§ 15-1-1201 — Life estate in property - rights of surviving spouse

Colorado § 15-1-1201

• Jurisdiction: Colorado
• Title 15: Probate,
• Art.: Fiduciary

Text

(1) Unless the
instrument provides otherwise, any devise of a life estate in property to a surviving
spouse by a decedent spouse shall entitle the surviving spouse to:

(a) All income for life from the entire interest in or specific portion of the
property, payable annually or at more frequent intervals;

(b) Exclusive beneficial enjoyment of the property during his life, including
such income or use of the property as is consistent with the value of the property
and its preservation; except that, during the surviving spouse's lifetime, no person
other than the surviving spouse may receive any distribution of the property or its
income; and

(c) Make the property productive or convert it into productive property within
a reasonable time after the devise; except that, the exercise of such power shall be
subject to the degree of judgment and care which a prudent person would use if he
were the owner of the property. The proceeds of any such conversion shall be
reinvested by the surviving spouse in a form subject to the life estate and remainder
rights created by the decedent.

(2) The provisions of this part 12 shall be interpreted consistently with the
requirements of section 2056 (b)(7) of the federal Internal Revenue Code of 1986,
as amended, if the personal representative of the estate of the decedent spouse
elects to treat such life estate as qualified terminable interest property under said
Internal Revenue Code section.

Legislative History

Source: L. 88: Entire part added, p. 647, � 1, effective May 17. L. 2000: (2) amended, p. 1846, � 28, effective August 2.