2020 Colorado Revised Statutes
Title 15 - Probate, Trusts, And Fiduciaries
Article 1.5. Colorado Uniform Custodial Trust Act
Section 15-1.5-101. Definitions.
As used in this article 1.5:
"Adult" means an individual who is at least eighteen years of age.
"Beneficiary" means an individual for whom property has been transferred to or heldunder a declaration of trust by a custodial trustee for the individual's use and benefit under this article.
"Conservator" means a person appointed or qualified by a court to manage the estateof an individual or a person legally authorized to perform substantially the same functions.
"Court" means the district courts of this state, except in the city and county of Denver, where it means the probate court.
"Custodial trust property" means an interest in property transferred to or held under adeclaration of trust by a custodial trustee under this article and the income from and proceeds of that interest.
"Custodial trustee" means a person designated as trustee of a custodial trust underthis article or a substitute or successor to the person designated.
"Guardian" means a person appointed or qualified by a court as a guardian of anindividual, including a limited guardian, but not a person who is only a guardian ad litem.
"Incapacitated" means lacking the ability to manage property and business affairseffectively by reason of a behavioral or mental health disorder, an intellectual and developmental disability, a physical illness or disability, a substance use disorder, confinement, detention by a foreign power, disappearance, minority, or other disabling cause.
"Legal representative" means a personal representative or conservator.
"Member of the beneficiary's family" means a beneficiary's spouse, descendant, stepchild, parent, stepparent, grandparent, brother, sister, uncle, or aunt, whether related by whole or half blood or by adoption.
"Person" means an individual, corporation, business trust, estate, trust, partnership,joint venture, association, or any other legal or commercial entity.
"Personal representative" means an executor, administrator, or special administratorof a decedent's estate, a person legally authorized to perform substantially the same functions, or a successor to any of them.
"State" means a state, territory, or possession of the United States, the District ofColumbia, or the Commonwealth of Puerto Rico.
"Transferor" means a person who creates a custodial trust by transfer or declaration.
"Trust company" means a financial institution, corporation, or other legal entity authorized to exercise general trust powers.
Source: L. 99: Entire article added, p. 1211, § 1, effective August 4. L. 2017: IP and (8) amended, (HB 17-1046), ch. 50, p. 157, § 7, effective March 16; (8) amended, (SB 17-242), ch. 263, p. 1295, § 115, effective May 25.
Cross references: For the legislative declaration in SB 17-242, see section 1 of chapter 263, Session Laws of Colorado 2017.
