C.R.S. Section 15-5-602
Revocation or amendment of revocable trust


(1)

Unless the terms of a trust expressly provide that the trust is irrevocable, the settlor may revoke or amend the trust. This subsection (1) does not apply to a trust created under an instrument executed before August 7, 2013.

(2)

Unless the terms of a trust expressly provide otherwise, if a revocable trust is created or funded by more than one settlor:

(a)

To the extent the trust consists of community property, the trust may be revoked by either spouse acting alone, with regard to the portion of the trust property attributable to that settlor’s contribution, but may be amended only by joint action of both spouses;

(b)

To the extent the trust consists of property other than community property, each settlor may revoke or amend the trust with regard to the portion of the trust property attributable to that settlor’s contribution; and

(c)

Upon the revocation or amendment of the trust by fewer than all of the settlors, the trustee shall promptly notify the other settlors of the revocation or amendment.

(3)

The settlor may revoke or amend a revocable trust:

(a)

By substantial compliance with a method provided in the terms of the trust; or

(b)

If the terms of the trust do not provide a method or the method provided in the terms is not expressly made exclusive, by any other method manifesting clear and convincing evidence of the settlor’s intent, which may include a later will or codicil that expressly refers to the trust or specifically devises property that would otherwise have passed according to the terms of the trust. A provision in a trust specifying a method to revoke or amend the trust does not make the specified method exclusive unless the specified method is referred to as the “sole”, “exclusive”, or “only” method of revoking or amending the trust or the provision includes similar language manifesting the settlor’s intent that the trust may not be revoked or amended by any other method.

(4)

Upon revocation of a revocable trust, the trustee shall deliver the trust property as the settlor directs.

(5)

A settlor’s powers with respect to revocation, amendment, or distribution of trust property may be exercised by an agent under a power of attorney only to the extent expressly authorized by the terms of the trust or the power.

(6)

Unless the terms of a trust expressly provide otherwise, or the power to do so has been expressly granted to another person, a conservator of the settlor or, if no conservator has been appointed, a guardian of the settlor, may exercise the settlor’s powers with respect to revocation, amendment, or distribution of trust property, but only with the approval of the court supervising the conservatorship or guardianship.

(7)

A trustee who does not know that a trust has been revoked or amended is not liable to the settlor or the settlor’s successors in interest for distributions made and other actions taken on the assumption that the trust has not been amended or revoked.

Source: Section 15-5-602 — Revocation or amendment of revocable trust, https://leg.­colorado.­gov/sites/default/files/images/olls/crs2023-title-15.­pdf (accessed Oct. 20, 2023).

15‑5‑101
Short title
15‑5‑102
Scope
15‑5‑103
Definitions
15‑5‑104
Knowledge
15‑5‑105
Default and mandatory rules
15‑5‑106
Common law of trusts - principles of equity - other statutes
15‑5‑107
Governing law
15‑5‑108
Principal place of administration
15‑5‑109
Methods and waiver of notice in matters other than judicial proceedings
15‑5‑110
Others treated as qualified beneficiaries
15‑5‑111
Nonjudicial settlement agreements
15‑5‑112
Rules of construction
15‑5‑113
Alternate dispute resolution
15‑5‑114
Insurable interest of trustee - definition
15‑5‑201
Role of court in administration of trust
15‑5‑202
Jurisdiction over trustee and beneficiary
15‑5‑203
Subject matter jurisdiction
15‑5‑204
Venue
15‑5‑205
Registration of trusts
15‑5‑206
Registration procedures and content of statement
15‑5‑207
Effect of failure to register
15‑5‑208
Registration - qualification of a foreign trustee
15‑5‑209
Release of trust registration statement
15‑5‑210
Judicially approved settlements
15‑5‑301
Representation - basic effect
15‑5‑301.5
Scope of representative’s authority and duty of certain representatives - definitions
15‑5‑302
Representation by a holder of general testamentary power of appointment
15‑5‑303
Representation by fiduciaries and parents
15‑5‑304
Representation by person having substantially identical interest
15‑5‑305
Appointment of representative
15‑5‑401
Methods of creating trust
15‑5‑402
Requirements for creation
15‑5‑403
Trusts created in other jurisdictions
15‑5‑404
Trust purposes
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
15‑5‑409.5
Additional provisions applicable to noncharitable trusts without ascertainable beneficiary and trusts for care of animal
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
15‑5‑412
Modification or termination because of unanticipated circumstances or inability to administer trust effectively
15‑5‑413
Cy pres
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
15‑5‑417
Combination and division of trusts
15‑5‑501
Rights of beneficiary’s creditor or assignee
15‑5‑502
Spendthrift provision
15‑5‑503
Exceptions to spendthrift provision - definitions
15‑5‑504
Discretionary trusts - effect of standard - definitions
15‑5‑505
Creditor’s claim against a settlor
15‑5‑506
Overdue distribution - definition
15‑5‑507
Personal obligations of trustee
15‑5‑508
Application of part
15‑5‑602
Revocation or amendment of revocable trust
15‑5‑603
Settlor’s powers
15‑5‑604
Limitation on action contesting validity of revocable trust
15‑5‑701
Accepting or declining trusteeship
15‑5‑702
Trustee’s bond
15‑5‑703
Cotrustees
15‑5‑704
Vacancy in trusteeship - appointment of successor
15‑5‑705
Resignation of trustee
15‑5‑706
Removal of trustee
15‑5‑707
Delivery of property by former trustee
15‑5‑708
Compensation of trustee
15‑5‑709
Reimbursement of expenses
15‑5‑801
Duty to administer trust
15‑5‑802
Duty of loyalty
15‑5‑803
Impartiality
15‑5‑804
Prudent administration
15‑5‑805
Costs of administration
15‑5‑806
Trustee’s skills
15‑5‑807
Delegation by trustee
15‑5‑808
Powers to direct
15‑5‑809
Control and protection of trust property
15‑5‑810
Record keeping and identification of trust property
15‑5‑811
Enforcement and defense of claims
15‑5‑812
Collecting trust property
15‑5‑813
Duty to inform and report
15‑5‑814
Discretionary powers - tax savings
15‑5‑815
General powers of trustee
15‑5‑816
Specific powers of trustee
15‑5‑817
Distribution on termination
15‑5‑818
Reimbursement for taxes - definitions
15‑5‑1001
Remedies for breach of trust
15‑5‑1002
Damages for breach of trust
15‑5‑1003
Damages in absence of breach
15‑5‑1004
Compensation and costs
15‑5‑1005
Limitation of actions against trustee
15‑5‑1006
Reliance on trust instrument
15‑5‑1007
Event affecting administration or distribution
15‑5‑1008
Exculpation of trustee
15‑5‑1009
Beneficiary’s consent, release, or ratification
15‑5‑1010
Limitation on personal liability of trustee
15‑5‑1011
Interest as a general partner
15‑5‑1012
Protection of person dealing with trustee
15‑5‑1013
Certification of trust
15‑5‑1301
Life insurance policy owned by a trustee - definition
15‑5‑1401
Uniformity of application and construction
15‑5‑1402
Electronic records and signatures
15‑5‑1403
Severability clause
15‑5‑1404
Application to existing relationships
Green check means up to date. Up to date

Current through Fall 2024

§ 15-5-602’s source at colorado​.gov