Colorado Commission on Uniform State Laws. The bill repeals
the Uniform Principal and Income Act and replaces it with the Uniform Fiduciary Income and Principal Act (UFIPA), as drafted by the Uniform Law Commission, with Colorado-specific amendments.
The UFIPA includes provisions concerning: •
Duties of fiduciaries;
•
Judicial review of fiduciaries;
•
Trusts in which the beneficiary receives a periodic payout of a percentage of the net value of trust assets, known as unitrusts;
•
Allocation of trust receipts and disbursements; and
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Procedures followed at the termination of a trust or an income interest in a trust.
The bill makes additional conforming amendments.
