SB 11-166 Summary

• Enacts the "Uniform Disclaimer of Property Interests Act" as Part 12 of Article 11, Title 15, Colorado Revised Statutes, establishing uniform procedures for disclaiming interests in or powers over property.

• Allows persons to disclaim property interests in whole or in part, including powers of appointment, even if the creator imposed spendthrift provisions or restrictions on disclaiming; fiduciaries may disclaim unless expressly restricted by statute or the creating instrument.

• Requires disclaimers to be in writing, signed by the disclaimant, and delivered or filed according to specific procedures; disclaimers of real property interests must be recorded in the county clerk and recorder's office.

• Specifies when disclaimers become effective and pass the disclaimed interest to other recipients, including special rules for jointly held property, trust interests, and powers of appointment.

• Repeals the prior disclaimer statute (15-11-801) and updates references in the Uniform Transfers to Minors Act to incorporate the new disclaimer procedures.