(1) Except as otherwise provided in subsections (2) and (3) of this section, this part 9 applies to an express trust that is:
Irrevocable; or
Revocable by the settlor only with the consent of the trustee or a person holding an adverseinterest.
This part 9 does not apply to a trust held solely for charitable purposes.
Subject to section 15-16-915, a trust instrument may restrict or prohibit exercise of the decanting power.
This part 9 does not limit the power of a trustee, powerholder, or other person to distribute orappoint property in further trust or to modify a trust under the trust instrument, law of this state other than this part 9, common law, a court order, or a nonjudicial settlement agreement.
This part 9 does not affect the ability of a settlor to provide in a trust instrument for thedistribution of the trust property or appointment in further trust of the trust property or for modification of the trust instrument.
(a) Neither this part 9 nor an exercise of the decanting power described in this part 9 affects: (I) The determination whether a beneficial interest in a first trust or second trust is property or an asset of a spouse for purposes of distribution of property under section 14-10-113, C.R.S.; or (II) The power of a divorce court to fashion remedies between the parties in an action under title 14, C.R.S.
Nothing in this subsection (6) expands or limits the power of a divorce court in law or equityover a first trust or a second trust or any trustee thereof.
As used in this subsection (6), unless the context requires otherwise, "divorce court" means acourt in this state having jurisdiction over matters brought pursuant to title 14, C.R.S.
Source: L. 2016: Entire part added, (SB 16-085), ch. 228, p. 873, § 1, effective August 10.