Colorado § 15-5-402 - Requirements for creation.
Full text of Colorado Colorado Revised Statutes § 15-5-402 — Requirements for creation., with citation guidance and answers to common questions.
§ 15-5-402. Requirements for creation.
(1) A trust is created only if:
(a) Either:
(I) The settlor has capacity to create a trust and indicates an intention to create a trust; or
(II) A statute, judgment, or decree authorizes creation of a trust;
(b) The trust has a definite beneficiary or is:
(I) A charitable trust;
(II) A trust for the care of an animal, as provided in section 15-5-408; or
(III) A trust for a noncharitable purpose, as provided in section 15-5-409;
(c) The trustee has duties to perform; and
(d) The same person is not the sole trustee and sole beneficiary.
(2) A beneficiary is definite if the beneficiary can be ascertained now or in the future, subject to any applicable rule against perpetuities.
(3) A power in a trustee to select a beneficiary from an indefinite class is valid. If the power is not exercised within a reasonable time, the power fails and the property subject to the power passes to the persons who would have taken the property had the power not been conferred.
Source: L. 2018: Entire article added, (SB 18-180), ch. 169, p. 1160, § 1, effective January 1, 2019.
ANNOTATION
Law reviews. For article, "The Lifecycle of a Revocable Trust", see 49 Colo. Law. 56 (Feb. 2020).
Frequently Asked Questions About Colorado § 15-5-402
What does Colorado Revised Statutes § 15-5-402 cover?
Section 15-5-402 ("Requirements for creation.") is part of the Colorado Revised Statutes, the codified statutory law of Colorado. It sets out the legal rule or procedure described in the text above. Statutes are amended regularly, so always verify against the official source.
How do I cite Colorado § 15-5-402?
A common citation format is "Colorado Revised Statutes § 15-5-402" (Colorado). Legal writing may require the code abbreviation, section number, and year or edition. Match the style required by your court, professor, or publisher.
Is this the official text of Colorado law?
No. This page is for research and education and may not include the most recent amendments. For official current law, check the Colorado official source linked on this page or consult a licensed Colorado attorney.
How does Colorado § 15-5-402 apply to my situation?
Statutes are interpreted in context, and application depends on your specific facts. Only a licensed attorney in Colorado can advise on how this section applies to you. Contact your state or local bar association for a referral.
Sources & Verification
Not legal advice. Verify against the official source and consult a licensed attorney in Colorado.