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Distributions · 6 мин чтения
The trust's words come first
A trust's own terms decide who receives what and when. Where a trustee has discretion, C.R.S. §15-5-814 provides that it is exercised in good faith, within the terms and purposes and the beneficiaries' interests; a trustee who is also a beneficiary (other than the settlor) distributes to themselves only under an ascertainable standard unless the terms expressly provide otherwise.
Where a trust uses a statutory division — "per capita at each generation", "per stirpes" or "by representation" — Colorado defines each word (C.R.S. §15-11-709).
Colorado's three divisions
"Per capita at each generation" divides at the nearest generation with a surviving descendant; the deceased members' shares are combined and divided the same way among the next generation (C.R.S. §15-11-709(2)). Colorado's intestacy divides among descendants this way (§15-11-106).
"Per stirpes" divides at the designated ancestor's children, each deceased child's share passing down to that child's descendants and subdividing at each generation (C.R.S. §15-11-709(3)). "By representation", unless the instrument provides otherwise, divides at the nearest generation with a survivor and passes each deceased member's share to that member's descendants in the same manner (§15-11-709(5)).
Timing: the periods that bear on a distribution
No single statute sets when a trustee distributes. Several periods bear on it: a revocable trust's property can answer for the estate's allowed claims and allowances to the extent the probate estate cannot (C.R.S. §15-15-103); claims are barred unless presented within the time the creditors' notice sets and in any event within one year after the death (§15-12-803); and a surviving spouse's elective share is claimed within nine months after the death or six months after probate, whichever is later (§15-11-211).
A contest of a trust that was revocable at the settlor's death must begin within the earlier of three years after the death or 120 days after the trustee sent the person the instrument and the statute's notice (C.R.S. §15-5-604); after the death, the trustee may distribute under the trust's terms without liability for doing so unless the trustee knows of a pending contest, or a potential contestant gave notice and sued within 60 days after it.
At the end: the proposal and the reserve
On termination, a trustee may send the beneficiaries a proposal for distribution; a beneficiary's right to object ends 30 days after it was sent, if it stated the right and the time (C.R.S. §15-5-817(1)). The trustee then distributes expeditiously, keeping a reasonable reserve for debts, expenses and taxes (§15-5-817(2)).
Законы, дословно
Per capita at each generation
C.R.S. §15-11-106 ↗Понятное простое объяснение; дословный текст статута ещё не заверен в нашей библиотеке. Смотрите официальный статут по ссылке выше.
By representation; per capita at each generation; per stirpes
C.R.S. §15-11-709 ↗Понятное простое объяснение; дословный текст статута ещё не заверен в нашей библиотеке. Смотрите официальный статут по ссылке выше.
Discretionary powers - tax savings
C.R.S. §15-5-814 ↗Понятное простое объяснение; дословный текст статута ещё не заверен в нашей библиотеке. Смотрите официальный статут по ссылке выше.
Distribution on termination
C.R.S. §15-5-817 ↗Понятное простое объяснение; дословный текст статута ещё не заверен в нашей библиотеке. Смотрите официальный статут по ссылке выше.
Частые вопросы
What does "per stirpes" mean in a Colorado trust?
C.R.S. §15-11-709(3) divides the property at the designated ancestor's children — one share for each surviving child and each deceased child who left descendants — and each deceased child's share passes down the same way.
How does Colorado divide an estate among descendants without a will?
Per capita at each generation (C.R.S. §15-11-106): at the nearest generation with a survivor, each survivor takes a share, and the deceased members' shares are combined and divided equally among the next generation.
When can a Colorado trustee distribute after a death?
When the trust's terms call for it and the periods that can reach the property are accounted for — the estate's claims (C.R.S. §§15-15-103, 15-12-803), a spouse's elective share (§15-11-211) and a contest of the trust (§15-5-604).
По теме
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