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 (a) Repealed By Laws 2007, Ch. 155, § 5.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 4-10-811 – 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.
Section 4-10-812 – Collecting Trust Property.
4-10-812. 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.
Section 4-10-803 – Impartiality.
4-10-803. 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.
Section 4-10-804 – Prudent Administration.
4-10-804. 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.
Section 4-10-805 – Costs of Administration.
4-10-805. 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.
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.