Title 15, Probate, Trusts, and Fiduciaries
0 chapters · 926 sections in this title.
Colo. Rev. Stat. § 15-5-1001 Remedies for breach of trust
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(1) A violation by a trustee of a duty the trustee owes to a beneficiary is a breach of trust. (2) To remedy a breach of trust that has occurred or may occur, the court may: (a) Compel the trustee to perform the trustee's duties; (b) Enjoin the trustee from committing a breach of…
Colo. Rev. Stat. § 15-5-1002 Damages for breach of trust
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(1) In addition to other remedies provided by this article 5, a trustee who commits a breach of trust is liable to the beneficiaries affected for the greater of: (a) The amount required to restore the value of the trust property and trust distributions to what they would have bee…
Colo. Rev. Stat. § 15-5-1003 Damages in absence of breach
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(1) A trustee is accountable to an affected beneficiary for any profit made by the trustee arising from the administration of the trust, even absent a breach of trust. (2) Absent a breach of trust, a trustee is not liable to a beneficiary for a loss or depreciation in the value o…
Colo. Rev. Stat. § 15-5-1004 Compensation and costs
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Except as otherwise provided in this article 5, the provisions of part 6 of article 10 of this title 15 govern the entitlement to and payment of compensation and costs to trustees, their attorneys, and third parties involved with trusts. Source: L. 2018: Entire article added, (SB…
Colo. Rev. Stat. § 15-5-1005 Limitation of actions against trustee
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(1) A beneficiary may not commence a proceeding against a trustee for breach of trust more than one year after the date that the beneficiary or a person who may represent and bind the beneficiary, as provided in part 3 of this article 5, was sent a report that adequately disclose…
Colo. Rev. Stat. § 15-5-1006 Reliance on trust instrument
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A trustee who acts in reasonable reliance on the terms of the trust is not liable to a beneficiary for a breach of trust to the extent the breach resulted from the reliance. Source: L. 2018: Entire article added, (SB 18-180), ch. 169, p. 1185, � 1, effective January 1, 2019.
Colo. Rev. Stat. § 15-5-1007 Event affecting administration or distribution
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If the happening of an event, including marriage, divorce, performance of educational requirements, or death, affects the administration or distribution of a trust, a trustee who has exercised reasonable care to ascertain the happening of the event is not liable for a loss result…
Colo. Rev. Stat. § 15-5-1008 Exculpation of trustee
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(1) A term of a trust relieving a trustee of liability for breach of trust is unenforceable to the extent that it: (a) Relieves the trustee of liability for breach of trust committed in bad faith or with reckless indifference to the purposes of the trust or the interests of the b…
Colo. Rev. Stat. § 15-5-1009 Beneficiary's consent, release, or ratification
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(1) A trustee is not liable to a beneficiary for breach of trust if the beneficiary consented to the conduct constituting the breach, released the trustee from liability for the breach, or ratified the transaction constituting the breach, unless: (a) The consent, release, or rati…
Colo. Rev. Stat. § 15-5-101 Short title
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This article 5 is known and may be cited as the Colorado Uniform Trust Code and is referred to in this article 5 as this code or code. Source: L. 2018: Entire article added, (SB 18-180), ch. 169, p. 1144, � 1, effective January 1, 2019.
Colo. Rev. Stat. § 15-5-1010 Limitation on personal liability of trustee
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(1) Except as otherwise provided in the contract, a trustee is not personally liable on a contract properly entered into in the trustee's fiduciary capacity in the course of administering the trust if the trustee in the contract disclosed the fiduciary capacity. (2) A trustee is …
Colo. Rev. Stat. § 15-5-1011 Interest as a general partner
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(1) Except as provided in subsection (3) of this section, or unless personal liability is imposed in the contract, a trustee who holds an interest as a general partner in a general or limited partnership is not personally liable on a contract entered into by the partnership after…
Colo. Rev. Stat. § 15-5-1012 Protection of person dealing with trustee
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(1) A person other than a beneficiary who in good faith assists a trustee, or who in good faith and for value deals with a trustee, without knowledge that the trustee is exceeding or improperly exercising the trustee's powers, is protected from liability as if the trustee were pr…
Colo. Rev. Stat. § 15-5-1013 Certification of trust
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(1) Instead of furnishing a copy of the trust instrument to a person other than a beneficiary, the trustee may furnish to the person a certification of trust containing the following information: (a) That the trust exists and the date the trust instrument was executed; (b) The id…
Colo. Rev. Stat. § 15-5-102 Scope
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This code applies to express trusts, charitable or noncharitable, and trusts created pursuant to a statute, judgment, or decree that requires the trust to be administered in the manner of an express trust. This code does not apply to a business trust, a security arrangement, a tr…
Colo. Rev. Stat. § 15-5-103 Definitions
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As used in this article 5, unless the context otherwise requires: (1) Action, with respect to an act of a trustee, includes a failure to act. (2) Alternative dispute resolution means a method of nonjudicial dispute resolution as set forth in the trust instrument, which may includ…
Colo. Rev. Stat. § 15-5-104 Knowledge
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(1) Subject to subsection (2) of this section, a person has knowledge of a fact if the person: (a) Has actual knowledge of it; (b) Has received a notice or notification of it; or (c) From all the facts and circumstances known to the person at the time in question, and acting in a…
Colo. Rev. Stat. § 15-5-105 Default and mandatory rules
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(1) Except as otherwise provided in the terms of the trust, this code governs the duties, rights, and powers of a trustee; relations among trustees; the rights, powers, and interests of a beneficiary; the relationship between the trustees and the beneficiaries; the purpose of the…
Colo. Rev. Stat. § 15-5-106 Common law of trusts - principles of equity - other statutes
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Unless displaced by the particular provisions of this code, the common law of trusts and principles of law and equity, and other statutes of this state, supplement its provisions. Source: L. 2018: Entire article added, (SB 18-180), ch. 169, p. 1148, � 1, effective January 1, 2019…
Colo. Rev. Stat. § 15-5-107 Governing law
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(1) The meaning and effect of the terms of a trust are determined by: (a) The law of the jurisdiction designated in the terms of the trust unless the designation of that jurisdiction's law is contrary to a strong public policy of the jurisdiction having the most significant relat…
Colo. Rev. Stat. § 15-5-108 Principal place of administration
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(1) Without precluding other means for establishing a sufficient connection with the designated jurisdiction, terms of a trust designating the principal place of administration are valid and controlling if: (a) A trustee's principal place of business is located in or a trustee is…
Colo. Rev. Stat. § 15-5-109 Methods and waiver of notice in matters other than judicial proceedings
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(1) Notice to a person pursuant to this code or the sending of a document to a person pursuant to this code must be accomplished in a manner reasonably suitable under the circumstances and likely to result in receipt of the notice or document. Permissible methods of notice or for…
Colo. Rev. Stat. § 15-5-110 Others treated as qualified beneficiaries
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(1) Whenever notice to qualified beneficiaries of a trust is required pursuant to this code, the trustee shall also give notice to any other beneficiary who has sent the trustee a request for notice. (2) A charitable organization expressly designated to receive distributions unde…
Colo. Rev. Stat. § 15-5-111 Nonjudicial settlement agreements
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(1) Except as otherwise provided in subsection (3) of this section, any person may enter into a binding nonjudicial settlement agreement with respect to any matter involving a trust, regardless of whether the settlement agreement is supported by consideration. (2) The required pa…
Colo. Rev. Stat. § 15-5-112 Rules of construction
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Unless the terms of the trust instrument contain contrary rules of construction, the rules of construction that apply in this state to the interpretations of and disposition of property by a will or other governing instrument, as that term is defined in the Colorado Probate Code,…
Colo. Rev. Stat. § 15-5-113 Alternate dispute resolution
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(1) A settlor may designate in the trust instrument a method of nonjudicial alternate dispute resolution that is valid, enforceable, and irrevocable, except on a ground that exists at law or in equity for the invalidation of a trust. Such methods of nonjudicial dispute resolution…
Colo. Rev. Stat. § 15-5-114 Insurable interest of trustee - definition
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(1) In this section, settlor means a person who executes a trust instrument. The term includes a person for which a fiduciary or agent is acting. (2) A trustee of a trust has an insurable interest in the life of an individual insured under a life insurance policy that is owned by…
Colo. Rev. Stat. § 15-5-1301 Life insurance policy owned by a trustee - definition
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(1) Notwithstanding any other provision of law and the provisions of the Colorado Uniform Prudent Investor Act, article 1.1 of this title 15, a trustee may not acquire or hold as a trust asset a life insurance policy on the life of a person unless the trustee has an insurable int…
Colo. Rev. Stat. § 15-5-1401 Uniformity of application and construction
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In applying and construing the language of this article 5 that is consistent with uniform law, 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. 2018: Entire article added, (SB 18-180…
Colo. Rev. Stat. § 15-5-1402 Electronic records and signatures
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The provisions of this article 5 governing the legal effect, validity, or enforceability of electronic records or electronic signatures, and of contracts formed or performed with the use of such records or signatures, conform to the requirements of section 102 of the federal Elec…
Colo. Rev. Stat. § 15-5-1403 Severability clause
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If any provision of this article 5 or its application to any person or circumstances is held invalid, the invalidity does not affect other provisions of applications of this article 5 that can be given effect without the invalid provision or application, and to this end the provi…
Colo. Rev. Stat. § 15-5-1404 Application to existing relationships
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(1) Except as otherwise provided in this article 5, including section 15-5-508, on January 1, 2019: (a) This article 5 applies to all trusts created before, on, or after January 1, 2019; (b) This article 5 applies to all judicial proceedings concerning trusts commenced on or afte…
Colo. Rev. Stat. § 15-5-201 Role of court in administration of trust
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(1) The court may intervene in the administration of a trust to the extent its jurisdiction is invoked by an interested person or as provided by law. (2) A trust is not subject to continuing judicial supervision unless ordered by the court. (3) A judicial proceeding involving a t…
Colo. Rev. Stat. § 15-5-202 Jurisdiction over trustee and beneficiary
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(1) By accepting the trusteeship of a trust having its principal place of administration in this state or by moving the principal place of administration to this state, the trustee submits personally to the jurisdiction of the courts of this state regarding any matter involving t…
Colo. Rev. Stat. § 15-5-203 Subject matter jurisdiction
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(1) The district court or, in the city and county of Denver, the probate court, has exclusive jurisdiction of proceedings in this state brought by a trustee, trust director, or beneficiary concerning the administration of a trust. (2) The district court or, in the city and county…
Colo. Rev. Stat. § 15-5-204 Venue
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(1) A judicial proceeding concerning the internal affairs of trusts and involving trustees, beneficiaries, or persons with authority to act under the trust instrument must be commenced in the following order of priority: (a) The county of venue specified by the terms of the trust…
Colo. Rev. Stat. § 15-5-205 Registration of trusts
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(1) The trustee of a trust having its principal place of administration in this state may, after its acceptance of the trust, register the trust in the court of this state at the principal place of administration unless registration would be inconsistent with the retained jurisdi…
Colo. Rev. Stat. § 15-5-206 Registration procedures and content of statement
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(1) Registration may be accomplished by filing a trust registration statement with the court as described in section 15-5-205 indicating the name and address of the trustee in which the trustee acknowledges the trusteeship. The statement must indicate whether the trust has been r…
Colo. Rev. Stat. § 15-5-207 Effect of failure to register
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A trustee who does not register a trust in a proper place, for purposes of any proceedings initiated by a beneficiary of the trust prior to registration, is subject to the personal jurisdiction of any court in which the trust could have been registered and otherwise as provided b…
Colo. Rev. Stat. § 15-5-208 Registration - qualification of a foreign trustee
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A foreign corporate trustee is required to qualify as a foreign corporation doing business in this state if it maintains the principal place of administration of any trust within this state. A foreign cotrustee is not required to qualify in this state solely because its cotrustee…
Colo. Rev. Stat. § 15-5-209 Release of trust registration statement
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(1) If a trust's principal place of administration changes after the trust has been registered in this state, the trustee may withdraw that registration by: (a) Filing a notice of release of trust registration statement in the same court in which the last registration statement w…
Colo. Rev. Stat. § 15-5-210 Judicially approved settlements
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(1) A settlement of any controversy as to the administration of a trust; the construction, validity, or effect of any trust; or the rights or interests of the beneficiaries or persons having claims against a trust, if approved in a formal proceeding in the court for that purpose,…
Colo. Rev. Stat. § 15-5-301 Representation - basic effect
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(1) Notice to a person who may represent and bind another person pursuant to this part 3 has the same effect as if notice were given directly to the other person. (2) The consent of a person who may represent and bind another person pursuant to this part 3 is binding on the perso…
Colo. Rev. Stat. § 15-5-301.5 Scope of representative ‘s authority and duty of certain representatives - definitions
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(1) As used in this section, unless the context otherwise requires, “representative” means a representative acting pursuant to section 15-5-302, 15-5-303, 15-5-304, or 15-5-305. (2) A representative may receive notice, give consent, and otherwise represent, bind, and act on behal…
Colo. Rev. Stat. § 15-5-302 Representation by a holder of general testamentary power of appointment
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To the extent that there is no conflict of interest between the holder of a general testamentary power of appointment and the persons represented with respect to the particular question or dispute, the holder may represent and bind persons whose interests, as permissible appointe…
Colo. Rev. Stat. § 15-5-303 Representation by fiduciaries and parents
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(1) To the extent there is no conflict of interest between the representative and the person represented or among those being represented with respect to a particular question or dispute: (a) A conservator may represent and bind the protected person whose estate the conservator c…
Colo. Rev. Stat. § 15-5-304 Representation by person having substantially identical interest
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Unless otherwise represented, a minor, an incapacitated person, or an unborn individual, or a person whose identity or location is unknown and not reasonably ascertainable, may be represented by and bound by another having a substantially identical interest with respect to the pa…
Colo. Rev. Stat. § 15-5-305 Appointment of representative
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If the court determines that an interest is not represented pursuant to this part 3, or that the otherwise available representation might be inadequate, the court may appoint a representative to receive notice, give consent, and otherwise represent, bind, and act on behalf of a m…
Colo. Rev. Stat. § 15-5-401 Methods of creating trust
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(1) A trust may be created by: (a) Transfer of property to another person as trustee during the settlor's lifetime or by will or other disposition taking effect upon the settlor's death; (b) Declaration by the owner of property that the owner holds identifiable property as truste…
Colo. Rev. Stat. § 15-5-402 Requirements for creation
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(1) A trust is created only if: (a) Either: (I) The settlor has capacity to create a trust and indicates an intention to create a trust; or (II) A statute, judgment, or decree authorizes creation of a trust; (b) The trust has a definite beneficiary or is: (I) A charitable trust; …