Colorado Revised Statutes Title 15. Probate, Trusts, and Fiduciaries § 15-5-108. Principal place of administration

(1) Without precluding other means for establishing a sufficient connection with the designated jurisdiction, terms of a trust designating the principal place of administration are valid and controlling if:

(2) In the case of cotrustees, the principal place of administration, if not otherwise designated in the trust instrument, is the usual place of business of the corporate trustee if there is but one corporate cotrustee, or the usual place of business or residence of the individual trustee who is a professional fiduciary if there is but one such person and no corporate cotrustee, and otherwise the usual place of business or residence of any of the cotrustees as agreed upon by them.

(3) A trustee is under a continuing duty to administer the trust at a place appropriate to its purposes, its administration, and the interests of the beneficiaries.

(4) Without precluding the right of the court to order, approve, or disapprove a transfer, the trustee, in furtherance of the duty prescribed by subsection (3) of this section, may transfer the trust's principal place of administration to another state or to a jurisdiction outside the United States.

(5) The trustee shall notify the qualified beneficiaries of a proposed transfer of a trust's principal place of administration not less than sixty days before initiating the transfer. The notice of a proposed transfer must include:

(6) If a qualified beneficiary notifies the trustee of an objection to a proposed transfer of the trust's principal place of administration, the authority of a trustee pursuant to this section to transfer a trust's principal place of administration is suspended, pending resolution of the objection.

(7) In connection with a transfer of the trust's principal place of administration, the trustee may transfer some or all of the trust property to a successor trustee designated in the terms of the trust or appointed pursuant to section 15-5-704.