SB 17-124

Senate Bill 17-124, known as the Colorado Uniform Trust Decanting Act, is a law that allows trustees to make certain changes to trust documents without going through court. The bill was recently signed into law and it corrects an error in the original act where one reference incorrectly pointed to a "second trust" instead of a "first trust." This change ensures that the Colorado law aligns with the national uniform standards for trust decanting, making it clearer and more consistent for those managing trusts. The bill affects trustees and beneficiaries by providing them with accurate guidelines for modifying trust terms.

Official Summary

Statutory Revision Committee. Section 15-16-919 (2)(j)(I) of the 'Colorado Uniform Trust Decanting Act' refers to a second trust when discussing the decanting power of an authorized fiduciary. This conflicts with the uniform law commission's corrected version of the 'Colorado Uniform Trust Decanting Act'. The bill changes one reference to the second trust to the first trust. (Note: This summary applies to this bill as introduced.)

Votes