§ 15-16-802 — Definitions

Colorado § 15-16-802

• Jurisdiction: Colorado
• Title 15: Probate,
• Art.: Trust Administration

Text

As used in this part 8, unless the context otherwise
requires:

(1) Breach of trust includes a violation by a trust director or trustee of a
duty imposed on that director or trustee by the terms of the trust, this part 8, or law
of this state other than this part 8 pertaining to trusts.

(2) Directed trust means a trust for which the terms of the trust grant a
power of direction.

(3) Directed trustee means a trustee that is subject to a trust director's
power of direction.

(4) Person means an individual, estate, business or nonprofit entity, public
corporation, government or governmental subdivision, agency, or instrumentality, or
other legal entity.

(5) Power of direction means a power over a trust granted to a person by
the terms of the trust to the extent the power is exercisable while the person is not
serving as a trustee. The term includes a power over the investment, management,
or distribution of trust property or other matters of trust administration. The term
excludes the powers described in section 15-16-805 (2).

(6) Settlor means a person, including a testator, that creates, or
contributes property to, a trust. If more than one person creates or contributes
property to a trust, each person is a settlor of the portion of the trust property
attributable to that person's contribution except to the extent another person has
the power to revoke or withdraw that portion.

(7) State means a state of the United States, the District of Columbia,
Puerto Rico, the United States Virgin Islands, or any other territory or possession
subject to the jurisdiction of the United States.

(8) Terms of a trust means:

(a) Except as otherwise provided in subsection (8)(b) of this section, the
manifestation of the settlor's intent regarding a trust's provisions as:

(I) Expressed in the trust instrument; or

(II) As may be established by other evidence in a judicial proceeding; or

(b) The trust's provisions as established, determined, or amended by:

(I) A trustee or trust director in accordance with applicable law;

(II) Court order;

(III) A nonjudicial settlement agreement; or

(IV) By alternative dispute resolution.

(9) Trust director means a person that is granted a power of direction by
the terms of a trust to the extent the power is exercisable while the person is not
serving as a trustee. The person is a trust director whether or not the terms of the
trust refer to the person as a trust director and whether or not the person is a
beneficiary or settlor of the trust.

(10) Trustee includes an original, additional, and successor trustee, and a
cotrustee.

(11) Willful misconduct means intentional wrongdoing and not mere
negligence, gross negligence, or recklessness.

(12) Wrongdoing means malicious conduct or conduct designed to defraud
or seek an unconscionable advantage.

Legislative History

Source: L. 2019: Entire part R&RE, (SB 19-105), ch. 51, p. 166, � 1, effective August 2.