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Colorado Revised Statutes Title 15. Probate, Trusts, and Fiduciaries § 15-1.2-202. Judicial review of exercise of discretionary power--definition

Current as of January 01, 2025 | Updated by Findlaw Staff

(1) In this section, “fiduciary decision” means:

(a) A fiduciary's allocation between income and principal or other determination regarding income and principal required or authorized by the terms of the trust or this article 1.2;

(b) The fiduciary's exercise or nonexercise of a discretionary power regarding income and principal granted by the terms of the trust or this article 1.2, including the power to adjust under section 15-1.2-203, convert an income trust to a unitrust under section 15-1.2-303(1)(a), change the percentage or method used to calculate a unitrust amount under section 15-1.2-303(1)(b), or convert a unitrust to an income trust under section 15-1.2-303(1)(c); or

(c) The fiduciary's implementation of a decision described in subsection (1)(a) or (1)(b) of this section.

(2) The court may not order a fiduciary to change a fiduciary decision unless the court determines that the fiduciary decision was an abuse of the fiduciary's discretion.

(3) If the court determines that a fiduciary decision was an abuse of the fiduciary's discretion, the court may order a remedy authorized by law, including section 15-5-1001 of the “Colorado Uniform Trust Code” and part 5 of article 10 of this title 15. To place the beneficiaries in the positions the beneficiaries would have occupied if there had not been an abuse of the fiduciary's discretion, the court may order:

(a) The fiduciary to exercise or refrain from exercising the power to adjust under section 15-1.2-203;

(b) The fiduciary to exercise or refrain from exercising the power to convert an income trust to a unitrust under section 15-1.2-303(1)(a), change the percentage or method used to calculate a unitrust amount under section 15-1.2-303(1)(b), or convert a unitrust to an income trust under section 15-1.2-303(1)(c);

(c) The fiduciary to distribute an amount to a beneficiary;

(d) A beneficiary to return some or all of a distribution; or

(e) The fiduciary to withhold an amount from one or more future distributions to a beneficiary.

(4) Reserved.

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Cite this article: FindLaw.com - Colorado Revised Statutes Title 15. Probate, Trusts, and Fiduciaries § 15-1.2-202. Judicial review of exercise of discretionary power--definition - last updated January 01, 2025 | https://codes.findlaw.com/co/title-15-probate-trusts-and-fiduciaries/co-rev-st-sect-15-1-2-202/

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