2020 Colorado Revised Statutes
Title 15 - Probate, Trusts, And Fiduciaries
Article 5. Colorado Uniform Trust Code
Section 15-5-704. Vacancy in trusteeship - appointment of successor.

(1) A vacancy in a trusteeship occurs if:

1. A person designated as trustee rejects the trusteeship;

2. A person designated as trustee cannot be identified or does not exist;

3. A trustee resigns;

4. A trustee is disqualified or removed;

5. A trustee dies; or

6. A guardian or conservator is appointed for an individual serving as trustee.

2. If one or more cotrustees remain in office, a vacancy in a trusteeship need not befilled. A vacancy in a trusteeship must be filled if the trust has no remaining trustee.

3. A vacancy in a trusteeship of a noncharitable trust that is required to be filled mustbe filled in the following order of priority:

(a) By a person designated in the terms of the trust to act as successor trustee; (b) By a person appointed by unanimous agreement of the qualified beneficiaries; or (c) By a person appointed by the court.

(4) A vacancy in a trusteeship of a charitable trust that is required to be filled must be filled in the following order of priority:

1. By a person designated in the terms of the trust to act as successor trustee;

2. By a person selected by the charitable organizations expressly designated to receivedistributions under the terms of the trust if the attorney general is provided written notice of the selection and fails to object or concurs in the selection within thirty days of such notice; or

3. By a person appointed by the court.

(5) Regardless of whether a vacancy in a trusteeship exists or is required to be filled, the court may appoint an additional trustee or special fiduciary whenever the court considers the appointment necessary for the administration of the trust.

Source: L. 2018: Entire article added, (SB 18-180), ch. 169, p. 1169, § 1, effective January 1, 2019.