Core duties · 6 min read
The general duty, and requests
C.R.S. §15-5-813(1) provides that a trustee keeps the qualified beneficiaries reasonably informed about the administration of the trust and the material facts they need to protect their interests, and — unless unreasonable under the circumstances — responds promptly to a qualified beneficiary's request for information related to the administration.
On request, a trustee promptly furnishes a qualified beneficiary a copy of the portions of the trust instrument that describe or affect that beneficiary's interest (C.R.S. §15-5-813(2)(a)) — the statute speaks of the relevant portions, not necessarily the whole document.
The two notices, and the advance notice of compensation
Within 60 days after accepting the trusteeship, a trustee notifies the qualified beneficiaries of the acceptance and of the trustee's name, address and telephone number (C.R.S. §15-5-813(2)(b)). Within 60 days after learning of an irrevocable trust's creation, or that a revocable trust has become irrevocable, the trustee notifies them of the trust's existence, the settlor's identity, and their rights to request the relevant portions of the instrument and a trustee's report (§15-5-813(2)(c)). Neither applies to an acceptance, or a trust made irrevocable, before January 1, 2019 (§15-5-813(5)).
A trustee also notifies the qualified beneficiaries in advance of any change in the method or rate of the trustee's compensation (C.R.S. §15-5-813(2)(d)). Notices may go by first-class mail, personal delivery, delivery to the last-known residence or place of business, or a properly directed electronic message (§15-5-109(1)).
The report
At least annually and at the trust's termination, a trustee sends the distributees and permissible distributees of income or principal — and other qualified beneficiaries who request it — a report of the trust property, liabilities, receipts and disbursements, including the source and amount of the trustee's compensation, with a listing of the assets and their market values where feasible (C.R.S. §15-5-813(3)(a)). On a vacancy with no cotrustee remaining, the former trustee sends a report (§15-5-813(3)(b)).
A report that adequately discloses a potential claim, and states the time allowed, starts a one-year period for a beneficiary's proceeding for breach of trust (C.R.S. §15-5-1005(1)).
Waivers, and the limits a trust cannot change
A qualified beneficiary may waive the right to a trustee's report or other information, and may withdraw the waiver for future reports and information (C.R.S. §15-5-813(4)).
A trust's terms can shape many of a trustee's duties, but C.R.S. §15-5-105(2) lists those they cannot override. Among them: the notices of §15-5-813(2)(b) and (c) to current distributees or permissible distributees at any age, or to other qualified beneficiaries who have attained 25 (§15-5-105(2)(h)), and the duty to respond to an irrevocable trust's qualified beneficiary's request for reports and other information reasonably related to the administration (§15-5-105(2)(i)).
The statutes, verbatim
Limitation of actions against trustee
C.R.S. §15-5-1005 ↗Clear, simple explanation; the verbatim statute text is not yet attested in our library. See the official statute via the link above.
Default and mandatory rules
C.R.S. §15-5-105 ↗Clear, simple explanation; the verbatim statute text is not yet attested in our library. See the official statute via the link above.
Methods and waiver of notice in matters other than judicial proceedings
C.R.S. §15-5-109 ↗Clear, simple explanation; the verbatim statute text is not yet attested in our library. See the official statute via the link above.
Duty to inform and report
C.R.S. §15-5-813 ↗Clear, simple explanation; the verbatim statute text is not yet attested in our library. See the official statute via the link above.
Common questions
Does a Colorado trustee have to give beneficiaries a copy of the trust?
On request, a trustee promptly furnishes a qualified beneficiary a copy of the portions of the trust instrument that describe or affect that beneficiary's interest (C.R.S. §15-5-813(2)(a)).
How often does a Colorado trustee report?
At least annually and at the trust's termination, to the distributees and permissible distributees and to other qualified beneficiaries who request it (C.R.S. §15-5-813(3)(a)); a qualified beneficiary may waive reports (§15-5-813(4)).
Can a Colorado trust's terms waive the trustee's notices?
Not entirely. The terms cannot remove the notices of C.R.S. §15-5-813(2)(b) and (c) for current distributees at any age or for other qualified beneficiaries who are 25 or older (§15-5-105(2)(h)).
Related reading
The Learning Center is general information about Colorado law — not legal advice, and not a substitute for advice from a licensed Colorado attorney about your specific facts. TrusteeClear is software, not a law firm.
Frequently asked questions
- Does a Colorado trustee have to give beneficiaries a copy of the trust?
- On request, a trustee promptly furnishes a qualified beneficiary a copy of the portions of the trust instrument that describe or affect that beneficiary's interest (C.R.S. §15-5-813(2)(a)).
- How often does a Colorado trustee report?
- At least annually and at the trust's termination, to the distributees and permissible distributees and to other qualified beneficiaries who request it (C.R.S. §15-5-813(3)(a)); a qualified beneficiary may waive reports (§15-5-813(4)).
- Can a Colorado trust's terms waive the trustee's notices?
- Not entirely. The terms cannot remove the notices of C.R.S. §15-5-813(2)(b) and (c) for current distributees at any age or for other qualified beneficiaries who are 25 or older (§15-5-105(2)(h)).
General information about Colorado law, not legal advice.