(1) Section 15-1421.5 shall apply to all trusts and estates executed on or after July 1, 2009, unless the qualified beneficiaries elect not to apply said section.
The provisions of section 15-1-421.5 shall not apply to the determination of incomefrom the disposition of natural resources in a trust or estate created before July 1, 2009, unless the qualified beneficiaries elect to apply section 15-1-421.5 as provided in this section.
If the qualified beneficiaries elect under subsection (1) or (2) of this section, notice ofthe election to apply or not to apply section 15-1-421.5 shall be given by the trustee in accordance with section 15-1-405, and the provisions of such section shall apply to the election.
An election to apply section 15-1-421.5 is irrevocable.
Source: L. 2009: Entire section added, (HB 09-1241), ch. 169, p. 746, § 13, effective April 22.