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.)