§ 15-5-701 — Accepting or declining trusteeship

Colorado § 15-5-701

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

Text

(1) Except as otherwise
provided in subsection (3) of this section, a person designated as trustee accepts
the trusteeship:

(a) By substantially complying with a method of acceptance provided in the
terms of the trust; or

(b) If the terms of the trust do not provide a method or the method provided
in the terms is not expressly made exclusive, by accepting delivery of the trust
property, exercising powers or performing duties as a trustee, or otherwise
indicating acceptance of the trusteeship. A provision in a trust specifying a method
to accept or decline trusteeship does not make the specified method exclusive
unless the specified method is referred to as the sole, exclusive, or only
method of accepting or declining trusteeship or the provision includes similar
language manifesting that the settlor's intent was that the trusteeship may not be
accepted or declined by any other method.

(2) A person designated as trustee who has not yet accepted the trusteeship
may reject the trusteeship. A designated trustee who does not accept the
trusteeship within a reasonable time after knowing of the designation is deemed to
have rejected the trusteeship.

(3) A person designated as a trustee, without accepting the trusteeship, may:

(a) Act to preserve the trust property if, within a reasonable time after
acting, the person sends a rejection of the trusteeship to the settlor or, if the settlor
is dead or lacks capacity, to any acting trustee and a qualified beneficiary; and

(b) Inspect or investigate trust property to determine potential liability under
environmental or other law or for any other purpose.

Legislative History

Source: L. 2018: Entire article added, (SB 18-180), ch. 169, p. 1168, � 1, effective January 1, 2019.