Colorado Commission on Uniform State Laws. Under current law, the administration of trusts is generally governed by certain provisions within the probate code. The bill 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 bill also makes conforming amendments.
(Note: This summary applies to the reengrossed version of this bill as introduced in the second house.)