Colorado Legislative Council Staff
NO FISCAL IMPACT
April 5, 1999
Senate - Second Reading
Janis Baron (303-866-3523)
TITLE: CONCERNING THE ENACTMENT OF THE "COLORADO UNIFORM CUSTODIAL TRUST ACT".
Summary of Assessment
The bill adopts the "Colorado Uniform Custodial Trust Act" issued by the National Conference of Commissioners on Uniform State Laws. The bill includes a number of provisions relating to the creation and termination of custodial trusts, responsibilities and powers of custodial trustees, and the beneficiaries of custodial trusts.
The Judicial Branch indicates that the court has established procedures and filing fees in place to be applied to trust actions. However, the bill provides that any kind of property, real or personal, tangible or intangible, can be made the subject of a transfer to a custodial trustee. At this time, the Judicial Branch does not anticipate that this new type of trust will be established on a widespread basis. Should banks and trust officers market this new form of trust, it may create future added workload in the courts. At this time, the following variables cannot be determined:
• the extent to which vigorous marketing of trusts will occur;
• the number of new trusts which may result; and
• any workload increase for the courts.
At this time the bill is assessed as having no fiscal impact. The bill is effective 90 days upon adjournment unless a petition is filed and approved by the voters.