Colorado Commission on Uniform State Laws. Under current law, the administration of trusts, including directed trusts, is generally governed by certain provisions in the probate code. The bill repeals provisions governing directed trustees and creates a new "Colorado Uniform Directed Trust Act" (act). The new act includes provisions concerning:
- Judicial proceedings;
- Trust directors' powers;
- Duties and liabilities of trust directors and directed trustees; and
- Powers that are excluded from the act.
The bill makes conforming amendments.
(Note: This summary applies to the reengrossed version of this bill as introduced in the second house.)