Probate, Trusts, And Fiduciaries - Digest of Bills

Digest of Bills - 2001

PROBATE, TRUSTS, AND FIDUCIARIES

H.B. 01-1377 Probate of wills - rule against perpetuities - personal service on minors - amendments to applicability of "Colorado Uniform Guardian and Protective Proceedings Act". Makes the harmless error doctrine for complying with will formalities applicable not only to wills but also to partial or complete revocations of wills, additions to or alterations of wills, and partial or complete revivals of previously revoked wills. Provides that the harmless error doctrine shall apply only in the case of a document that is either signed by the testator or acknowledged by the testator as his or her will. Provides that the harmless error doctrine does apply in the case of "switched wills" where husbands and wives inadvertently sign each other's wills. Makes technical corrections to the statutes relating to the formalities for execution of a witnessed will and a self-proved will.

Amends the statutory rule against perpetuities to prevent certain trusts from being subject to the rule against perpetuities.

Allows lawyers for a personal representative to be compensated from an estate. Permits a fiduciary for a personal representative or for an estate who is a member of a law firm to use the law firm and charge the estate for the legal services of the law firm's staff. If a personal representative, person with priority for appointment as a personal representative, court-appointed fiduciary, or lawyer for such a person has to defend his or her fees or costs for administering an estate, allows for court review of such fees or costs and allows the court to make equitable awards of the fees and costs. States that a personal representative, person with priority for appointment as a personal representative, or court-appointed fiduciary who is unsuccessful in defending the propriety of his or her actions in a breach of fiduciary duty action shall not be entitled to recover expenses from the estate.

Limits the requirement for using personal service for the notice of conservatorship or protective proceeding to respondents who are 12 years of age or older.

Eliminates an incorrect reference to temporary conservatorship and replaces it with the term special conservatorship.

Amends the applicability provision of the legislation enacting the "Colorado Uniform Guardian and Protective Proceedings Act". Clarifies the applicability of the repeal and reenactment of the parts relating to guardians and protective proceedings to estates, trusts, or protective proceedings created or filed prior to January 1, 2001, the effective date of the new act. Provides that in cases where the terms of an instrument creating an estate or trust created prior to January 1, 2001, or in cases where court orders have been issued prior to January 1, 2001, and such terms or court orders are contrary to or inconsistent with the new law, the terms of the instrument or the court orders will control unless the court issues subsequent orders.

APPROVED by Governor June 1, 2001
EFFECTIVE June 1, 2001