What Does the New Colorado Uniform Trust Code Mean for Clients?
The National Conference of Commissioners on Uniform State Laws (“NCCUSL”) discusses, debates and drafts model laws for subject areas which may benefit from uniformity across the states. Because the body of trust law is small, NCCUSL drafted a Uniform Trust Code (“UTC”), which Colorado adapted and enacted effective January 1, 2019. Trust administrations are largely […]
Colorado’s Trust Decanting Statute
Colorado joined 23 other states when it enacted the Uniform Trust Decanting Act (“Act”) in 2016, C.R.S. §15-16-901, et seq. The Act provides a statutory framework for a trustee to modify an irrevocable trust based on the trustee’s discretionary power to make distributions. (For lay persons, “revocable” trusts are trusts that can be changed; “irrevocable” […]
