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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

1,078 sections·Filtered byTitle 15✕

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…

Colo. Rev. Stat. § 15-12-1001 Formal proceedings terminating administration - testate or intestate - order of general protection

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(1) A personal representative or any interested person may petition for an order of complete settlement of the estate. The personal representative may petition at any time, and any other interested person may petition after one year from the appointment of the original personal r…

Colo. Rev. Stat. § 15-12-1002 Formal proceedings terminating testate administration - order construing will without adjudicating testacy

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A personal representative administering an estate under an informally probated will or any devisee under an informally probated will may petition for an order of settlement of the estate which will not adjudicate the testacy status of the decedent. The personal representative may…

Colo. Rev. Stat. § 15-12-1003 Closing estates - by sworn statement of personal representative

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(1) Unless prohibited by order of the court and except for estates being administered in supervised administration proceedings, a personal representative may close an estate by filing with the court, no earlier than six months after the date of original appointment of a general p…

Colo. Rev. Stat. § 15-12-1004 Liability of distributees to claimants

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After assets of an estate have been distributed and subject to section 15-12-1006, an undischarged claim not barred may be prosecuted in a proceeding against one or more distributees. No distributee shall be liable to claimants for amounts received as exempt property or family al…

Colo. Rev. Stat. § 15-12-1005 Limitations on proceedings against personal representative

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Unless previously barred by adjudication and except as provided in the closing statement, the rights of successors and of creditors whose claims have not otherwise been barred against the personal representative for breach of fiduciary duty are barred unless a proceeding to asser…

Colo. Rev. Stat. § 15-12-1006 Limitations on actions and proceedings against distributees

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(1) Unless previously adjudicated in a formal testacy proceeding or in a proceeding settling the accounts of a personal representative or otherwise barred, the claim of any claimant to recover from a distributee who is liable to pay the claim, and the right of any heir or devisee…

Colo. Rev. Stat. § 15-12-1007 Certificate discharging liens securing fiduciary performance

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After his appointment has terminated, the personal representative, his sureties, or any successor of either, upon the filing of a verified application showing, so far as is known by the applicant, that no action concerning the estate is pending in any court, is entitled to receiv…

Colo. Rev. Stat. § 15-12-1008 Subsequent administration

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If, after an estate has been settled and the personal representative discharged or after one year after a closing statement has been filed, it is determined that the estate has not been fully administered or fully distributed by reason of subsequently discovered property or for a…

Colo. Rev. Stat. § 15-12-1009 Estates not closed after three years or more

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(1) When records of the court indicate no action has been taken in an estate for a period of three years or more, the court may, on its own motion, and after notice to the attorney of record, if available, or if there is no attorney of record, then to the personal representative,…

Colo. Rev. Stat. § 15-12-101 Devolution of estate at death; restrictions

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The power of a person to leave property by will and the rights of creditors, devisees, and heirs to his property are subject to the restrictions and limitations contained in this code to facilitate the prompt settlement of estates. Upon the death of a person, his real and persona…

Colo. Rev. Stat. § 15-12-102 Necessity of order of probate for will

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Except as provided in sections 15-12-901, 15-12-1201, 15-13-204, and 15-13-205 and in part 13 of this article, to be effective to prove the transfer of any property or to nominate a personal representative, a will must be declared to be valid by an order of informal probate by th…

Colo. Rev. Stat. § 15-12-103 Necessity of appointment for administration

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Except as otherwise provided in article 13 of this title, to acquire the powers and undertake the duties and liabilities of a personal representative of a decedent, a person must be appointed by order of the court or registrar, qualify, and be issued letters. Administration of an…

Colo. Rev. Stat. § 15-12-104 Claims against decedent

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No claim may be presented and no proceeding to enforce a claim against the estate of a decedent or his or her successors may be revived or commenced before the appointment of a personal representative, except as permitted by section 15-12-804. After the appointment and until dist…

Colo. Rev. Stat. § 15-12-105 Proceedings affecting devolution and administration - jurisdiction of subject matter

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Persons interested in decedents' estates may apply to the registrar for determination in the informal proceedings provided in this article and may petition the court for orders in formal proceedings within the court's jurisdiction. The court has jurisdiction as provided in sectio…

Colo. Rev. Stat. § 15-12-106 Proceedings within the exclusive jurisdiction of court - service - jurisdiction over persons

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In proceedings where notice is required by this code or by rule, interested persons may be bound by the orders of the court in respect to property in or subject to the laws of this state by notice in conformity with section 15-10-401. An order is binding as to all who are given n…

Colo. Rev. Stat. § 15-12-107 Scope of proceedings - proceedings independent - exception

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(1) Unless supervised administration as described in part 5 of this article is involved: (a) Each proceeding before the court or registrar is independent of any other proceeding involving the same estate; (b) Petitions for formal orders of the court may combine various requests f…

Colo. Rev. Stat. § 15-12-108 Probate, testacy, and appointment proceedings - ultimate time limit

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(1) No informal probate or appointment proceeding or formal testacy or appointment proceeding, other than a proceeding to probate a will previously probated at the testator's domicile and appointment proceedings relating to an estate in which there has been a prior appointment, m…

Colo. Rev. Stat. § 15-12-109 Statutes of limitations on decedent's cause of action

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No statute of limitations running on a cause of action belonging to a decedent which had not been barred as of the date of his death shall apply to bar a cause of action surviving the decedent's death sooner than one year after death. A cause of action which, but for this section…

Colo. Rev. Stat. § 15-12-1101 Effect of approval of agreements involving trusts, inalienable interests, or interests of third persons

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A compromise of any controversy as to admission to probate of any instrument offered for formal probate as the will of a decedent, the construction, validity, or effect of any probated will, the rights or interests in the estate of the decedent, of any successor, or the administr…

Colo. Rev. Stat. § 15-12-1102 Procedure for securing court approval of compromise

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(1) The procedure for securing court approval of a compromise is as follows: (a) The terms of the compromise shall be set forth in an agreement in writing which shall be executed by all competent persons and parents acting for any minor child having beneficial interests or having…

Colo. Rev. Stat. § 15-12-1201 Collection of personal property by affidavit

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(1) At any time ten or more days after the date of death of a decedent, any person indebted to the decedent or having possession of any personal property, including but not limited to funds on deposit at, or any contents of a safe deposit box at, any financial institution; tangib…

Colo. Rev. Stat. § 15-12-1202 Effect of affidavit

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(1) The person paying, delivering, transferring, or issuing personal property or the evidence thereof pursuant to affidavit is discharged and released to the same extent as if he or she dealt with a personal representative of the decedent. He or she is not required to see to the …

Colo. Rev. Stat. § 15-12-1203 Small estates - summary administrative procedure

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If it appears from the inventory and appraisal that the value of the entire estate, less liens and encumbrances, does not exceed the value of personal property held by or in the possession of the decedent as fiduciary or trustee, exempt property allowance, family allowance, costs…

Colo. Rev. Stat. § 15-12-1204 Small estates - closing by sworn statement of personal representative

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(1) Unless prohibited by order of the court, and except for estates being administered by supervised personal representatives, a personal representative may close an estate administered under the summary procedures of section 15-12-1203 by filing with the court, at any time after…

Colo. Rev. Stat. § 15-12-1205 Time of taking effect - provisions for transition

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The provisions of sections 15-12-1201 and 15-12-1202 became effective on July 1, 1974, regardless of the date of the death of the decedent. Source: L. 75: Entire section added, p. 601, § 43, effective July 1.