D184F29AC30A77558725864000693E7C Hearing Summary

Georgine Kryda, Co-chair of the CBA Trust & Estates subcommittee reviewing the act, stated that the section and the CBA Legislative Policy Committee approved the bill draft, as amended. The bill incorporates some carryover language from the existing UFIPA and Uniform Principal & Income Act (UPIA) and does not significantly change the Act. Trust administration is constantly changing and the Act will help Colorado law stay current. Colorado-specific changes included a new §15-1.2-204, incorporating notification language from the existing UPIA and is consistent with the notice requirements in §15-1.2-304. They added §15-1.2-309 (3) regarding distribution, which does not change the spirit of the Act, it just makes some aspects more explicit. In part 6 they reserved §15-1.2-601 (5) and expanded §15-1.2-803 to address trusts that may still be administered under previously enacted law. Ms. Kryda thanked the drafter for his assistance in refining the language. The commission thanked the section for their hard work on the Act.