C.R.S. § 15-2.5-403

(1) A powerholder of a releasable power of appointment may release the power in whole or in part: (a) By substantial compliance with a method provided in the terms of the instrument creating the power; or (b) If the terms of the instrument creating the power do not provide a method, or the method provided in the terms of the instrument is not expressly made exclusive, by: (I) Delivering a writing declaring the extent to which the power is released to a person who could be adversely affected by an exercise of the power; (II) Joining with some or all of the takers in default in making an otherwise-effective transfer of an interest in the property that is subject to the power, in which case the power is released to the extent that a subsequent exercise of the power would defeat the interest transferred; (III) Contracting with a person who could be adversely affected by an exercise of the power not to exercise the power, in which case the power is released to the extent that a subsequent exercise of the power would violate the terms of the contract; or (IV) Communicating in any other appropriate manner an intent to release the power, in which case the power is released to the extent that a subsequent exercise of the power would be contrary to manifested intent.