NOTE: The governor signed this measure on 4/13/2012.
      
      
      SENATE BILL 12-131
      
      
      BY SENATOR(S) Guzman, Steadman, Aguilar, Bacon, Boyd, Carroll,
      Foster, Giron, Jahn, Newell, Roberts, Tochtrop, Williams S.;
      also REPRESENTATIVE(S) Pabon, Ferrandino, Fields, Fischer, Kerr J.,
      Labuda, Pace, Schafer S., Vigil, Williams A., Wilson.
      
      
      Concerning the responsibilities of a fiduciary with regard to the
           estate of a person who may have executed a designated
           beneficiary agreement.
       
      
      Be it enacted by the General Assembly of the State of Colorado:
      
           SECTION 1.  In Colorado Revised Statutes, 15-12-703, add (5) as
      follows:
      
           15-12-703.  General duties - relation and liability to persons
      interested in estate - duty to search for a designated beneficiary
      agreement - standing to sue. (5)  A personal representative shall not
      be surcharged for distributions made that do not take into
      consideration a designated beneficiary agreement if:
      
           (a)  The personal representative has reviewed the records of
      the county clerk and recorder's office in every county in
      Colorado in which the personal representative has actual
      knowledge that the decedent was domiciled at any time during the
      three years prior to the decedent's death for a valid, unrevoked
      designated beneficiary agreement in which the decedent granted
      the right of intestate succession; and
      
           (b)  The personal representative has not received actual
      notice nor has actual knowledge of the existence of a valid,
      unrevoked designated beneficiary agreement in which the
      decedent granted the right of intestate succession.
      
           SECTION 2.  In Colorado Revised Statutes, 15-12-808, add (6) as
      follows:
      
           15-12-808.  Individual liability of personal representative. (6)  If
      a personal representative has reviewed the records of the county
      clerk and recorder in every county in Colorado in which the
      personal representative has actual knowledge that the decedent
      was domiciled at any time during the three years prior to the
      decedent's death and the personal representative does not have
      actual notice or actual knowledge of the existence of a valid,
      unrevoked designated beneficiary agreement in which the
      decedent granted the right of intestate succession, the personal
      representative shall not be individually liable for distributions
      made to devisees or heirs at law that do not take into
      consideration the designated beneficiary agreement.
      
           SECTION 3.  In Colorado Revised Statutes, 15-16-306, add (8) as
      follows:
      
           15-16-306.  Personal liability of trustee to third parties. (8)  If a
      trustee has reviewed the records of the county clerk and
      recorder in every county in Colorado in which the trustee has
      actual knowledge that the decedent was domiciled at any time
      during the three years prior to the decedent's death and the
      trustee does not have actual notice or actual knowledge of the
      existence of a valid, unrevoked designated beneficiary agreement
      in which the decedent granted the right of intestate succession,
      the trustee shall not be individually liable for distributions made
      to devisees or heirs at law that do not take into consideration the
      designated beneficiary agreement.
      
           SECTION 4.  Safety clause. The general assembly hereby finds,
      determines, and declares that this act is necessary for the immediate
      preservation of the public peace, health, and safety.
      
      
      
      
      ____________________________  ____________________________
      Brandon C. Shaffer                      Frank McNulty
      PRESIDENT OF                     SPEAKER OF THE HOUSE
      THE SENATE                         OF REPRESENTATIVES
      
      
      
      
      
      
      ____________________________  ____________________________
      Cindi L. Markwell                      Marilyn Eddins
      SECRETARY OF                 CHIEF CLERK OF THE HOUSE
      THE SENATE                         OF REPRESENTATIVES
      
      
      
      
                  APPROVED________________________________________
      
      
      
      
      
                                    _________________________________________
                                    John W. Hickenlooper
                                    GOVERNOR OF THE STATE OF COLORADO