H.B. 96-1342 Probate code amendments - marital agreements - nonclaim statute - transfer of property in joint tenancy. Extends the effect of the execution of a waiver or marital agreement on previously drafted probate documents to the relatives of the waiving party. Applies to waivers, revocations, and marital agreements executed on or after July 1, 1996.
Sets forth restrictions on the exercise of specified fiduciary powers by a trustee who is also a beneficiary of a trust. Provides that any of the proscribed fiduciary powers that are conferred upon 2 or more trustees may be exercised by the trustees who are not so disqualified. Allows any party in interest to apply to a court of competent jurisdiction to appoint an independent trustee who may exercise such powers, if there is no trustee qualified to exercise the fiduciary powers. Makes the fiduciary powers statute applicable to every governing instrument unless the terms of the governing instrument provide expressly to the contrary or unless, if the trust is irrevocable, all parties in interest elect affirmatively not to be subject to the application of the fiduciary powers statute.
Specifies that exempt property from an estate may be in the form of cash or personal property. States that, if the estate is otherwise sufficient, property specifically devised or disposed of by a memorandum written by the testator to any person other than a person entitled to exempt property may not
be used to satisfy rights to exempt property.
Specifies in which court the custodian of a will must lodge the will. Clarifies venue for a decedent's estate in cases where the decedent was not a resident of Colorado.
With respect to decedents dying on or after October 1, 1996, imposes a duty on the personal representative to inform the heirs that the surviving spouse and minor and dependent children may be entitled to exempt property and a family allowance and that the surviving spouse may have a right of election to take a portion of the augmented estate.
Specifies that the time limits for presentation of a claim by a creditor against a decedent's estate that arose before the decedent's death are governed under the statute concerning allowance of claims.
Corrects a citation and clarifies that trusts created for the purpose of establishing or maintaining income eligibility for medicaid ("Miller trusts") are exempt from the filing fee for trust registration.
Amends the statute on creation of joint tenancy in real property to state that the instrument of transfer or conveyance can be either in joint tenancy or as joint tenants. Clarifies the terminology for the transfer of joint tenancy.
APPROVED by Governor May 2, 1996
EFFECTIVE July 1, 1996
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