Subject to section 15-5-409.5 and except as provided pursuant to sections 38-30-110 to 38-30-112, if a trust is for a specific, lawful, noncharitable purpose or for lawful, noncharitable purposes to be selected by the trustee, and there is no definite or definitely ascertainable beneficiary designated, the trust may be performed by the trustee for twenty-one years but no longer, regardless of whether the terms of trust contemplate a longer duration.
Source: L. 2018: Entire article added, (SB 18-180), ch. 169, p. 1162, § 1, effective January 1, 2019.
Structure Colorado Code
Title 15 - Probate, Trusts, and Fiduciaries
Article 5 - Colorado Uniform Trust Code
Part 4 - Creation, Validity, Modification, and Termination of Trust
§ 15-5-401. Methods of Creating Trust
§ 15-5-402. Requirements for Creation
§ 15-5-403. Trusts Created in Other Jurisdictions
§ 15-5-405. Charitable Purposes - Enforcement
§ 15-5-406. Creation of Trust Induced by Fraud, Duress, or Undue Influence
§ 15-5-407. Evidence of Oral Trust
§ 15-5-408. Trust for Care of an Animal
§ 15-5-409. Noncharitable Trust Without Ascertainable Beneficiary
§ 15-5-410. Modification or Termination of Trust - Proceedings for Approval or Disapproval
§ 15-5-411. Modification or Termination of Noncharitable Irrevocable Trust by Consent
§ 15-5-414. Modification or Termination of Uneconomic Trust
§ 15-5-415. Reformation to Correct Mistakes
§ 15-5-416. Modification to Achieve Settlor's Tax Objectives