The Uniform Fiduciary Income and Principal Act (“UFIPA”) is the next iteration of the Uniform Principal and Income Act (“UPIA; §§ C.R.S. 15-1-401, et seq.). This presentation will provide: (1) an overview of UFIPA as it is slated to be introduced in Colorado in 2021; and (2) examples of fiduciary accounting scenarios for trusts and estates highlighting key terminology, distinctions between fiduciary and tax accounting, and case law. The objectives of the presentation are to provide an update for experienced attorneys and an introduction for newer practitioners.