§ 15-1.5-102 — Custodial trust - general

Colorado § 15-1.5-102

• Jurisdiction: Colorado
• Title 15: Probate,
• Art.: Colorado Uniform Custodial Trust Act

Text

(1) A person may create a custodial
trust of property by a written transfer of the property to another person, evidenced
by registration or by other instrument of transfer, executed in any lawful manner,
naming as beneficiary an individual who may be the transferor, in which the
transferee is designated, in substance, as custodial trustee under the Colorado
Uniform Custodial Trust Act.

(2) A person may create a custodial trust of property by a written
declaration, evidenced by registration of the property or by other instrument of
declaration executed in any lawful manner, describing the property and naming as
beneficiary an individual other than the declarant, in which the declarant as
titleholder is designated, in substance, as custodial trustee under the Colorado
Uniform Custodial Trust Act. A registration or other declaration of trust for the
sole benefit of the declarant is not a custodial trust under the Colorado Uniform
Custodial Trust Act.

(3) Title to custodial trust property is in the custodial trustee and the
beneficial interest is in the beneficiary.

(4) Except as provided in subsection (5) of this section, a transferor may not
terminate a custodial trust.

(5) The beneficiary, if not incapacitated, or the conservator of an
incapacitated beneficiary, may terminate a custodial trust by delivering to the
custodial trustee a writing signed by the beneficiary or conservator declaring the
termination. If not previously terminated, the custodial trust terminates on the
death of the beneficiary.

(6) Any person may augment existing custodial trust property by the
addition of other property pursuant to this article.

(7) The transferor may designate, or authorize the designation of, a
successor custodial trustee in the trust instrument.

(8) This article does not displace or restrict other means of creating trusts. A
trust whose terms do not conform to this article may be enforceable according to
its terms under other law.

Legislative History

Source: L. 99: Entire article added, p. 1212, � 1, effective August 4.