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SB21-162

Colorado Uniform Trust Code Part 5

Concerning spendthrift provisions in trusts pursuant to the "Colorado Uniform Trust Code".
Session:
2021 Regular Session
Subject:
Probate, Trusts, & Fiduciaries
Bill Summary

Colorado Commission on Uniform State Laws. In 2018, the general assembly enacted portions of the Uniform Trust Code (UTC) as the Colorado Uniform Trust Code. Part 5 of the UTC, which relates to spendthrift provisions in trusts, was not included in the 2018 act. A spendthrift provision in a trust prevents both voluntary and involuntary transfer of a trust beneficiary's interest.

The bill enacts part 5 of the UTC, including a number of Colorado-specific amendments. The bill addresses the validity of spendthrift provisions and the rights of creditors, both of the settlor and beneficiaries, to reach a trust to collect a debt. The bill provides certain exceptions that allow children for whom an order or judgment for child support has been entered to reach a trust in order to satisfy the child support order or judgment.


(Note: This summary applies to the reengrossed version of this bill as introduced in the second house.)

Status

Introduced
Passed
Became Law

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Bill Text

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