Colorado Trust Code
Colorado Uniform Trust Code. Under current law, the administration of trusts is generally governed by certain provisions within the probate code. The act repeals many of these provisions and creates a new Colorado uniform trust code (code) outside the probate code to address trust administration. The new code includes provisions concerning:
- Judicial proceedings;
- Creation, validity, modification, and termination of trusts;
- Duties and powers of trustees; and
- Liabilities of trustees and rights of persons dealing with trustees.
The act also makes conforming amendments to acknowledge the repeal of certain statutory provisions.
(Note: This summary applies to this bill as enacted.)