Name
Breakout Session #3 -UTC Part 5 - Spendthrift and Discretionary Trusts—Protection of the Beneficiaries’ Interests from Their Creditors
Time
10:05 AM - 11:25 AM
Description

Colorado adopted the Uniform Trust Code effective January 1, 2019, but omitted Part 5 of the UTC, dealing with creditors’ rights, to allow the Bar Association time for additional review. A committee of the T&E section proposed a modified version of Part 5, which was approved by the Section’s Legislative Policy Committee and which the Colorado Uniform Law Commissioners plan to introduce in the 2021 legislative session. In this breakout session, we will discuss spendthrift and discretionary trusts, including creditors’ rights to reach a beneficiary’s interest in a trust under the common law, how those rights will be modified by UTC Part 5, and how and why Colorado’s version of Part 5 differs from the uniform law.