C.R.S. § 15-5-401

(1) A trust may be created by: (a) Transfer of property to another person as trustee during the settlor’s lifetime or by will or other disposition taking effect upon the settlor’s death; (b) Declaration by the owner of property that the owner holds identifiable property as trustee; (c) Exercise of a power of appointment in favor of a trustee; or (d) A statute, judgment, or decree authorizing the creation of a trust.