Title 15, Probate, Trusts, and Fiduciaries

As used in this part 4, unless the context otherwise requires: (1) "Beneficiary deed" means a deed, subject to revocation by the owner, which conveys an interest in real property and which contains language that the conveyance is to be effective upon the death of the owner and wh…

(1) In addition to any method allowed by law to effect a transfer at death, title to an interest in real property may be transferred on the death of the owner by recording, prior to the owner's death, a beneficiary deed signed by the owner of such interest, as grantor, designatin…

No person who is an applicant for or recipient of medical assistance for which it would be permissible for the department of health care policy and financing to assert a claim pursuant to section 25.5-4-301 or 25.5-4-302, C.R.S., shall be entitled to such medical assistance if th…

(1) An owner may transfer an interest in real property effective on the death of the owner by executing a beneficiary deed that contains the words "conveys on death" or "transfers on death" or otherwise indicates the transfer is to be effective on the death of the owner and recor…

(1) An owner may revoke a beneficiary deed by executing an instrument that describes the real property affected, that revokes the deed, and that is recorded prior to the death of the owner in the office of the clerk and recorder in the county where the real property is located. T…

A beneficiary deed or revocation of a beneficiary deed shall be subject to the requirements of section 38-35-109 (2), C.R.S., and may be acknowledged in accordance with section 38-35-101, C.R.S. Source: L. 2004: Entire part added, p. 730, § 1, effective August 4.

(1) Title to the interest in real property transferred by a beneficiary deed shall vest in the designated grantee-beneficiary only on the death of the owner. (2) A grantee-beneficiary of a beneficiary deed takes title to the owner's interest in the real property conveyed by the b…

(1) A joint tenant of an interest in real property may use the procedures described in this part 4 to transfer his or her interest effective upon the death of such joint tenant. However, title to the interest shall vest in the designated grantee-beneficiary only if the joint tena…

(1) Subject to the rights of claimants under section 15-15-407 (2), if the property acquired by a grantee-beneficiary or a security interest therein is acquired for value and without notice by a purchaser from, or lender to, a grantee-beneficiary, the purchaser or lender shall ta…

(1) Unless previously adjudicated or otherwise barred, the claim of a claimant to recover from a grantee-beneficiary who is liable to pay the claim, and the right of an heir or devisee or of a personal representative acting on behalf of an heir or devisee, to recover property fro…

A beneficiary deed shall not be construed to be a testamentary disposition and shall not be invalidated due to nonconformity with the provisions of the code governing wills. Source: L. 2004: Entire part added, p. 733, § 1, effective August 4. L. 2019: Entire section amended, (SB …

Proof of the death of the owner or a grantee-beneficiary shall be established in the same manner as for proving the death of a joint tenant. Source: L. 2004: Entire part added, p. 733, § 1, effective August 4.

A grantee-beneficiary may refuse to accept all or any part of the real property interest described in a beneficiary deed. A grantee-beneficiary may disclaim all or any part of the real property interest described in a beneficiary deed by any method provided by law. If a grantee-b…

The provisions of this part 4 shall apply to beneficiary deeds executed by owners who die on or after August 4, 2004. Source: L. 2004: Entire part added, p. 733, § 1, effective August 4.

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.

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…

(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 …

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.

(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; …

(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…

(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…

(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…

(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…

(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 …

(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…

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 …

(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…

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.…

(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…

(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…

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.

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…

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.

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…

(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…

(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…

(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…

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…

(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…

(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…

(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…

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…

(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…

(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…

(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…

(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 …