expressly provide …
Colo. Rev. Stat. § 15-5-603 Settlor's powers
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(1) To the extent a trust is revocable by a settlor, a trustee may follow a direction of the settlor that is contrary to the terms of the trust. To the extent a trust is revocable by a settlor in conjunction with a person other than a trustee or person holding an adverse interest…
Colo. Rev. Stat. § 15-5-604 Limitation on action contesting validity of revocable trust
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(1) (a) A person must commence a judicial proceeding to contest the validity of a trust that was revocable at the settlor's death within the earlier of: (I) Three years after the settlor's death; or (II) One hundred twenty days after the trustee sent the person a copy of the trus…
Colo. Rev. Stat. § 15-5-701 Accepting or declining trusteeship
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(1) Except as otherwise provided in subsection (3) of this section, a person designated as trustee accepts the trusteeship: (a) By substantially complying with a method of acceptance provided in the terms of the trust; or (b) If the terms of the trust do not provide a method or t…
Colo. Rev. Stat. § 15-5-702 Trustee's bond
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(1) A trustee shall give bond to secure performance of the trustee's duties only if the court finds that a bond is needed to protect the interests of the beneficiaries or is required by the terms of the trust and the court has not dispensed with the requirement. (2) The court may…
Colo. Rev. Stat. § 15-5-703 Cotrustees
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(1) Cotrustees who are unable to reach a unanimous decision may act by majority decision. (2) If a vacancy occurs in a cotrusteeship, the remaining cotrustees may act for the trust. (3) Subject to section 15-16-812, a cotrustee shall participate in the performance of a trustee's …
Colo. Rev. Stat. § 15-5-704 Vacancy in trusteeship - appointment of successor
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(1) A vacancy in a trusteeship occurs if: (a) A person designated as trustee rejects the trusteeship; (b) A person designated as trustee cannot be identified or does not exist; (c) A trustee resigns; (d) A trustee is disqualified or removed; (e) A trustee dies; or (f) A guardian …
Colo. Rev. Stat. § 15-5-705 Resignation of trustee
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(1) A trustee may resign: (a) Upon at least thirty days' notice to the qualified beneficiaries; the settlor, if living; and all cotrustees; or (b) With the approval of the court. (2) In approving a resignation pursuant to this section, the court may issue orders and impose condit…
Colo. Rev. Stat. § 15-5-706 Removal of trustee
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(1) The settlor, a cotrustee, or a beneficiary may request the court to remove a trustee, or a trustee may be removed by the court on its own initiative. (2) The court may remove a trustee if: (a) The trustee has committed a serious breach of trust; (b) Lack of cooperation among …
Colo. Rev. Stat. § 15-5-707 Delivery of property by former trustee
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(1) Unless a cotrustee remains in office or the court otherwise orders, and until the trust property is delivered to a successor trustee or other person entitled to it, a trustee who has resigned or been removed has the duties of a trustee and the powers necessary to protect the …
Colo. Rev. Stat. § 15-5-708 Compensation of trustee
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(1) If the terms of the trust do not specify the trustee's compensation, a trustee's compensation is determined in accordance with part 6 of article 10 of this title 15. (2) If the terms of a trust specify the trustee's compensation, the trustee is entitled to be compensated as s…
Colo. Rev. Stat. § 15-5-709 Reimbursement of expenses
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(1) A trustee is entitled to be reimbursed out of the trust property, with interest as appropriate, for: (a) Expenses that were properly incurred in the administration of the trust; and (b) To the extent necessary to prevent unjust enrichment of the trust, expenses that were not …
Colo. Rev. Stat. § 15-5-801 Duty to administer trust
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Upon acceptance of a trusteeship, the trustee shall administer the trust in good faith, in accordance with its terms and purposes and the interests of the beneficiaries, and in accordance with this article 5. Source: L. 2018: Entire article added, (SB 18-180), ch. 169, p. 1172, �…
Colo. Rev. Stat. § 15-5-802 Duty of loyalty
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(1) A trustee shall administer the trust solely in the interests of the beneficiaries. (2) Subject to the rights of persons dealing with or assisting the trustee as provided in section 15-5-1012, a sale, encumbrance, or other transaction involving the investment or management of …
Colo. Rev. Stat. § 15-5-803 Impartiality
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If a trust has two or more beneficiaries, the trustee shall act impartially in investing, managing, and distributing the trust property, taking into account any differing interests of the beneficiaries. Source: L. 2018: Entire article added, (SB 18-180), ch. 169, p. 1174, � 1, ef…
Colo. Rev. Stat. § 15-5-804 Prudent administration
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A trustee shall administer the trust as a prudent person would, by considering the purposes, terms, distribution requirements, and other circumstances of the trust. In satisfying this standard, the trustee shall exercise reasonable care, skill, and caution. Source: L. 2018: Entir…
Colo. Rev. Stat. § 15-5-805 Costs of administration
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In administering a trust, the trustee may incur only costs that are appropriate and reasonable in relation to the trust property, the purposes of the trust, and the skills of the trustee. Source: L. 2018: Entire article added, (SB 18-180), ch. 169, p. 1174, � 1, effective January…
Colo. Rev. Stat. § 15-5-806 Trustee's skills
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A trustee who has special skills or expertise, or is named trustee in reliance upon the trustee's representation that the trustee has special skills or expertise, has a duty to use those special skills or expertise. Source: L. 2018: Entire article added, (SB 18-180), ch. 169, p. …
Colo. Rev. Stat. § 15-5-807 Delegation by trustee
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(1) A trustee may delegate duties and powers that a prudent trustee of comparable skills could properly delegate under the circumstances. The trustee shall exercise reasonable care, skill, and caution in: (a) Selecting an agent; (b) Establishing the scope and terms of the delegat…
Colo. Rev. Stat. § 15-5-808 Powers to direct. (Reserved)
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C.R.S. 15-5-808Statutes current through Chapter 65 of the 2026 Regular Session, effective as of April 20, 2026. The text of this section is not final. It will not be final until compared to, and updated from, the text provided by the Colorado Office of Legislative Legal Services …
Colo. Rev. Stat. § 15-5-809 Control and protection of trust property
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A trustee shall take reasonable steps to take control of and protect the trust property. Source: L. 2018: Entire article added, (SB 18-180), ch. 169, p. 1175, � 1, effective January 1, 2019.
Colo. Rev. Stat. § 15-5-810 Record keeping and identification of trust property
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(1) A trustee shall keep adequate records of the administration of the trust. (2) A trustee shall keep trust property separate from the trustee's own property. (3) (a) Except as otherwise provided in subsection (4) of this section, a trustee shall cause the trust property to be d…
Colo. Rev. Stat. § 15-5-811 Enforcement and defense of claims
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A trustee shall take reasonable steps to enforce claims of the trust and to defend claims against the trust of which the trustee has knowledge. Source: L. 2018: Entire article added, (SB 18-180), ch. 169, p. 1175, � 1, effective January 1, 2019.
Colo. Rev. Stat. § 15-5-812 Collecting trust property
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A trustee shall take reasonable steps to compel a former trustee or other person to deliver trust property to the trustee and to redress a breach of trust known to the trustee to have been committed by a former trustee. Source: L. 2018: Entire article added, (SB 18-180), ch. 169,…
Colo. Rev. Stat. § 15-5-813 Duty to inform and report
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(1) A trustee shall keep the qualified beneficiaries of the trust reasonably informed about the administration of the trust and of the material facts necessary for them to protect their interests. Unless unreasonable under the circumstances, a trustee shall promptly respond to a …
Colo. Rev. Stat. § 15-5-814 Discretionary powers - tax savings
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(1) (a) Notwithstanding the breadth of discretion granted to a trustee in the terms of the trust, including the use of such terms as absolute, sole, or uncontrolled, the trustee shall exercise a discretionary power in good faith. The parameters for that exercise are established b…