Colorado § 15-5-813 - Duty to inform and report.

§ 15-5-813. Duty to inform and report.

(1) A trustee shall keep the qualified beneficiaries of the trust reasonably informed about the administration of the trust and of the material facts necessary for them to protect their interests. Unless unreasonable under the circumstances, a trustee shall promptly respond to a qualified beneficiary's request for information related to the administration of the trust.

(2) A trustee:

(a) Upon request of a qualified beneficiary, shall promptly furnish to the qualified beneficiary a copy of the portions of the trust instrument that describe or affect the beneficiary's interest;

(b) Within sixty days after accepting a trusteeship, shall notify the qualified beneficiaries of the acceptance and of the trustee's name, address, and telephone number;

(c) Within sixty days after the date the trustee acquires knowledge of the creation of an irrevocable trust, or the date the trustee acquires knowledge that a formerly revocable trust has become irrevocable, whether by the death of the settlor or otherwise, shall notify the qualified beneficiaries of the trust's existence, of the identity of the settlor or settlors, of the right to request portions of the trust instrument that describe or affect the beneficiary's interest, and of the right to a trustee's report as provided in subsection (3) of this section; and

(d) Shall notify the qualified beneficiaries in advance of any change in the method or rate of the trustee's compensation.

(3) (a) At least annually and at the termination of the trust, a trustee shall send to the distributees or permissible distributees of trust income or principal, and to other qualified beneficiaries who request it:

(I) A report of the trust property, liabilities, receipts, and disbursements, including the source and amount of the trustee's compensation; and

(II) A listing of the trust assets and, if feasible, their respective market values.

(b) Upon a vacancy in a trusteeship, unless a cotrustee remains in office, the former trustee shall send a report to the qualified beneficiaries. A personal representative, conservator, or guardian may send the qualified beneficiaries a report on behalf of a deceased or incapacitated trustee.

(4) A qualified beneficiary may waive the right to a trustee's report or other information required to be furnished pursuant to this section. A qualified beneficiary, with respect to future reports and other information, may withdraw a waiver previously given.

(5) Subsections (2)(b) and (2)(c) of this section do not apply to a trustee who accepts a trusteeship before January 1, 2019, to an irrevocable trust created before January 1, 2019, or to a revocable trust that becomes irrevocable before January 1, 2019.

(6) Nothing in this section may be construed to impose on the trustee a duty to inform or report to any person other than a qualified beneficiary or as directed by the court.

Source: L. 2018: Entire article added, (SB 18-180), ch. 169, p. 1176, § 1, effective January 1, 2019.