§ 15-5-817 — Distribution on termination

Colorado § 15-5-817

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

Text

(1) Upon termination or partial
termination of a trust, the trustee may send to the beneficiaries a proposal for
distribution. The right of any beneficiary to object to the proposed distribution
terminates if the beneficiary does not notify the trustee of an objection within thirty
days after the proposal was sent, but only if the proposal informed the beneficiary
of the right to object and of the time allowed for objection.

(2) Upon the occurrence of an event terminating or partially terminating a
trust, the trustee shall proceed expeditiously to distribute the trust property to the
persons entitled to it, subject to the right of the trustee to retain a reasonable
reserve for the payments of debts, expenses, and taxes.

(3) A release by a beneficiary of a trustee from liability for breach of trust is
invalid to the extent:

(a) It was induced by improper conduct of the trustee; or

(b) The beneficiary, at the time of the release, did not know of the
beneficiary's rights or of the material facts relating to the breach.

Legislative History

Source: L. 2018: Entire article added, (SB 18-180), ch. 169, p. 1181, � 1, effective January 1, 2019.