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Closing · 6 мин чтения
When a trust ends
C.R.S. §15-5-410(1) provides that a trust terminates to the extent it is revoked or expires under its terms, no purpose of it remains to be achieved, or its purposes have become unlawful, contrary to public policy or impossible to achieve. A court may also modify or terminate a trust because of circumstances the settlor did not anticipate (§15-5-412), and matters involving a trust may be resolved by a nonjudicial settlement agreement (§15-5-111).
The final report
At the trust's termination, a trustee sends the report C.R.S. §15-5-813(3)(a) describes — the trust property, liabilities, receipts and disbursements, including the trustee's compensation, and a listing of the assets with their market values where feasible — to the distributees and permissible distributees and to other qualified beneficiaries who request it.
The proposal for distribution
On termination or partial termination, a trustee may send the beneficiaries a proposal for distribution; a beneficiary's right to object ends if the beneficiary does not notify the trustee of an objection within 30 days after the proposal was sent, but only if the proposal informed the beneficiary of the right to object and the time allowed (C.R.S. §15-5-817(1)).
The trustee proceeds expeditiously to distribute the trust property to the persons entitled to it, subject to the right to keep a reasonable reserve for debts, expenses and taxes (C.R.S. §15-5-817(2)), and may exercise the powers appropriate to wind up the administration (§15-5-816(1)(z)).
Releases, and what follows
A beneficiary's release of the trustee is invalid to the extent it was induced by the trustee's improper conduct, or the beneficiary did not know of the beneficiary's rights or the material facts (C.R.S. §15-5-817(3)). After the final report, a beneficiary's proceeding for breach of trust is limited to one year after a report that adequately disclosed the potential claim and the time allowed, or otherwise three years after the trust's termination (§15-5-1005).
Законы, дословно
Limitation of actions against trustee
C.R.S. §15-5-1005 ↗Понятное простое объяснение; дословный текст статута ещё не заверен в нашей библиотеке. Смотрите официальный статут по ссылке выше.
Modification or termination of trust - proceedings for approval or disapproval
C.R.S. §15-5-410 ↗Понятное простое объяснение; дословный текст статута ещё не заверен в нашей библиотеке. Смотрите официальный статут по ссылке выше.
Duty to inform and report
C.R.S. §15-5-813 ↗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
How does a Colorado trust end?
By its own terms, when no purpose remains, or when its purposes become unlawful, contrary to public policy or impossible (C.R.S. §15-5-410(1)); a court may also modify or terminate it for unanticipated circumstances (§15-5-412).
Can a Colorado trustee keep money back after the trust ends?
A trustee may keep a reasonable reserve for the payment of debts, expenses and taxes while distributing the trust property expeditiously (C.R.S. §15-5-817(2)).
How long do Colorado beneficiaries have to object to a final distribution?
If the trustee sends a proposal for distribution that states the right to object and the time allowed, the right to object ends 30 days after it was sent (C.R.S. §15-5-817(1)).
По теме
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