Chapter 34 - § 34.20 • JURISDICTION FOR PRINCIPAL AND INCOME DETERMINATION

• Jurisdiction: Colorado

§ 34.20 • JURISDICTION FOR PRINCIPAL AND INCOME DETERMINATION

It seems clear that if there is to be an outright distribution and the circumstances require that income on a specific devise be awarded to the devisee, or the terms of the will require determination of trust accounting questions, the probate court has an unquestioned power and duty to deal with the situation.

If the probate administration of the estate is followed by a trust over which the probate court does not have supervisory jurisdiction, it can be argued that the trust accounting questions (arising during the period of probate administration) are for the determination of the trustee and the court with which the trust is registered. The argument may have had merit in the past, but it should not prevail now, particularly in view of the provisions of the Uniform Principal and Income Act requiring the probate court to determine net probate income.⁸⁴

In cases of formal closing, it generally would seem desirable, in case of a trust, to have the probate court go beyond merely determining the net probate income to be paid to the trustee, and to have the court either direct payment to the respective trust beneficiaries of their shares or...