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.
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 4-10-716 – Power of Trust Advisor and Trust Protector to Act After Death or Incapacity of Grantor.
4-10-716. 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.
Section 4-10-717 – Fiduciary’s Liability for Action or Inaction of Trust Advisor and Trust Protector.
4-10-717. 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 excluded fiduciary is not liable for any loss resulting from any action […]
Section 4-10-718 – Directed Trusts.
4-10-718. 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 respect to the […]
Section 4-10-801 – Duty to Administer Trust.
4-10-801. 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.
Section 4-10-802 – Duty of Loyalty.
4-10-802. 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 other transaction involving the investment or […]
Section 4-10-711 – Trust Protector as a Fiduciary.
4-10-711. 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.