Title 2 — Title 2 — Wills, Decedents' Estates And Probate Code

trustee. Business and other activities conducted by (a) If a trustee who conducts a business or other activity determines that it is in the best interest of all the beneficiaries to account separately for the business or activity instead of accounting for it as part of the trust'…

(a) Principal receipts. A trustee shall allocate to principal: (i) To the extent not allocated to income under this act, assets received from a transferor during the transferor's lifetime, a decedent's estate, a trust with a terminating income interest or a payer under a contract…

Rental property. To the extent that a trustee accounts for receipts from rental property pursuant to this section, the trustee shall allocate to income an amount received as rent of real or personal property, including an amount received for cancellation or renewal of a lease. An…

Obligation to pay money. (a) An amount received as interest, whether determined at a fixed, variable or floating rate, on an obligation to pay money to the trustee, including an amount received as consideration for prepaying principal, must be allocated to income without any prov…

Insurance policies and similar contracts. (a) Except as otherwise provided in subsection (b) of this section, a trustee shall allocate to principal the proceeds of a life insurance policy or other contract in which the trust or its trustee is named as beneficiary, including a con…

Insubstantial allocation not required. (a) If a trustee determines that an allocation between principal and income required by W.S. 2-3-819 through 2-3-822 or 2-3-825 is insubstantial, the trustee may allocate the entire amount to principal unless one of the circumstances describ…

payments. (a) Deferred compensation, annuities and similar As used in this section: (i) "Payment" means a payment that a trustee may receive over a fixed number of years or during the life of one (1) or more individuals because of services rendered or property transferred to the …

Liquidating asset. (a) In this section, "liquidating asset" means an asset whose value will diminish or terminate because the asset is expected to produce receipts for a period of limited duration. The term includes a leasehold, patent, copyright, royalty right and right to recei…

Minerals, water and other natural resources. (a) To the extent that a trustee accounts for receipts from an interest in minerals or other natural resources pursuant to this section, the trustee shall allocate them as follows: (i) If received as nominal delay rental or nominal ann…

Timber. (a) To the extent that a trustee accounts for receipts from the sale of timber and related products pursuant to this section, the trustee shall allocate the net receipts: (i) To income to the extent that the amount of timber removed from the land does not exceed the estim…

Property not productive of income. (a) If a marital deduction is allowed for all or part of a trust whose assets consist substantially of property that does not provide the spouse with sufficient income from or use of the trust assets, and if the amounts that the trustee transfer…

Derivatives and options. (a) In this section, "derivative" means a contract or financial instrument or a combination of contracts and financial instruments which gives a trust the right or obligation to participate in some or all changes in the price of a tangible or intangible a…

Asset-backed securities. (a) In this section, "asset-backed security" means an asset whose value is based upon the right it gives the owner to receive distributions from the proceeds of financial assets that provide collateral for the security. The term includes an asset that giv…

Disbursements from income. (a) A trustee shall make the following disbursements from income to the extent that they are not disbursements to which W.S. 2-3-806(a)(ii)(B) or (C) applies: (i) Interest, except interest on taxes as provided in W.S. 2-3-827(a)(vi); (ii) Ordinary repai…

Disbursements from principal. (a) A trustee shall make the following disbursements from principal: (i) Extraordinary expenses incurred in connection with the administration, management or preservation of trust property and the distribution of income; (ii) Extraordinary repairs; (…

depreciation. Transfers from income to principal for (a) In this section, "depreciation" means a reduction in value due to wear, tear, decay, corrosion or gradual obsolescence of a fixed asset having a useful life of more than one (1) year and the purchase cost or value of such f…

Transfers from income to reimburse principal. (a) If a trustee makes or expects to make a principal disbursement described in this section, the trustee may transfer an appropriate amount from income to principal in one (1) or more accounting periods to reimburse principal or to p…

Income taxes. (a) A tax required to be paid by a trustee based on receipts allocated to income must be paid from income. (b) A tax required to be paid by a trustee based on receipts allocated to principal must be paid from principal, even if the tax is called an income tax by the…

Adjustments between principal and income. (a) Subject to W.S. 2-3-826 and 2-3-827, a trustee may, in the discretion of the trustee, allocate to income, principal or partly to each, the ordinary expenses incurred in connection with the administration, management or preservation of…

Judicial control of discretionary powers. (a) A court shall not change a fiduciary's decision to exercise or not to exercise a discretionary power conferred by this act unless it determines that the decision was an abuse of the fiduciary's discretion. A court shall not determine …

Uniformity of application and construction. In applying and construing this uniform act, consideration must be given to the need to promote uniformity of the law with respect to its subject matter among states that enact it.

Application of act to trusts and estates; principal place of administration. This act applies to every trust that has its principal place of administration in Wyoming and to every decedent's estate probated in Wyoming except where the trust or will expressly applies the principal…

income. Trustee discretion to include capital gains in (a) To the extent a trustee is given the power to make mandatory or discretionary distributions of income, the trustee may, on an annual basis, include realized capital gains in trust income and in determining section 643(a) …

Short title. This act shall be known and may be cited as the "Wyoming Unitrust Act".

(a) Definitions. As used in this act: (i) "Beneficiary" means a person as defined in W.S. 2-3-802(a)(ii); (ii) "Disinterested person" means a person who is not a "related or subordinate party" as defined in § 672(c) of the Internal Revenue Code, with respect to the person then ac…

Unitrust election by trustee; requirements to make unitrust election. (a) A trustee, other than an interested trustee, or where two (2) or more persons are acting as trustees, a majority of the trustees who are not interested trustees may, in its sole discretion and without the a…

Unitrust election where there is no trustee other than an interested trustee; requirements to make unitrust election. (a) If there is no trustee of the trust other than an interested trustee, the interested trustee, or where two (2) or more persons are acting as trustees and are …

Unitrust election by beneficiary; ability to request trustee action. (a) A beneficiary, who is receiving, or is entitled to receive, income under the trust or to receive a distribution of principal if the trust were terminated, may: (i) Submit to the trustee a written request to …

Settlor created unitrust. A settlor may create a trust instrument with terms providing that the trust shall be administered as a total return unitrust under this act. A settlor may also create a trust instrument with terms providing that the trust may be administered as either an…

Valuations. (a) The fair market value of a trust subject to this act shall be determined, at least annually, using a valuation date or dates or averages of valuation dates as are deemed appropriate except that: (i) The trustee shall not include in the fair market value the value …

Unitrust percentages. The percentage to be used in determining the unitrust amount shall be a reasonable current return from the trust, in any event not less than three percent (3%) nor more than five percent (5%), taking into account the intentions of the settlor of the trust as…

Treatment and allocation of income. (a) Following the conversion of an income trust to a total return unitrust or upon creation of a total return unitrust by a settlor, the trustee: (i) Shall treat the unitrust amount as net income of the trust for purposes of determining the amo…

Administration. (a) In administering a total return unitrust, the trustee may, in its sole discretion, but subject to the provisions of the governing instrument, determine: (i) The effective date of the conversion; (ii) The timing of distributions, including provisions for prorat…

Treatment of underpayments or overpayments. In the event of an underpayment to a beneficiary, the trustee shall pay to a beneficiary within a reasonable time, and in the event of an overpayment to a beneficiary, the trustee shall recover from the beneficiary either by repayment b…

Effect of conversion on governing instrument. Conversion to a total return unitrust under the provisions of this act shall not affect any other provision of the governing instrument, if any, regarding distributions of principal.

Situs. (a) This act shall be construed as pertaining to the administration of a trust and shall be available to any trust that is administered in Wyoming under Wyoming law unless: (i) The governing instrument reflects an intention that the beneficiary or beneficiaries are to rece…

Trustee's liability. Any trustee or disinterested person who in good faith takes or fails to take any action under this act shall not be liable to any person affected by the action or inaction, regardless of whether the person received written notice as provided in this act and r…

Judicial control of discretionary powers. (a) A court shall not change a trustee's decision to exercise or not to exercise a discretionary power conferred by this act unless it determines that the decision was an abuse of the trustee's discretion. A court shall not determine that…

Limitation of election. An action shall not be taken under W.S. 2-3-903, 2-3-904 or 2-3-905 more frequently than every two (2) years, unless the district court orders otherwise.

Application. This act applies to every trust or decedent's estate existing on July 1, 2007 or created thereafter except as otherwise expressly provided in the will or terms of the trust or in this act.

short title. Uniform Fiduciary Access to Digital Assets Act; This act shall be known and may be cited as the "Uniform Fiduciary Access to Digital Assets Act."

(a) Definitions. As used in this act: (i) "Account" means an arrangement under a terms of service agreement in which a custodian carries, maintains, processes, receives or stores a digital asset of a user or provides goods or services to a user; (ii) "Agent" means an attorney in …

(a) "This act" means W.S. 2-3-1001 through Applicability. This act applies to: (i) A fiduciary acting under a will, power of attorney or other authorization to act as a fiduciary with respect to the digital assets of a user entered or executed before, on or after July 1, 2016; (i…

User direction for disclosure of digital assets. (a) A user may use an online tool to direct a custodian to disclose or not to disclose to a designated recipient some or all of the user's digital assets, including the content of electronic communications sent or received by the u…

Terms of service agreement. (a) This act does not change or impair a right of a custodian or a user under a terms of service agreement to access and use digital assets of the user. (b) This act does not give a fiduciary or designated recipient new or expanded rights other than th…

Procedure for disclosing digital assets. (a) When disclosing digital assets of a user under this act, a custodian may: (i) Grant a fiduciary or designated recipient full access to the user's account; (ii) Grant a fiduciary or designated recipient partial access to the user's acco…

Disclosure of the content of electronic communications of a deceased user. (a) A custodian shall disclose to a personal representative of the estate of a deceased user the content of electronic communications sent or received by the user if the user directed disclosure as specifi…

user. Disclosure of other digital assets of a deceased (a) Unless otherwise directed by a court order or a user as specified in W.S. 2-3-1004, a custodian shall disclose to the personal representative of the estate of a deceased user a catalogue of electronic communications sent …

Disclosure of content of electronic communications of a principal. (a) To the extent a power of attorney expressly grants an agent authority over the content of electronic communications sent or received by a principal and unless otherwise directed by a court order or the princip…

principal. Evidence linking the account to the Disclosure of other digital assets of a (a) Unless otherwise directed by a court order, a principal as specified in W.S. 2-3-1004 or a power of attorney, a custodian shall disclose to an agent a catalogue of electronic communications…