Date: 04/08/2014

Final
BILL SUMMARY for HB14-1322

HOUSE COMMITTEE ON JUDICIARY

Votes: View--> Action Taken:
Adopt amendment L.001 (Attachment E). The motion p
Adopt amendment L.004 (Attachment D). The motion p
Adopt amendment L.005 (Attachment C). The motion p
Refer House Bill 14-1322, as amended, to the Commi		Pass Without Objection
Pass Without Objection
Pass Without Objection
PASS



04:23 PM -- HB14-1322

Representative McLachlan, prime sponsor, presented House Bill 14-1322, concerning the Colorado Probate Code. Representative McLachlan explained his reasons for bringing the bill forward. The following persons testified regarding House Bill 14-1322:

04:28 PM -- Mr. Aaron Evans, representing the Trust and Estate Section of the Colorado Bar Association, testified in support of the bill. Committee members received a fact sheet supporting the bill, drafted by the Colorado Bar Association (Attachment B). Mr. Evans discussed the effect of certain provisions of the bill. Mr. Evans provided an example of the practical effect of a provision in the bill concerning nonademption of specified devises. Mr. Evans continued discussing the effect of certain provisions in the bill, as outlined in Attachment B. Mr. Evans responded to questions regarding the shifting of the burden of proof under section 2 of the bill.

14HseJud0408AttachB.pdf14HseJud0408AttachB.pdf

04:35 PM -- Ms. Laurie Hunter, representing the Trust and Estate Section of the Colorado Bar Association, testified in support of the bill. Ms. Hunter explained the effect of section 1 of the bill concerning the elective share of a surviving spouse, and provided background on the issue. Ms. Hunter also discussed the effect of prepared amendment L.005 (Attachment C). Ms. Hunter responded to questions regarding the inclusion of life insurance proceeds within the augmented estate under state law. Ms. Hunter noted the disposition of independent retirement accounts under section 1 of the bill.

14HseJud0408AttachC.pdf14HseJud0408AttachC.pdf

04:48 PM

Ms. Hunter responded to questions regarding the bill's effect on certain computations for an augmented estate. Ms. Hunter explained the effect of prepared amendment L.004 (Attachment D).

14HseJud0408AttachD.pdf14HseJud0408AttachD.pdf

04:52 PM -- Ms. Bette Heller, representing the Trust and Estate Section of the Colorado Bar Association, testified in support of the bill. Ms. Heller outlined the effect of sections 5, 6, and 10 of the bill, and explained the need for these sections.

05:06 PM -- Mr. Richard Seymour, representing the National Association of Insurance and Financial Advisors, testified in support of the bill. Mr. Seymour praised the stakeholder process that led to the introduction of the bill, and spoke in support of prepared amendment L.001 (Attachment E).

14HseJud0408AttachE.pdf14HseJud0408AttachE.pdf
BILL:HB14-1322
TIME: 05:07:48 PM
MOVED:McLachlan
MOTION:Adopt amendment L.001 (Attachment E). The motion passed without objection.
SECONDED:Court
VOTE
Buckner
Court
Gardner
Lawrence
McLachlan
Murray
Pettersen
Salazar
Waller
Lee
Kagan
YES: 0 NO: 0 EXC: 0 ABS: 0 FINAL ACTION: Pass Without Objection
BILL:HB14-1322
TIME: 05:08:27 PM
MOVED:McLachlan
MOTION:Adopt amendment L.004 (Attachment D). The motion passed without objection.
SECONDED:Salazar
VOTE
Buckner
Court
Gardner
Lawrence
McLachlan
Murray
Pettersen
Salazar
Waller
Lee
Kagan
YES: 0 NO: 0 EXC: 0 ABS: 0 FINAL ACTION: Pass Without Objection


05:09 PM

Discussion ensued regarding the legal rate of interest in Colorado.
BILL:HB14-1322
TIME: 05:09:13 PM
MOVED:McLachlan
MOTION:Adopt amendment L.005 (Attachment C). The motion passed without objection.
SECONDED:Lee
VOTE
Buckner
Court
Gardner
Lawrence
McLachlan
Murray
Pettersen
Salazar
Waller
Lee
Kagan
YES: 0 NO: 0 EXC: 0 ABS: 0 FINAL ACTION: Pass Without Objection


05:10 PM

Representative McLachlan provided closing remarks in support of House Bill 14-1322.
BILL:HB14-1322
TIME: 05:11:22 PM
MOVED:McLachlan
MOTION:Refer House Bill 14-1322, as amended, to the Committee of the Whole. The motion passed on a vote of 10-0.
SECONDED:Court
VOTE
Buckner
Yes
Court
Yes
Gardner
Yes
Lawrence
Yes
McLachlan
Yes
Murray
Excused
Pettersen
Yes
Salazar
Yes
Waller
Yes
Lee
Yes
Kagan
Yes
Final YES: 10 NO: 0 EXC: 1 ABS: 0 FINAL ACTION: PASS



05:12 PM

The committee adjourned.