§ 15-1.5-103 — Custodial trustee for future payment or transfer

Colorado § 15-1.5-103

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

Text

(1) A person
having the right to designate the recipient of property payable or transferable upon
a future event may create a custodial trust upon the occurrence of the future event
by designating in writing the recipient, followed in substance by as custodial
trustee for (name of beneficiary) under the Colorado Uniform Custodial Trust
Act.

(2) Persons may be designated as substitute or successor custodial trustees
to whom the property must be paid or transferred in the order named if the first
designated custodial trustee is unable or unwilling to serve.

(3) A designation under this section may be made in a will, a trust, a deed, a
multiple-party account, an insurance policy, an instrument exercising a power of
appointment, or a writing designating a beneficiary of contractual rights. Otherwise,
to be effective, the designation must be registered with or delivered to the
fiduciary, payor, issuer, or obligor of the future right.

Legislative History

Source: L. 99: Entire article added, p. 1213, � 1, effective August 4.