On Apr. 25, COL LEG passed bill re electronic estate planning docs.
COL LEG passed Bill HB 24-1248 re non-testamentary electronic estate planning.
Outlined permissible uses and procedures for incorporating electronic documents.
Added new section 24 to Colorado Revised Statutes, COL LEG 15-24 to clarify process by which electronic documents may be used in estate planning other than wills.
Estate Planning Documents
Incorporated relevant definitions related to electronic estate planning documentation.
Does not apply to non-testamentary documents if it precludes use of e-signatures.
Use of electronic signature or electronic record not required to be generated or stored.
Electronic non-testamentary estate planning document/electronic signature recognized as an estate planning document; may not be denied because it is in electronic form.
Notary can affix notary seal on electronic document to satisfy requirement, if needed.
If a state requires electronic non-testamentary estate planning doc to be retained, transmitted, copied or filed, requirement is satisfied with the original electronic record.
An individual can certify a paper copy of the original electronic estate planning record.
Evidence re non-testamentary electronic estate planning document or its electronic signature may not be excluded in a proceeding solely because it is in electronic form.
If a person acting in good faith has no actual knowledge of a non-testamentary electronic estate planning document, he or she is not liable for such good faith actions.
Legislative History
On Feb. 12, 2024, bill introduced in House; on Mar. 4, 2024, bill was passed in House.
On Mar. 5, 2024, bill delivered to Senate; on Mar. 28, 2024, bill was passed in Senate.
On Apr. 25, 2024, bill was delivered to the governor; pending governor review.
Effectiveness
Upon approval, HB 24-1248 will become effective on Jan. 1, 2025.
May 2024 Governor Approval
On May 1, 2024, COL LEG reported governor signed HB24-1248 effective Jan. 1, 2025.
Regulators
COL LEG
Entity Types
Corp
Reference
Act, 5/1/2024; Bill HB24-1248, 4/25/2024; Citation: COL LEG 15;
Functions
Compliance; Financial; Legal; Record Retention; Reporting; Technology
