§ 15-5-402 — Requirements for creation

Colorado § 15-5-402

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

Text

(1) A trust is created only if:

(a) Either:

(I) The settlor has capacity to create a trust and indicates an intention to
create a trust; or

(II) A statute, judgment, or decree authorizes creation of a trust;

(b) The trust has a definite beneficiary or is:

(I) A charitable trust;

(II) A trust for the care of an animal, as provided in section 15-5-408; or

(III) A trust for a noncharitable purpose, as provided in section 15-5-409;

(c) The trustee has duties to perform; and

(d) The same person is not the sole trustee and sole beneficiary.

(2) A beneficiary is definite if the beneficiary can be ascertained now or in
the future, subject to any applicable rule against perpetuities.

(3) A power in a trustee to select a beneficiary from an indefinite class is
valid. If the power is not exercised within a reasonable time, the power fails and the
property subject to the power passes to the persons who would have taken the
property had the power not been conferred.

Legislative History

Source: L. 2018: Entire article added, (SB 18-180), ch. 169, p. 1160, � 1, effective January 1, 2019.