The act repeals the "Uniform Principal and Income Act" and replaces it with the "Uniform Fiduciary Income and Principal Act" (UFIPA), as drafted by the Uniform Law Commission, with Colorado-specific amendments.The UFIPA includes provisions concerning:Duties of fiduciaries;
Judicial review of fiduciaries;
Trusts in which the beneficiary receives a periodic payout of a percentage of the net value of trust assets, known as "unitrusts";
Allocation of trust receipts and disbursements; and
Procedures followed at the termination of a trust or an income interest in a trust.(Note: This summary applies to this bill as enacted.)

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Statutes affected:
Introduced (03/02/2021): 6-24-106, 15-5-1301
Engrossed (03/30/2021): 6-24-106, 15-5-1301
Reengrossed (03/31/2021): 6-24-106, 15-5-1301
Revised (05/06/2021): 6-24-106, 15-5-1301
Rerevised (05/07/2021): 6-24-106, 15-5-1301
Final Act (05/11/2021): 6-24-106, 15-5-1301
Signed Act (None): 6-24-106, 15-5-1301