Title 4 — Title 4 — Trusts
10 chapters · 201 sections in this title.
W.S. § 4-10-714 Trust advisor and trust protector subject to district court jurisdiction
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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
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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
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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
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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
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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
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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
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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
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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
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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
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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
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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
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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
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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
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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
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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
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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
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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
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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…
W.S. § 4-10-814 limitations
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limitations. (a) Discretionary powers; tax savings; distribution Repealed By Laws 2007, Ch. 155, § 5. (b) Subject to subsection (d) of this section, and unless the terms of the trust expressly indicate that a rule in this subsection does not apply: (i) A person other than a settl…
W.S. § 4-10-815 General powers of trustee
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General powers of trustee. (a) A trustee, without authorization by the court, may exercise: (i) Powers conferred by the terms of the trust; and (ii) Except as limited by the terms of the trust: (A) All powers over the trust property which an unmarried competent owner has over ind…
W.S. § 4-10-816 Specific powers of trustee
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Specific powers of trustee. (a) Without limiting the authority conferred by W.S. 4-10-815, a trustee may: (i) Collect trust property and accept or reject additions to the trust property from a settlor or any other person; (ii) Acquire or sell property, for cash or on credit, at p…
W.S. § 4-10-817 Distribution upon termination
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Distribution upon termination. (a) Upon termination or partial termination of a trust, the trustee may send to the beneficiaries a proposal for distribution. The right of any beneficiary to object to the proposed distribution terminates if the beneficiary does not notify the trus…
W.S. § 4-10-901 Prudent investor rule; definitions
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Prudent investor rule; definitions. (a) Except as otherwise provided in subsection (b) of this section, a trustee who invests and manages trust assets owes a duty to the beneficiaries of the trust to comply with the prudent investor rule set forth in this article. (b) The prudent…
W.S. § 4-10-902 Standard of care; portfolio strategy; risk and return objectives
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Standard of care; portfolio strategy; risk and return objectives. (a) A trustee shall invest and manage trust assets as a prudent investor would, by considering the purposes, terms, distribution requirements and other circumstances of the trust. In satisfying this standard, the t…
W.S. § 4-10-903 Diversification
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Diversification. A trustee shall diversify the investments of the trust unless the trustee reasonably determines that, because of special circumstances, the purposes of the trust are better served without diversifying.
W.S. § 4-10-904 Duties at inception of trusteeship
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Duties at inception of trusteeship. Within a reasonable time after accepting a trusteeship or receiving trust assets, a trustee shall review the trust assets and make and implement decisions concerning the retention and disposition of assets, in order to bring the trust portfolio…
W.S. § 4-10-905 Loyalty
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Loyalty. A trustee shall invest and manage the trust assets solely in the interest of the beneficiaries.
W.S. § 4-10-906 Impartiality
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Impartiality. If a trust has two (2) or more beneficiaries, the trustee shall act impartially in investing and managing the trust assets, taking into account any differing interests of the beneficiaries.
W.S. § 4-10-907 Investment costs
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Investment costs. In investing and managing trust assets, a trustee may only incur costs that are appropriate and reasonable in relation to the assets, the purposes of the trust, and the skills of the trustee.
W.S. § 4-10-908 Reviewing compliance
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Reviewing compliance. Compliance with the prudent investor rule under this article is determined in light of the facts and circumstances existing at the time of a trustee's decision or action and not by hindsight.
W.S. § 4-10-909 functions
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functions. Delegation of investment and management (a) A trustee may delegate investment and management functions that a prudent trustee of comparable skills could properly delegate under the circumstances. The trustee shall exercise reasonable care, skill and caution in: (i) Sel…
W.S. § 4-10-910 Language invoking standard of this article
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Language invoking standard of this article. (a) The following terms or comparable language in the provisions of a trust, unless otherwise limited or modified, authorizes any investment or strategy permitted under this article: (i) trust funds"; "Investments permissible by law for…
W.S. § 4-10-911 Wyoming
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Wyoming. Application to public funds of the state of This article applies to public funds of the state of Wyoming unless a different investment standard is specifically provided for the investment of specified public funds.
W.S. § 4-10-912 Repealed by Laws 2019, ch
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Repealed by Laws 2019, ch. 135, § 1.
W.S. § 4-10-1001 Remedies for breach of trust
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Remedies for breach of trust. (a) A violation by a fiduciary of a duty the fiduciary owes to a beneficiary is a breach of trust. (b) To remedy a breach of trust that has occurred or may occur, the court may: duties; trust; (i) Compel the fiduciary to perform the fiduciary's (ii) …
W.S. § 4-10-1002 Order any other appropriate relief
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Order any other appropriate relief. Damages for breach of trust. (a) A fiduciary who commits a breach of trust is liable to the beneficiaries affected for the greater of: (i) The amount required to restore the value of the trust property and trust distributions to what they would…
W.S. § 4-10-1003 Damages in absence of breach
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Damages in absence of breach. (a) A fiduciary is accountable to an affected beneficiary for any profit made by the fiduciary arising from the administration of the trust, even absent a breach of trust. (b) Absent a breach of trust, a fiduciary is not liable to a beneficiary for a…
W.S. § 4-10-1004 Attorney's fees and costs
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Attorney's fees and costs. In a judicial proceeding involving the administration of a trust, the court, as justice and equity may require, may award costs and expenses, including reasonable attorney's fees, to any party, to be paid by another party or from the trust that is the s…
W.S. § 4-10-1005 Limitation of action against fiduciary
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Limitation of action against fiduciary. (a) A beneficiary may not commence a proceeding against a fiduciary for breach of trust more than two (2) years after the date the beneficiary or a representative of the beneficiary received a report that adequately disclosed the existence …
W.S. § 4-10-1006 Reliance on trust instrument
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Reliance on trust instrument. A fiduciary who acts in reasonable reliance on the terms of the trust as expressed in the trust instrument is not liable to a beneficiary for a breach of trust to the extent the breach resulted from the reliance.
W.S. § 4-10-1007 Event affecting administration or distribution
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Event affecting administration or distribution. If the happening of an event, including marriage, divorce, performance of educational requirements or death, affects the administration or distribution of a trust, a fiduciary who has exercised reasonable care to ascertain the happe…
W.S. § 4-10-1008 Exculpation of fiduciaries
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Exculpation of fiduciaries. (a) A term of a trust relieving a fiduciary of liability for breach of trust is unenforceable to the extent that it: (i) Relieves the fiduciary of liability for breach of trust committed in bad faith or with reckless indifference to the purposes of the…
W.S. § 4-10-1009 Beneficiary's consent, release or ratification
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Beneficiary's consent, release or ratification. (a) A fiduciary is not liable to a beneficiary for breach of trust if the beneficiary consented in writing to the conduct constituting the breach, released the fiduciary from liability for the breach or ratified the transaction cons…
W.S. § 4-10-1010 Limitation on personal liability of fiduciary
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Limitation on personal liability of fiduciary. (a) Except as otherwise provided in the contract, a fiduciary is not personally liable on a contract properly entered into in its capacity as a fiduciary in the course of administering the trust if the fiduciary in the contract discl…
W.S. § 4-10-1011 of predecessor
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of predecessor. Liability of successor fiduciaries for actions Successor fiduciaries are not liable for actions, errors or omissions of any prior or predecessor fiduciaries.
W.S. § 4-10-1012 Interest of trustee as general partner
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Interest of trustee as general partner. (a) Except as otherwise provided in subsection (c) of this section or unless personal liability is imposed in the contract, a trustee who holds an interest as a general partner in a general or limited partnership is not personally liable on…
W.S. § 4-10-1013 Protection of person dealing with fiduciary
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Protection of person dealing with fiduciary. (a) A person other than a beneficiary who in good faith assists a fiduciary, or who in good faith and for value deals with a fiduciary, without knowledge that the fiduciary is exceeding or improperly exercising the fiduciary's powers i…
W.S. § 4-10-1014 Certification or affidavit of trust
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Certification or affidavit of trust. (a) Instead of furnishing a copy of the trust instrument to a person other than a beneficiary, the trustee may furnish to the person a certification or affidavit of trust containing the following information: (i) That the trust exists and the …
W.S. § 4-10-1101 Uniformity of application and construction
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Uniformity of application and construction. In applying and construing this act, consideration shall be given to the need to promote uniformity of the law with respect to its subject matter among states that enact it. With respect to article 5 of this act, a court shall not give …
W.S. § 4-10-1102 Electronic records and signatures
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Electronic records and signatures. The provisions of this act governing the legal effect, validity or enforceability of electronic records or electronic signatures, and of contracts formed or performed with the use of such records or signatures, conform to the requirements of Sec…