Colorado § 15-1.2-602 Distribution to successor beneficiary

Colorado Statutes

§ 15-1.2-602 — Distribution to successor beneficiary

Colorado § 15-1.2-602

Title 15Probate,

Art.Uniform Fiduciary Income and Principal Act

This text of Colorado § 15-1.2-602 (Distribution to successor beneficiary) is published on Counsel Stack Legal Research, covering Colorado primary law. Counsel Stack provides free access to over 12 million legal documents including statutes, case law, regulations, and constitutions.

Bluebook

Colo. Rev. Stat. § 15-1.2-602 (2026).

Text

(1)Except to the extent part 3 of this article 1.2 applies for a beneficiary that is a trust, each beneficiary described in section 15-1.2-601 (6) is entitled to receive a share of the net income equal to the beneficiary's fractional interest in undistributed principal assets, using values as of the distribution date. If a fiduciary makes more than one distribution of assets to beneficiaries to which this section applies, each beneficiary, including a beneficiary that does not receive part of the distribution, is entitled, as of each distribution date, to a share of the net income the fiduciary received after the decedent's death, an income interest's other terminating event, or the preceding distribution by the fiduciary.

(2)In determining a beneficiary's share of net income u

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(1) Except to the extent
part 3 of this article 1.2 applies for a beneficiary that is a trust, each beneficiary
described in section 15-1.2-601 (6) is entitled to receive a share of the net income
equal to the beneficiary's fractional interest in undistributed principal assets, using
values as of the distribution date. If a fiduciary makes more than one distribution of
assets to beneficiaries to which this section applies, each beneficiary, including a
beneficiary that does not receive part of the distribution, is entitled, as of each
distribution date, to a share of the net income the fiduciary received after the
decedent's death, an income interest's other terminating event, or the preceding
distribution by the fiduciary.

(2) In determining a beneficiary's share of net income under subsection (1) of
this section, the following rules apply:

(a) The beneficiary is entitled to receive a share of the net income equal to
the beneficiary's fractional interest in the undistributed principal assets
immediately before the distribution date;

(b) The beneficiary's fractional interest under subsection (2)(a) of this
section must be calculated:

(I) On the aggregate value of the assets as of the distribution date without
reducing the value by any unpaid principal obligation; and

(II) Without regard to:

(A) Property specifically given to a beneficiary under the decedent's will or
the terms of the trust; and

(B) Property required to pay pecuniary amounts not in trust; and

(c) The distribution date under subsection (2)(a) of this section may be the
date as of which the fiduciary calculates the value of the assets if that date is
reasonably near the date on which the assets are distributed.

(3) To the extent a fiduciary does not distribute under this section all the
collected but undistributed net income to each beneficiary as of a distribution date,
the fiduciary shall maintain records showing the interest of each beneficiary in the
net income.

(4) If this section applies to income from an asset, a fiduciary may apply the
rules in this section to net gain or loss realized from the disposition of the asset
after the decedent's death, an income interest's terminating event, or the preceding
distribution by the fiduciary.