C.R.S. Section 15-1-1201
Life estate in property

  • rights of surviving spouse

(1)

Unless the instrument provides otherwise, any devise of a life estate in property to a surviving spouse by a decedent spouse shall entitle the surviving spouse to:

(a)

All income for life from the entire interest in or specific portion of the property, payable annually or at more frequent intervals;

(b)

Exclusive beneficial enjoyment of the property during his life, including such income or use of the property as is consistent with the value of the property and its preservation; except that, during the surviving spouse’s lifetime, no person other than the surviving spouse may receive any distribution of the property or its income; and

(c)

Make the property productive or convert it into productive property within a reasonable time after the devise; except that, the exercise of such power shall be subject to the degree of judgment and care which a prudent person would use if he were the owner of the property. The proceeds of any such conversion shall be reinvested by the surviving spouse in a form subject to the life estate and remainder rights created by the decedent.

(2)

The provisions of this part 12 shall be interpreted consistently with the requirements of section 2056 (b)(7) of the federal “Internal Revenue Code of 1986”, as amended, if the personal representative of the estate of the decedent spouse elects to treat such life estate as qualified terminable interest property under said Internal Revenue Code section.

Source: Section 15-1-1201 — Life estate in property - rights of surviving spouse, https://leg.­colorado.­gov/sites/default/files/images/olls/crs2023-title-15.­pdf (accessed Oct. 20, 2023).

15‑1‑101
Short title 15‑1‑102
Legislative declaration 15‑1‑103
Definitions 15‑1‑104
Prior transactions 15‑1‑105
Application of payments to fiduciary 15‑1‑106
Transfer of negotiable instruments by fiduciary 15‑1‑107
Check drawn by fiduciary payable to third person, effect 15‑1‑108
Check drawn by and payable to fiduciary, effect 15‑1‑109
Deposit in name of fiduciary 15‑1‑110
Check drawn upon account of principal by fiduciary 15‑1‑111
Deposits in personal account of fiduciary 15‑1‑112
Deposits in name of two or more trustees 15‑1‑112.5
Liability of a fiduciary for acts of predecessor fiduciary 15‑1‑113
Cases not provided for in law 15‑1‑201
When part 2 applicable 15‑1‑201.5
Definitions 15‑1‑202
Trustee not liable, when 15‑1‑203
No liability if distribution under instrument 15‑1‑204
Rights of appointees 15‑1‑205
Rights of persons entitled 15‑1‑206
Rights of bona fide purchasers 15‑1‑301
Fiduciary defined 15‑1‑302
Application 15‑1‑303
Construction of part 3 15‑1‑304
Standard for investments 15‑1‑304.1
Standard for investments on and after July 1, 1995 - “Colorado Uniform Prudent Investor Act” 15‑1‑305
Terms of instrument govern 15‑1‑306
Court not restricted 15‑1‑308
Investments in United States government obligations 15‑1‑501
Fiduciary property kept separate 15‑1‑502
Nominees 15‑1‑503
Fiduciary property deposits 15‑1‑504
Holding of securities by fiduciary or depository of fiduciary property 15‑1‑505
Records 15‑1‑506
Liability of issuer 15‑1‑507
Custodian as fiduciary 15‑1‑508
Individual and corporate fiduciaries 15‑1‑509
Fiduciary duty 15‑1‑510
Application 15‑1‑701
Power to become partner 15‑1‑702
Family business interests - maintenance of entity - formation of successor entity 15‑1‑801
Short title 15‑1‑802
Definitions 15‑1‑803
Powers conferred on fiduciaries 15‑1‑804
Powers available 15‑1‑805
Powers of fiduciary conferred by court 15‑1‑806
Third persons protected in dealing with fiduciary 15‑1‑807
Applicability 15‑1‑1001
Legislative declaration 15‑1‑1002
Prohibition of certain acts - amendment of governing instrument 15‑1‑1003
Requirement for distribution of certain amounts 15‑1‑1004
Applicability of sections 15-1-1002 and 15-1-1003 15‑1‑1005
Rights and powers of courts and attorney general not impaired 15‑1‑1006
References to “Internal Revenue Code of 1954” 15‑1‑1007
Application of part 10 15‑1‑1101
Short title 15‑1‑1102
Definitions 15‑1‑1103
Standard of conduct in managing and investing institutional fund 15‑1‑1104
Appropriation for expenditure of accumulation of endowment fund - rules of construction 15‑1‑1105
Delegation of management and investment functions 15‑1‑1106
Release or modification of restrictions on management, investment, or purpose 15‑1‑1107
Reviewing compliance 15‑1‑1108
Application to existing institutional funds 15‑1‑1109
Relation to “Electronic Signatures in Global and National Commerce Act” 15‑1‑1110
Uniformity of application and construction 15‑1‑1201
Life estate in property - rights of surviving spouse 15‑1‑1202
Applicability of part 15‑1‑1401
Restrictions on exercise of certain fiduciary powers 15‑1‑1501
Short title 15‑1‑1502
Definitions 15‑1‑1503
Applicability 15‑1‑1504
User direction for disclosure of digital assets 15‑1‑1505
Terms-of-service agreement 15‑1‑1506
Procedure for disclosing digital assets 15‑1‑1507
Disclosure of content of electronic communications of deceased user 15‑1‑1508
Disclosure of other digital assets of deceased user 15‑1‑1509
Disclosure of content of electronic communications of principal 15‑1‑1510
Disclosure of other digital assets of principal 15‑1‑1511
Disclosure of digital assets held in trust when trustee is original user 15‑1‑1512
Disclosure of contents of electronic communications held in trust when trustee not original user 15‑1‑1513
Disclosure of other digital assets held in trust when trustee not original user 15‑1‑1514
Disclosure of digital assets to conservator of protected person 15‑1‑1515
Fiduciary duty and authority 15‑1‑1516
Custodian compliance and immunity 15‑1‑1517
Uniformity of application and construction 15‑1‑1518
Relation to electronic signatures in global and national commerce act
Green check means up to date. Up to date

Current through Fall 2024

§ 15-1-1201’s source at colorado​.gov