§ 15-14-421 — Title by appointment

Colorado § 15-14-421

• Jurisdiction: Colorado
• Title 15: Probate,
• Art.: Persons Under Disability - Protection

Text

(1) Except as limited in the appointing
order, the appointment of a conservator vests title in the conservator as trustee to
all property of the protected person, or to the part thereof specified in the order,
held at the time of appointment or thereafter acquired, including title to any
property held for the protected person by custodians or attorneys-in-fact. An order
vesting title in the conservator to only a part of the property of the protected
person creates a conservatorship limited to assets specified in the order.
Notwithstanding the language vesting title in the conservator in this section, this
vesting of title shall not be construed to sever any joint tenancies.

(2) Letters of conservatorship are evidence of vesting title of the protected
person's assets in the conservator. An order terminating a conservatorship
transfers title to assets remaining subject to the conservatorship, including any
described in the order, to the formerly protected person or the person's successors.

(3) Subject to the requirements of other statutes governing the filing or
recordation of documents of title to land or other property, letters of
conservatorship and orders terminating conservatorships may be filed or recorded
to give notice of title as between the conservator and the protected person.

(4) Neither the appointment of a conservator nor the establishment of a trust
in accordance with sections 15-14-412.5 to 15-14-412.9 is a transfer or an alienation
within the meaning of the general provisions of any federal or state statute or
regulation, insurance policy, pension plan, contract, will or trust instrument
imposing restrictions upon or penalties for the transfer or alienation by the
protected person of his or her rights or interest, but this section does not restrict
the ability of a person to make specific provisions by contract or dispositive
instrument relating to a conservator.

(5) Except as limited in the appointing order, a conservator has the authority
to continue, modify, or revoke any financial power of attorney previously created by
the protected person.

(6) (a) Upon notice of the appointment of a conservator, all agents acting
under a previously created power of attorney by the protected person:

(I) Shall take no further actions without the direct written authorization of
the conservator;

(II) Shall promptly report to the conservator as to any action taken under the
power of attorney; and

(III) Shall promptly account to the conservator for all actions taken under the
power of attorney.

(b) Nothing in this section shall be construed to affect previously created
medical decision-making authority. Any agent violating this section shall be liable
to the protected person's estate for all costs incurred in attempting to obtain
compliance, including but not limited to reasonable conservator and attorney fees
and costs.

Legislative History

Source: L. 2000: Entire part R&RE, p. 1821, � 1, effective January 1, 2001 (see � 15-17-103). L. 2009: IP(6)(a) and (6)(a)(I) amended, (SB 09-292), ch. 369, p. 1947, � 26, effective August 5.