S.B. 95-43 Probate Code - share of spouse - share of heirs - augmented estate - written memorandums - revocation upon divorce - trusts for pets - reliance on agency instrument. Amends the revisions to the "Colorado Probate Code", based upon the "Uniform Probate Code", that were enacted during the 1994 session of the general assembly and are scheduled to take effect July 1, 1995, to clarify intent and make changes and corrections to those revisions.
Amends the "by representation" method of property distribution so that no change would actually occur in this method of property distribution and unintended distributions of property would be avoided. Adopts the new "Uniform Probate Code II" method of distribution of property known as "per capita at each generation". Clarifies that there will be 3 distinct statutorily defined methods of distribution: By representation, per capita at each generation, and per stirpes.
Clarifies the intent that the surviving spouse shall have the largest share rather than the smallest share. Clarifies the language relating to adult and minor children under the share of spouse section. Defines the terms "birth parent" and "birth child" relating to heirs.
Clarifies that the rules of construction themselves do not apply to a finding of a contrary intention.
Clarifies the exemptions concerning joint tenancy interests in real estate under the augmented estate provisions so that the language is consistent with existing law. Clarifies that property that was subject to a testamentary general power is excluded under the augmented estate provisions. Changes the augmented estate provisions to conform with current Colorado law that provides that a signature by a spouse on a gift tax return, consenting to split a gift, is not by itself written consent to a transfer for purposes of excluding it from the augmented estate.
Clarifies that a written memorandum identifying the disposition of tangible personal property can be in the handwriting of the testator. Corrects the language relating to a beneficiary designation. Corrects the language relating to construction of wills and trusts containing formula marital clauses. Amends the section on revocation of probate and nonprobate transfers by divorce to include nomination in a governing instrument nominating a divorced individual's spouse or former spouse's relative.
Sets forth the time for determining an animal's offspring in gestation for purposes of a trust for pets.
Changes the definition of "descendent" in the "Colorado Probate Code" to refer to lineal descendants to eliminate the possibility of referring to collateral descendants.
Exempts title insurance transactions relating to the sale, transfer, encumbrance, or conveyance of real property from a statute that provides for costs and attorney fees when a person fails to comply with a direction made by an agent. Gives discretion to the third party rather than the agent about whether the agent shall provide the original agency instrument or a certified facsimile.
Applies to decedents dying on or after July 1, 1995.
APPROVED by Governor April 27, 1995
EFFECTIVE July 1, 1995
S.B. 95-121 Trustees - standards of conduct - adoption of Uniform Prudent Investor Act. Adopts a standard of prudent investing based on modern portfolio theory. The standard differs in the following key areas from traditional statements of the duty of trustees who oversee the investment of their beneficiaries' funds:
APPROVED by Governor April 21, 1995
EFFECTIVE July 1, 1995
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