Section 4-10-814 – Discretionary Powers; Tax Savings; Distribution Limitations.
4-10-814. Discretionary powers; tax savings; distribution limitations. (a) Repealed By Laws 2007, Ch. 155, § 5.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 settlor who is a beneficiary and trustee […]
Section 4-10-815 – General Powers of Trustee.
4-10-815. 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 individually owned property; (B) Any other […]
Section 4-10-816 – Specific Powers of Trustee.
4-10-816. 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 public or private sale; (iii) Exchange, partition […]
Section 4-10-817 – Distribution Upon Termination.
4-10-817. 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 trustee of an objection within thirty (30) days after the proposal was […]
Section 4-10-806 – Trustee’s Skills.
4-10-806. 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.
Section 4-10-807 – Delegation by Trustee.
4-10-807. 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 and terms of the delegation, consistent with the purposes and terms of […]
Section 4-10-808 – Powers to Direct.
4-10-808. 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 the […]
Section 4-10-809 – Control and Protection of Trust Property.
4-10-809. Control and protection of trust property. A trustee shall take reasonable steps to take control of and protect the trust property.
Section 4-10-810 – Record Keeping and Identification of Trust Property.
4-10-810. Record keeping and identification of trust property. (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, a trustee shall cause the trust property to be designated […]
Section 4-10-811 – Enforcement and Defense of Claims.
4-10-811. Enforcement and defense of claims. A trustee shall take reasonable steps to enforce claims of the trust and to defend claims against the trust.