4-10-701. Accepting or declining trusteeship. (a) Except as otherwise provided in subsection (c) of this section, a person designated as trustee accepts the trusteeship: (i) By substantially complying with a method of acceptance provided in the terms of the trust; or (ii) If the terms of the trust do not provide a method or the […]
4-10-702. Trustee’s bond. (a) A trustee shall give bond to secure performance of the trustee’s duties only if the court finds that a bond is needed to protect the interests of the beneficiaries or is required by the terms of the trust and the court has not dispensed with the requirement. (b) The court may […]
4-10-703. Cotrustees. (a) Cotrustees who are unable to reach a unanimous decision may act by majority decision. (b) If a vacancy occurs in a cotrusteeship, the remaining cotrustees may act for the trust. (c) A cotrustee shall participate in the performance of a trustee’s function unless the cotrustee is unavailable to perform the function because […]
4-10-704. Vacancy in trusteeship; appointment of successor. (a) A vacancy in a trusteeship occurs if: (i) A person designated as trustee rejects the trusteeship; (ii) A person designated as trustee cannot be identified or does not exist; (iii) A trustee resigns; (iv) A trustee is disqualified or removed; (v) A trustee dies; or (vi) A […]
4-10-705. Resignation of trustee. (a) For a revocable living trust, a trustee may resign: (i) Upon at least thirty (30) days notice to the settlor, if living, and all other cotrustees; or (ii) With the approval of the court. (b) For an irrevocable, testamentary or charitable trust, a trustee may resign upon: (i) At least […]
4-10-706. Removal of trustee. (a) The settlor, a cotrustee or a qualified beneficiary may request the court to remove a trustee, or a trustee may be removed by the court on its own initiative as outlined in subsection (b) of this section. (b) The court may remove a trustee if: (i) The trustee has committed […]
4-10-707. Delivery of property by former trustee. (a) Unless a cotrustee remains in office or the court otherwise orders, and until the trust property is delivered to a successor trustee or other person entitled to it, a trustee who has resigned or been removed has the duties of a trustee and the powers necessary to […]
4-10-708. Compensation of trustee. (a) If the terms of a trust do not specify the trustee’s compensation, a trustee is entitled to compensation that is reasonable under the circumstances. The trustee shall notify the qualified beneficiaries, in writing, of any change in the method or rate of the trustee’s compensation. Notice shall be given not […]
4-10-709. Reimbursement of expenses. (a) A trustee is entitled to be reimbursed out of the trust property, with interest, as appropriate, for: (i) Expenses that were properly incurred in the administration of the trust; (ii) Expenses that were properly incurred in responding to an objection to a proposed change in the method or rate of […]
4-10-710. Trust protector. (a) The powers and discretions of a trust protector shall be provided in the trust instrument or may be established or modified by a judicial order, and may, in the best interests of the trust, be exercised or not exercised. The powers and discretions may include, but are not limited to the […]
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.
4-10-712. Trust advisor. (a) The powers and discretions of a trust advisor shall be provided in the trust instrument and may, in the best interests of the trust, be exercised or not exercised in the sole and absolute discretion of the trust advisor and shall be binding on all other persons. Such powers and discretions […]
4-10-713. Trust advisor as a fiduciary. Trust advisors are fiduciaries to the extent of the powers, duties and discretions granted to them under the terms of the trust instrument.
4-10-714. 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 of the courts of the state of […]
4-10-715. 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 is relieved of any duty or responsibility to review the actions […]
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.
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 […]
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 […]
