CO SB131

Personal representatives are not subject to surcharge for distributions that disregard designated beneficiary agreements if they reviewed county clerk and recorder records in all Colorado counties where the decedent was domiciled during the three years before death and had no actual notice or knowledge of such agreements.

Personal representatives are not individually liable for distributions to devisees or heirs at law that do not consider designated beneficiary agreements when they conducted required record searches and lacked actual notice or knowledge of valid, unrevoked agreements granting intestate succession rights.

Trustees are protected from individual liability for distributions to devisees or heirs at law that do not account for designated beneficiary agreements if they reviewed required county records and had no actual notice or knowledge of valid, unrevoked agreements.

The protections apply only when fiduciaries have actual knowledge the decedent was domiciled in the counties where they conducted searches during the three-year period before death.