In the state of Colorado, trustees hold a variety of responsibilities outlined by state laws and those determined by trust documents. Because Colorado is a Uniform Trust Code State, trustees have a duty to report to beneficiaries of the trust and is expected to act in the best interest of all beneficiaries. These duties include:
· Duty to promote the interest of the trust and its beneficiaries
· Duty to accurately account for the trust’s holdings
· Duty to pay taxes on behalf of the trust
· Duty to comply with the terms of the trust
· Duty to separately maintain the trust’s holdings
With this, it is important to hire a probate attorney to assist trustees with the Trust Administration process to ensure that the trustee is following all the primary duties of a trustee outlined by Colorado law.
By Legal Assistant Hannah Bingaman