§ 15-5-108 — Principal place of administration

Colorado § 15-5-108

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

Text

(1) Without precluding other
means for establishing a sufficient connection with the designated jurisdiction,
terms of a trust designating the principal place of administration are valid and
controlling if:

(a) A trustee's principal place of business is located in or a trustee is a
resident of the designated jurisdiction; or

(b) All or part of the administration occurs in the designated jurisdiction.

(2) In the case of cotrustees, the principal place of administration, if not
otherwise designated in the trust instrument, is the usual place of business of the
corporate trustee if there is but one corporate cotrustee, or the usual place of
business or residence of the individual trustee who is a professional fiduciary if
there is but one such person and no corporate cotrustee, and otherwise the usual
place of business or residence of any of the cotrustees as agreed upon by them.

(3) A trustee is under a continuing duty to administer the trust at a place
appropriate to its purposes, its administration, and the interests of the beneficiaries.

(4) Without precluding the right of the court to order, approve, or disapprove
a transfer, the trustee, in furtherance of the duty prescribed by subsection (3) of
this section, may transfer the trust's principal place of administration to another
state or to a jurisdiction outside the United States.

(5) The trustee shall notify the qualified beneficiaries of a proposed transfer
of a trust's principal place of administration not less than sixty days before
initiating the transfer. The notice of a proposed transfer must include:

(a) The name of the jurisdiction to which the principal place of administration
is to be transferred;

(b) The address, e-mail address, and telephone number at the new location
at which the trustee can be contacted;

(c) An explanation of the reasons for the proposed transfer;

(d) The date on which the proposed transfer is anticipated to occur; and

(e) The date, not less than sixty days after the giving of the notice, by which
the qualified beneficiary must notify the trustee of an objection to the proposed
transfer.

(6) If a qualified beneficiary notifies the trustee of an objection to a proposed
transfer of the trust's principal place of administration, the authority of a trustee
pursuant to this section to transfer a trust's principal place of administration is
suspended, pending resolution of the objection.

(7) In connection with a transfer of the trust's principal place of
administration, the trustee may transfer some or all of the trust property to a
successor trustee designated in the terms of the trust or appointed pursuant to
section 15-5-704.

Legislative History

Source: L. 2018: Entire article added, (SB 18-180), ch. 169, p. 1149, � 1, effective January 1, 2019. L. 2022: (4) amended, (SB 22-212), ch. 421, p. 2968, � 25, effective August 10.