C.R.S. Section 15-5-704
Vacancy in trusteeship

  • appointment of successor

(1)

A vacancy in a trusteeship occurs if:

(a)

A person designated as trustee rejects the trusteeship;

(b)

A person designated as trustee cannot be identified or does not exist;

(c)

A trustee resigns;

(d)

A trustee is disqualified or removed;

(e)

A trustee dies; or

(f)

A guardian or conservator is appointed for an individual serving as trustee.

(2)

If one or more cotrustees remain in office, a vacancy in a trusteeship need not be filled. A vacancy in a trusteeship must be filled if the trust has no remaining trustee.

(3)

A vacancy in a trusteeship of a noncharitable trust that is required to be filled must be filled in the following order of priority:

(a)

By a person designated in the terms of the trust to act as successor trustee;

(b)

By a person appointed by unanimous agreement of the qualified beneficiaries; or

(c)

By a person appointed by the court.

(4)

A vacancy in a trusteeship of a charitable trust that is required to be filled must be filled in the following order of priority:

(a)

By a person designated in the terms of the trust to act as successor trustee;

(b)

By a person selected by the charitable organizations expressly designated to receive distributions under the terms of the trust if the attorney general is provided written notice of the selection and fails to object or concurs in the selection within thirty days of such notice; or

(c)

By a person appointed by the court.

(5)

Regardless of whether a vacancy in a trusteeship exists or is required to be filled, the court may appoint an additional trustee or special fiduciary whenever the court considers the appointment necessary for the administration of the trust.

Source: Section 15-5-704 — Vacancy in trusteeship - appointment of successor, 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

§ 15-5-704’s source at colorado​.gov