2020 Colorado Revised Statutes
Title 15 - Probate, Trusts, And Fiduciaries
Article 5. Colorado Uniform Trust Code
Section 15-5-701. Accepting or declining trusteeship.
(1) Except as otherwise provided in subsection (3) of this section, a person designated as trustee accepts the trusteeship:
By substantially complying with a method of acceptance provided in the terms of thetrust; or
If the terms of the trust do not provide a method or the method provided in the termsis 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.
A person designated as trustee who has not yet accepted the trusteeship may rejectthe 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.
A person designated as a trustee, without accepting the trusteeship, may:
Act to preserve the trust property if, within a reasonable time after acting, the personsends 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
Inspect or investigate trust property to determine potential liability under environmental or other law or for any other purpose.
Source: L. 2018: Entire article added, (SB 18-180), ch. 169, p. 1168, § 1, effective January 1, 2019.
