Tara‐decorated terpyridines 1–3 and their 1:2 Co2+ [Co(L)2](ClO4)2 (L = 1–3) and Co3+ complexes [Co(L)2](ClO4)2(SbCl6) (L = 1,3) are reported. The solid‐state complex metrics of [Co(3)2]2+ and [Co(1)2]3+ indicate an assignment as spin‐quartet Co2+ or spin‐singlet Co3+, which is in accord with DFT and 1H NMR studies. Vis‐NIR spectra of 1[Co3+(L)2]3+ show characteristic Tara→Co3+ charge‐transfer bands, giving no direct indication of L‐based oxidation events, irrespective of the solvent. Theoretical studies reveal no charge transfer induced spin transition in [Co3+(L)2]3+, although a substantial decrease of the HOMO‐LUMO gap prevails in [Co3+(1)2]3+ as compared with [Co(tpy)2]3+. The destabilisation of the HOMO is not sufficient to allow an equilibration among closed‐ and open‐shell formulations. The computed singlet‐triplet and singlet‐quintet splitting in [Co(1)2]3+ renders these open‐shell formulations to reside only moderately above the ground state. Design criteria are derived from this analysis aiming at a further stabilisation of the open‐shell species through implementation of more strongly electron releasing Tara substituents.