Title 4 — Title 4 — Trusts
10 chapters · 201 sections in this title.
W.S. § 4-10-509 Personal obligations of trustee
0.2K chars
Personal obligations of trustee. Trust property is not subject to the personal obligations of the trustee, even if the trustee becomes insolvent or bankrupt.
W.S. § 4-10-510 Creation of qualified spendthrift trust
4.1K chars
Creation of qualified spendthrift trust. (a) A settlor may create a qualified spendthrift trust with a trust instrument appointing a qualified trustee for qualified trust property, which instrument: (i) States that the trust is a qualified spendthrift trust under this section; (i…
W.S. § 4-10-511 Qualified trust property
0.4K chars
Qualified trust property. (a) Qualified trust property includes real property, personal property and interests in real or personal property and all gains, appreciation and income thereon which: (i) Are the subject of a qualified transfer; and (ii) Are acquired with the proceeds o…
W.S. § 4-10-512 Qualified transfers; exception
0.9K chars
Qualified transfers; exception. (a) Except as otherwise provided in this section, "qualified transfer" means a transfer, conveyance or assignment of property, by or from a settlor, with or without consideration, to a qualified trustee, under a trust instrument which meets the req…
W.S. § 4-10-513 Other qualified transfers
0.4K chars
Other qualified transfers. (a) In the case of a transfer to more than one (1) trustee, the transfer will be a qualified transfer if at least one (1) of the trustees is a qualified trustee. (b) A transfer by a trustee that is not a qualified trustee to a trustee that is a qualifie…
W.S. § 4-10-514 Action brought pursuant to provisions of Uniform Fraudulent Transfer Act
0.5K chars
Action brought pursuant to provisions of Uniform Fraudulent Transfer Act. Except as provided in W.S. 4-10-518, no action of any kind, including an action to enforce a judgment entered by a court or other body having adjudicative authority, may be brought at law or in equity for a…
W.S. § 4-10-515 Transfer by a trustee; time of transfer
0.6K chars
Transfer by a trustee; time of transfer. (a) A qualified transfer by a trustee of a qualified spendthrift trust to a qualified trustee of another qualified spendthrift trust shall relate back to the date of the original qualified transfer. (b) A transfer of trust property from th…
W.S. § 4-10-516 Election to become a qualified spendthrift trust by existing trust
0.8K chars
Election to become a qualified spendthrift trust by existing trust. (a) The settlor, trustee or trust protector of an existing irrevocable trust may elect in writing to treat the trust as a qualified spendthrift trust under this article, and the protection accorded under this art…
W.S. § 4-10-517 Rights of creditors or others with respect to qualified spendthrift trust
2.0K chars
Rights of creditors or others with respect to qualified spendthrift trust. (a) Notwithstanding any law to the contrary, a creditor or assignee of a settlor of a qualified spendthrift trust, or an agent of a creditor or settlor, has only those rights with respect to the qualified …
W.S. § 4-10-518 be barred
0.8K chars
be barred. Actions prohibited if action by creditor would Notwithstanding any other provision of law, no judgment or order upon an action to enforce a judgment, or for relief for conspiracy to commit a fraudulent conveyance, aiding and abetting a fraudulent conveyance or particip…
W.S. § 4-10-519 instrument
0.7K chars
instrument. Multiple qualified transfers in same trust (a) If more than one (1) qualified transfer is made to the same qualified spendthrift trust: (i) The making of a subsequent qualified transfer shall be disregarded in determining whether a creditor's claim with respect to a p…
W.S. § 4-10-520 Limitations on qualified trust property
0.9K chars
Limitations on qualified trust property. (a) The provisions of W.S. 4-10-510 through 4-10-523, do not apply in any respect to: (i) Any person to whom a settlor is indebted on account of an agreement or order of court for the payment of support in favor of the settlor's children i…
W.S. § 4-10-521 Avoidance of qualified transfer
2.2K chars
Avoidance of qualified transfer. (a) A qualified transfer to a qualified spendthrift trust is avoided only to the extent necessary to satisfy the settlor's debt to the creditor at whose instance the qualified transfer had been avoided, together with costs, including attorney's fe…
W.S. § 4-10-522 Limitation or termination of authority of trustee upon court decision not to apply Wyoming law
1.1K chars
Limitation or termination of authority of trustee upon court decision not to apply Wyoming law. If, in any action brought against a trustee of a qualified spendthrift trust, a court takes any action whereby the court declines to apply the law of this state in determining the vali…
W.S. § 4-10-523 Qualified transfer affidavit
1.7K chars
Qualified transfer affidavit. (a) A qualified transfer affidavit shall be in writing, sworn to by the settlor, and shall include each of the following statements: (i) The settlor has full right, title and authority to transfer the property to the qualified spendthrift trust; (ii)…
W.S. § 4-10-601 Capacity of settlor of revocable trust
0.2K chars
Capacity of settlor of revocable trust. The capacity required to create, amend, revoke or add property to a revocable trust, or to direct the actions of the trustee of a revocable trust, is the same as that required to make a will.
W.S. § 4-10-602 Revocation or amendment of revocable trust
2.3K chars
Revocation or amendment of revocable trust. (a) Unless the terms of a trust expressly provide that the trust is irrevocable, the settlor may revoke or amend the trust. (b) If a revocable trust is created or funded by more than one (1) settlor: (i) To the extent the trust consists…
W.S. § 4-10-603 Settlor's powers; powers of withdrawal
0.4K chars
Settlor's powers; powers of withdrawal. (a) While a trust is revocable and the settlor has capacity to revoke the trust, rights of the beneficiaries are subject to the control of, and the duties of the trustee are owed exclusively to, the settlor. (b) If a revocable trust has mor…
W.S. § 4-10-604 Limitation on action contesting validity of revocable trust; distribution of trust property
2.0K chars
Limitation on action contesting validity of revocable trust; distribution of trust property. (a) Subject to the rights of persons dealing with a fiduciary as provided in W.S. 4-10-1013, a person may commence a judicial proceeding to contest the validity of a trust that is revocab…
W.S. § 4-10-701 Accepting or declining trusteeship
1.2K chars
Accepting or declining trusteeship. (a) Except as otherwise provided in subsection (c) of this section, a person designated as trustee accepts the trusteeship: (i) By substantially complying with a method of acceptance provided in the terms of the trust; or (ii) If the terms of t…
W.S. § 4-10-702 Trustee's bond
0.6K chars
Trustee's bond. (a) A trustee shall give bond to secure performance of the trustee's duties only if the court finds that a bond is needed to protect the interests of the beneficiaries or is required by the terms of the trust and the court has not dispensed with the requirement. (…
W.S. § 4-10-703 Cotrustees
1.7K chars
Cotrustees. (a) Cotrustees who are unable to reach a unanimous decision may act by majority decision. (b) If a vacancy occurs in a cotrusteeship, the remaining cotrustees may act for the trust. (c) A cotrustee shall participate in the performance of a trustee's function unless th…
W.S. § 4-10-704 successor
2.3K chars
successor. (a) Vacancy in trusteeship; appointment of A vacancy in a trusteeship occurs if: (i) trusteeship; A person designated as trustee rejects the (ii) A person designated as trustee cannot be identified or does not exist; (iii) A trustee resigns; (iv) A trustee is disqualif…
W.S. § 4-10-705 Resignation of trustee
0.8K chars
Resignation of trustee. (a) For a revocable living trust, a trustee may resign: (i) Upon at least thirty (30) days notice to the settlor, if living, and all other cotrustees; or (ii) With the approval of the court. (b) For an irrevocable, testamentary or charitable trust, a trust…
W.S. § 4-10-706 Removal of trustee
1.3K chars
Removal of trustee. (a) The settlor, a cotrustee or a qualified beneficiary may request the court to remove a trustee, or a trustee may be removed by the court on its own initiative as outlined in subsection (b) of this section. (b) trust; The court may remove a trustee if: (i) T…
W.S. § 4-10-707 Delivery of property by former trustee
0.5K chars
Delivery of property by former trustee. (a) Unless a cotrustee remains in office or the court otherwise orders, and until the trust property is delivered to a successor trustee or other person entitled to it, a trustee who has resigned or been removed has the duties of a trustee …
W.S. § 4-10-708 Compensation of trustee
1.8K chars
Compensation of trustee. (a) If the terms of a trust do not specify the trustee's compensation, a trustee is entitled to compensation that is reasonable under the circumstances. The trustee shall notify the qualified beneficiaries, in writing, of any change in the method or rate …
W.S. § 4-10-709 Reimbursement of expenses
0.7K chars
Reimbursement of expenses. (a) A trustee is entitled to be reimbursed out of the trust property, with interest, as appropriate, for: (i) Expenses that were properly incurred in the administration of the trust; (ii) Expenses that were properly incurred in responding to an objectio…
W.S. § 4-10-710 Trust protector
2.1K chars
Trust protector. (a) The powers and discretions of a trust protector shall be provided in the trust instrument or may be established or modified by a judicial order, and may, in the best interests of the trust, be exercised or not exercised. The powers and discretions may include…
W.S. § 4-10-711 Trust protector as a fiduciary
0.2K chars
Trust protector as a fiduciary. Trust protectors are fiduciaries to the extent of the powers, duties and discretions granted to them under the terms of the trust instrument.
W.S. § 4-10-712 Trust advisor
0.9K chars
Trust advisor. (a) The powers and discretions of a trust advisor shall be provided in the trust instrument and may, in the best interests of the trust, be exercised or not exercised in the sole and absolute discretion of the trust advisor and shall be binding on all other persons…
W.S. § 4-10-713 Trust advisor as a fiduciary
0.2K chars
Trust advisor as a fiduciary. Trust advisors are fiduciaries to the extent of the powers, duties and discretions granted to them under the terms of the trust instrument.
W.S. § 4-10-714 Trust advisor and trust protector subject to district court jurisdiction
0.6K chars
Trust advisor and trust protector subject to district court jurisdiction. By accepting appointment to serve as a trust advisor or trust protector of a trust that is subject to the laws of the state of Wyoming, the trust advisor or the trust protector submits to the jurisdiction o…
W.S. § 4-10-715 No duty to review actions of trust advisor or trust protector
0.4K chars
No duty to review actions of trust advisor or trust protector. Unless the trust instrument appointing, designating or providing for a method for appointing a trust protector or trust advisor or the court order appointing a trust protector states otherwise, an excluded fiduciary i…
W.S. § 4-10-716 Power of trust advisor and trust protector to act after death or incapacity of grantor
0.3K chars
Power of trust advisor and trust protector to act after death or incapacity of grantor. Unless the trust instrument states otherwise, the power and authority of a trust advisor or trust protector shall not lapse at the death or incapacity of the grantor.
W.S. § 4-10-717 Fiduciary's liability for action or inaction of trust advisor and trust protector
0.4K chars
Fiduciary's liability for action or inaction of trust advisor and trust protector. Unless the trust instrument appointing, designating or providing for a method for appointing a trust protector or trust advisor or the court order appointing a trust protector states otherwise, the…
W.S. § 4-10-718 Directed trusts
3.7K chars
Directed trusts. (a) If a trust instrument provides that the fiduciary duties of a trustee or other fiduciary are to be performed by a trust protector or a trust advisor or that a trustee or other fiduciary is to follow the direction of a trust protector or a trust advisor with r…
W.S. § 4-10-801 Duty to administer trust
0.2K chars
Duty to administer trust. Upon acceptance of a trusteeship, the trustee shall administer the trust in good faith, in accordance with its terms and purposes and the interests of the beneficiaries, and in accordance with this act.
W.S. § 4-10-802 Duty of loyalty
5.0K chars
Duty of loyalty. (a) A trustee shall administer the trust solely in the interests of the beneficiaries as their interests are defined under the terms of the trust. (b) Subject to the rights of persons dealing with a fiduciary as provided in W.S. 4-10-1013, a sale, encumbrance or …
W.S. § 4-10-803 Impartiality
0.2K chars
Impartiality. If a trust has two (2) or more beneficiaries, the trustee shall act impartially in investing, managing and distributing the trust property, giving due regard to the beneficiaries' respective interests.
W.S. § 4-10-804 Prudent administration
0.3K chars
Prudent administration. A trustee shall administer the trust as a prudent person would, by considering the purposes, terms, distributional requirements and other circumstances of the trust. In satisfying this standard, the trustee shall exercise reasonable care, skill and caution…
W.S. § 4-10-805 Costs of administration
0.2K chars
Costs of administration. In administering a trust, the trustee may incur only costs that are reasonable in relation to the trust property, the purposes of the trust and the skills of the trustee.
W.S. § 4-10-806 Trustee's skills
0.2K chars
Trustee's skills. A trustee who has special skills or expertise, or is named trustee in reliance upon the trustee's representation that the trustee has special skills or expertise, shall use those special skills or expertise.
W.S. § 4-10-807 Delegation by trustee
1.2K chars
Delegation by trustee. (a) A trustee may delegate duties and powers that a prudent trustee of comparable skills could properly delegate under the circumstances. The trustee shall exercise reasonable care, skill and caution in: (i) Selecting an agent; (ii) Establishing the scope a…
W.S. § 4-10-808 Powers to direct
0.9K chars
Powers to direct. (a) While a trust is revocable, the trustee may follow a written direction of the settlor that is contrary to the terms of the trust. (b) If the terms of a trust confer upon a person other than the settlor of a revocable trust power to direct certain actions of …
W.S. § 4-10-809 Control and protection of trust property
0.1K chars
Control and protection of trust property. A trustee shall take reasonable steps to take control of and protect the trust property.
W.S. § 4-10-810 property
0.7K chars
property. Record keeping and identification of trust (a) A trustee shall keep adequate records of the administration of the trust. (b) A trustee shall keep trust property separate from the trustee's own property. (c) Except as otherwise provided in subsection (d) of this section,…
W.S. § 4-10-811 Enforcement and defense of claims
0.1K chars
Enforcement and defense of claims. A trustee shall take reasonable steps to enforce claims of the trust and to defend claims against the trust.
W.S. § 4-10-812 Collecting trust property
0.2K chars
Collecting trust property. A trustee shall take reasonable steps to compel a former trustee or other person to deliver trust property to the trustee, and may redress a breach of trust known to the trustee to have been committed by a former trustee.
W.S. § 4-10-813 Duty to inform and report
2.8K chars
Duty to inform and report. (a) A trustee shall keep the qualified beneficiaries of the trust reasonably informed about the administration of the trust and of the material facts necessary for them to protect their interests. Unless unreasonable under the circumstances, a trustee s…