4-10-401. Methods of creating trust. (a) A trust may be created by: (i) Transfer of property to another person as trustee during the settlor’s lifetime or by will or other disposition taking effect upon the settlor’s death; (ii) Declaration by the owner of property that the owner holds identifiable property as trustee; (iii) Exercise of […]
4-10-402. Title of trust property. (a) Property transferred to a trust shall be titled: (i) If it is real property, in accordance with W.S. 34-2-122; and (ii) If it is personal property, in: (A) The name of the current trustee as the trustee of such trust; (B) The name of “the trustee” as the trustee […]
4-10-403. Requirements for creation. (a) A trust is created only if: (i) The settlor has capacity to create a trust; (ii) The settlor indicates an intention to create the trust; (iii) The trust has a definite beneficiary or is: (A) A charitable trust; (B) A trust for the care of an animal, as provided in […]
4-10-404. Trusts created in other jurisdictions. (a) A trust not created by will is validly created if its creation complies with the law of the jurisdiction in which the trust instrument was executed, or the law of the jurisdiction in which, at the time of creation: (i) The settlor was domiciled, had a place of […]
4-10-405. Trust purposes. A trust may be created only to the extent its purposes are lawful, not contrary to public policy, and possible to achieve. A trust and its terms shall be for the benefit of its beneficiaries.
4-10-406. Charitable purposes; enforcement. (a) A charitable trust may be created for the relief of poverty, the advancement of education or religion, the promotion of health, governmental or municipal purposes, or other purposes the achievement of which is beneficial to the community. (b) If the terms of a charitable trust do not indicate or otherwise […]
4-10-407. Creation of trust induced by fraud, duress or undue influence. Subject to the rights of persons dealing with a fiduciary as provided in W.S. 4-10-1013, a trust is void to the extent its creation was induced by fraud, duress or undue influence.
4-10-408. Evidence of oral trust. Except as required by a statute other than this act, a trust need not be evidenced by a trust instrument, but the creation of an oral trust and its terms may be established only by clear and convincing evidence.
4-10-409. Trust for care of animal. (a) A trust may be created to provide for the care of an animal alive during the settlor’s lifetime. The trust terminates upon the death of the animal or, if the trust was created to provide for the care of more than one (1) animal alive during the settlor’s […]
4-10-410. Noncharitable trust without ascertainable beneficiary. (a) Except as otherwise provided in W.S. 4-10-409 or by another statute, the following rules apply: (i) A trust may be created for a noncharitable purpose without a definite or definitely ascertainable beneficiary or for a noncharitable but otherwise valid purpose to be selected by the trustee; (ii) A […]
4-10-411. Modification or termination of trust; proceedings for approval or disapproval. (a) In addition to the methods of termination prescribed by W.S. 4-10-412 through 4-10-415, a trust terminates to the extent the trust is revoked or expires pursuant to its terms, no material purpose of the trust remains to be achieved or the purposes of […]
4-10-412. Modification or termination of noncharitable irrevocable trust by consent. (a) If upon petition the court finds that the settlor and all qualified beneficiaries consent to the modification or termination of a noncharitable irrevocable trust, the court may enter an order approving the modification or termination, even if the modification or termination is inconsistent with […]
4-10-413. Modification or termination because of unanticipated circumstances or inability to administer trust effectively. (a) The court may modify the administrative or dispositive terms of a trust or terminate the trust if, because of circumstances not anticipated by the settlor, modification or termination will further the purposes of the trust. To the extent practicable, the […]
4-10-414. Cy pres. (a) Except as otherwise provided in the terms of the trust, if a particular charitable purpose becomes unlawful, impracticable, impossible to achieve or wasteful: (i) The trust does not fail, in whole or in part; (ii) The trust property does not revert to the settlor or the settlor’s successors in interest; and […]
4-10-415. Modification or termination of uneconomic trust. (a) If the fair market value of a trust is less than one hundred fifty thousand dollars ($150,000.00), the trustee may terminate the trust by the following procedure: (i) The trustee shall determine a plan of distribution that agrees, as nearly as possible, with the purposes of the […]
4-10-416. Reformation to correct mistakes. The court may reform the terms of a trust, even if unambiguous, to conform the terms to the settlor’s intention if it is proved by clear and convincing evidence that both the settlor’s intent and the terms of the trust were affected by a mistake of fact or law, whether […]
4-10-417. Modification to achieve settlor’s tax objectives. To achieve the settlor’s tax objectives, the court may modify the terms of a trust in a manner that is not contrary to the settlor’s probable intention as proved by a preponderance of the evidence. The court may provide that the modification has retroactive effect.
4-10-418. Combination and division of trusts. After notice to the qualified beneficiaries, a trustee may combine two (2) or more trusts into a single trust or divide a trust into two (2) or more separate trusts, if the result does not impair the rights of any beneficiary or adversely affect achievement of the purposes of […]
