reglab/housing_qa huggingface dataset:
WY Stat § 4-10-604 (2021)
2021 Wyoming Statutes|Title 4 - Trusts|Chapter 10 - Uniform Trust Code|Article 6 - Revocable Trusts|Section 4-10-604 - Limitation on Action Contesting Validity of Revocable Trust; Distribution of Trust Property.

4-10-604. Limitation on action contesting validity of revocable trust; distribution of trust property.| (a) Subject to the rights of persons dealing with a fiduciary as provided in W.S. 4-10-1013, a person may commence a judicial proceeding to contest the validity of a trust that is revocable during the settlor's life or an amendment thereto within the earlier of:  (i) Two (2) years after the settlor's death; or  (ii) One hundred twenty (120) days after the trustee sent the person a copy of the trust instrument and a notice informing the person of the trust's existence, of the trustee's name and address and of the time allowed for commencing a proceeding.  (b) No trustee shall have any liability under the governing instrument or to any third party or otherwise for failure to provide written notice pursuant to paragraph (a)(ii) of this section.  (c) For purposes of paragraph (a)(ii) of this section, notice shall have been given when received by the person to whom the notice was given. Absent evidence to the contrary, it shall be presumed that delivery to the last known address of that person constitutes receipt by that person.  (d) A person failing to commence a judicial proceeding to contest the validity of a trust within the times provided in this section is forever prohibited from commencing any judicial proceeding contesting the validity of the trust.  (e) Upon the death of the settlor of a trust that was revocable during the settlor's life, the trustee may proceed to distribute the trust property in accordance with the terms of the trust. The trustee is not subject to liability for doing so unless:  (i) The trustee knows of a pending judicial proceeding contesting the validity of the trust; or  (ii) A potential contestant has notified the trustee in writing of a possible judicial proceeding to contest the trust and a judicial proceeding is commenced within sixty (60) days after the contestant sent the notification.  (f) A beneficiary of a trust that is determined to have been invalid is liable to return any distribution received.
WY Stat § 4-10-701 (2021)
2021 Wyoming Statutes|Title 4 - Trusts|Chapter 10 - Uniform Trust Code|Article 7 - Trustees, Trust Advisors and Trust Protectors|Section 4-10-701 - Accepting or Declining Trusteeship.

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 method provided in the trust is not made exclusive, by accepting delivery of the trust property, exercising powers or performing duties as trustee, or otherwise indicating acceptance of the trusteeship.  (b) A person designated as trustee who has not yet accepted the trusteeship may reject the trusteeship. A designated trustee who does not accept the trusteeship within a reasonable time after knowing of the designation is deemed to have rejected the trusteeship.  (c) A person designated as trustee, without accepting the trusteeship, may:  (i) Act to preserve the trust property if, within a reasonable time after acting, the person sends a written rejection of the trusteeship to the settlor or, if the settlor is dead or lacks capacity, to a qualified beneficiary; and  (ii) Inspect or investigate trust property to determine potential liability under environmental or other law or for any other purpose.
WY Stat § 4-10-702 (2021)
2021 Wyoming Statutes|Title 4 - Trusts|Chapter 10 - Uniform Trust Code|Article 7 - Trustees, Trust Advisors and Trust Protectors|Section 4-10-702 - Trustee's Bond.

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 specify the amount of a bond, its liabilities, and whether sureties are necessary. The court may modify or terminate a bond at any time.  (c) A regulated financial services institution qualified to do trust business in this state need not give bond, unless required by the terms of the trust.
WY Stat § 4-10-703 (2021)
2021 Wyoming Statutes|Title 4 - Trusts|Chapter 10 - Uniform Trust Code|Article 7 - Trustees, Trust Advisors and Trust Protectors|Section 4-10-703 - Cotrustees.

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 of absence, illness, disqualification under other law or other temporary incapacity or the cotrustee has properly delegated the performance of the function to another trustee.  (d) If a cotrustee is unavailable to perform duties because of absence, illness, disqualification under other law or other temporary incapacity, and prompt action is necessary to achieve the purposes of the trust or to avoid injury to the trust property, the remaining cotrustee or a majority of the remaining cotrustees may act for the trust.  (e) A trustee may delegate to a cotrustee the performance of any function unless the delegation is expressly prohibited in the terms of the trust. Unless a delegation was irrevocable, a trustee may revoke a delegation previously made.  (f) Except as otherwise provided in subsection (g) of this section, a trustee who does not join in an action of another trustee is not liable for the action.  (g) Each trustee shall exercise reasonable care to:  (i) Prevent a cotrustee from committing a serious breach of trust; and  (ii) Compel a cotrustee to redress a serious breach of trust.  (h) A dissenting trustee who joins in an action at the direction of the majority of the trustees and who notified any cotrustee of the dissent at or before the time of the action is not liable for the action, unless the action is a serious breach of trust.
WY Stat § 4-10-704 (2021)
2021 Wyoming Statutes|Title 4 - Trusts|Chapter 10 - Uniform Trust Code|Article 7 - Trustees, Trust Advisors and Trust Protectors|Section 4-10-704 - Vacancy in Trusteeship; Appointment of Successor.

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 guardian or conservator is appointed for an individual serving as trustee.  (b) If one (1) or more cotrustees remain in office, a vacancy in a trusteeship need not be filled. A vacancy in a trusteeship shall be filled if the trust has no remaining trustee.  (c) A vacancy in a trusteeship of a noncharitable trust, except a qualified spendthrift trust, that is required to be filled shall be filled in the following order of priority:  (i) By a person designated in the terms of the trust to act as successor trustee or in accordance with a manner specified in the trust;  (ii) By a person appointed by unanimous agreement of the qualified beneficiaries; or  (iii) By a person appointed by the court.  (d) A vacancy in a trusteeship of a charitable trust that is required to be filled shall be filled in the following order of priority:  (i) By a person designated in the terms of the trust to act as successor trustee or in accordance with a manner specified in the trust;  (ii) By a person selected by the charitable organization expressly designated to receive distributions and noncharitable beneficiary, if any named, under the terms of the trust if the attorney general of the state of Wyoming concurs in the selection; or  (iii) By a person appointed by the court.  (e) If a vacancy occurs in a trusteeship of a qualified spendthrift trust, or if the only remaining qualified trustee of the trust ceases to meet the requirements of a qualified trustee, a successor trustee shall be chosen which meets the requirements of W.S. 4-10-103(a)(xxxv).  (f) Whether or not a vacancy in a trusteeship exists or is required to be filled, the court may appoint an additional trustee or special fiduciary whenever the court considers the appointment necessary for the administration of the trust.
WY Stat § 4-10-705 (2021)
2021 Wyoming Statutes|Title 4 - Trusts|Chapter 10 - Uniform Trust Code|Article 7 - Trustees, Trust Advisors and Trust Protectors|Section 4-10-705 - Resignation of Trustee.

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 thirty (30) days notice to all qualified beneficiaries and all other cotrustees; or  (ii) With approval of the court.  (c) In approving a resignation, the court may issue orders and impose conditions reasonably necessary for the protection of the trust property.  (d) Any liability of a resigning trustee or of any sureties on the trustee's bond for acts or omissions of the trustee is not discharged or affected by the trustee's resignation.
WY Stat § 4-10-706 (2021)
2021 Wyoming Statutes|Title 4 - Trusts|Chapter 10 - Uniform Trust Code|Article 7 - Trustees, Trust Advisors and Trust Protectors|Section 4-10-706 - Removal of Trustee.

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 a serious breach of trust;  (ii) Lack of cooperation among cotrustees substantially impairs the administration of the trust;  (iii) Because of unfitness, unwillingness or persistent failure of the trustee to administer the trust effectively, the court determines that removal of the trustee best serves the interests of the beneficiaries; or  (iv) There has been a substantial change of circumstances, or removal is requested by all of the qualified beneficiaries, and the court finds that removal of the trustee best serves the interests of all of the beneficiaries and is not inconsistent with a material purpose of the trust, and a suitable cotrustee or successor trustee is available.  (c) Pending a final decision on a request to remove a trustee, or in lieu of or in addition to removing a trustee, the court may order such appropriate relief under W.S. 4-10-1001(b) as may be necessary to protect the trust property or the interests of the beneficiaries.
WY Stat § 4-10-707 (2021)
2021 Wyoming Statutes|Title 4 - Trusts|Chapter 10 - Uniform Trust Code|Article 7 - Trustees, Trust Advisors and Trust Protectors|Section 4-10-707 - Delivery of Property by Former Trustee.

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 protect the trust property.  (b) A trustee who has resigned or been removed shall proceed expeditiously to deliver the trust property within the trustee's possession to the cotrustee, successor trustee or other person entitled to it.
WY Stat § 4-10-708 (2021)
2021 Wyoming Statutes|Title 4 - Trusts|Chapter 10 - Uniform Trust Code|Article 7 - Trustees, Trust Advisors and Trust Protectors|Section 4-10-708 - Compensation of Trustee.

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 less than sixty (60) days in advance of any change, unless the notice is waived by the written consent of all qualified beneficiaries. The notice of a proposed change in the method or rate of trustee's compensation shall include:  (i) The current trustee's compensation;  (ii) The proposed change to the trustee's compensation;  (iii) An explanation of the reasons for the change in compensation;  (iv) The date upon which the change in compensation is to take effect; and  (v) The date, not less than sixty (60) days after giving notice, by which a qualified beneficiary is required to notify the trustee in writing of an objection to the change in compensation.  (b) If the terms of a trust specify the trustee's compensation, the trustee is entitled to be compensated as specified, but the court may allow more or less compensation if:  (i) The duties of the trustee are substantially different from those contemplated when the trust was created; or  (ii) The compensation specified by the terms of the trust would be unreasonably low or high.  (c) The trustee shall be entitled to additional compensation on agreement of all qualified beneficiaries.  (d) The authority of a trustee under this section to change the trustee's rate or method of compensation terminates if a majority of the qualified beneficiaries notify the trustee of objections to the proposed change in compensation on or before the date specified in the notice.
WY Stat § 4-10-709 (2021)
2021 Wyoming Statutes|Title 4 - Trusts|Chapter 10 - Uniform Trust Code|Article 7 - Trustees, Trust Advisors and Trust Protectors|Section 4-10-709 - Reimbursement of Expenses.

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 the trustee's compensation; and  (iii) To the extent necessary to prevent unjust enrichment of the trust, expenses that were not properly incurred in the administration of the trust.  (b) An advance by the trustee of money for the protection of the trust gives rise to a lien against trust property to secure reimbursement with reasonable interest.
WY Stat § 4-10-710 (2021)
2021 Wyoming Statutes|Title 4 - Trusts|Chapter 10 - Uniform Trust Code|Article 7 - Trustees, Trust Advisors and Trust Protectors|Section 4-10-710 - Trust Protector.

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 following:  (i) To modify or amend the trust instrument to achieve favorable tax status or because of changes in the Internal Revenue Code, state law or the rulings and regulations implementing such changes;  (ii) To amend or modify the trust instrument to take advantage of changes in the rule against perpetuities, laws governing restraints on alienation, or other state laws restricting the terms of the trust, the distribution of trust property, or the administration of the trust;  (iii) To appoint a successor trust protector;  (iv) To review and approve the accountings of a trustee;  (v) To change the governing law or principal place of administration of the trust;  (vi) To remove and replace any trust advisor for the reasons stated in the trust instrument;  (vii) To remove a trustee, cotrustee or successor trustee, for the reasons stated in the trust instrument, and appoint a replacement;  (viii) To interpret terms of the trust instrument at the request of the trustee;  (ix) To advise the trustee or cotrustee on matters concerning any beneficiary;  (x) To direct, consent or disapprove a trustee's or cotrustee's action or inaction in making distributions to beneficiaries;  (xi) To increase or decrease any interest of the beneficiaries to the trust, to grant a power of appointment to one (1) or more trust beneficiaries or to terminate or amend any power of appointment granted by the trust; however, a modification, amendment or grant of a power of appointment may not grant a beneficial interest to any person or class of persons not specifically provided for under the trust instrument or to the trust protector, the trust protector's estate or for the benefit of the creditors of the trust protector; and  (xii) To elect for the trust to become a qualified spendthrift trust under W.S. 4-10-516.
WY Stat § 4-10-711 (2021)
2021 Wyoming Statutes|Title 4 - Trusts|Chapter 10 - Uniform Trust Code|Article 7 - Trustees, Trust Advisors and Trust Protectors|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.
WY Stat § 4-10-712 (2021)
2021 Wyoming Statutes|Title 4 - Trusts|Chapter 10 - Uniform Trust Code|Article 7 - Trustees, Trust Advisors and Trust Protectors|Section 4-10-712 - Trust Advisor.

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 may include, but are not limited to the following:  (i) To perform a specific duty or function that would normally be performed by the trustee, cotrustee or trust protector;  (ii) To advise the trustee or cotrustee on matters concerning any beneficiary;  (iii) To direct, consent or disapprove a trustee's or cotrustee's action or inaction relating to investments of trust assets;  (iv) To direct the acquisition, transfer or retention of any trust investment; and  (v) To direct, consent or disapprove a trustee's or cotrustee's action or inaction in making distributions to beneficiaries.
WY Stat § 4-10-713 (2021)
2021 Wyoming Statutes|Title 4 - Trusts|Chapter 10 - Uniform Trust Code|Article 7 - Trustees, Trust Advisors and Trust Protectors|Section 4-10-713 - Trust Advisor as a Fiduciary.

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.
WY Stat § 4-10-714 (2021)
2021 Wyoming Statutes|Title 4 - Trusts|Chapter 10 - Uniform Trust Code|Article 7 - Trustees, Trust Advisors and Trust Protectors|Section 4-10-714 - Trust Advisor and Trust Protector Subject to District Court Jurisdiction.

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 Wyoming even if investment advisory agreements or other related agreements provide otherwise, and the trust advisor or trust protector may be made a party to any action or proceeding if issues relate to a decision, action or inaction of the trust advisor or trust protector.
WY Stat § 4-10-715 (2021)
2021 Wyoming Statutes|Title 4 - Trusts|Chapter 10 - Uniform Trust Code|Article 7 - Trustees, Trust Advisors and Trust Protectors|Section 4-10-715 - No Duty to Review Actions of Trust Advisor or Trust Protector.

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 of a duly named and appointed trust protector or trust advisor.
WY Stat § 4-10-716 (2021)
2021 Wyoming Statutes|Title 4 - Trusts|Chapter 10 - Uniform Trust Code|Article 7 - Trustees, Trust Advisors and Trust Protectors|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.
WY Stat § 4-10-717 (2021)
2021 Wyoming Statutes|Title 4 - Trusts|Chapter 10 - Uniform Trust Code|Article 7 - Trustees, Trust Advisors and Trust Protectors|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 or inaction of the trust advisor or protector.
WY Stat § 4-10-801 (2021)
2021 Wyoming Statutes|Title 4 - Trusts|Chapter 10 - Uniform Trust Code|Article 8 - Duties and Powers of Trustee|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.
WY Stat § 4-10-803 (2021)
2021 Wyoming Statutes|Title 4 - Trusts|Chapter 10 - Uniform Trust Code|Article 8 - Duties and Powers of 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.
WY Stat § 4-10-804 (2021)
2021 Wyoming Statutes|Title 4 - Trusts|Chapter 10 - Uniform Trust Code|Article 8 - Duties and Powers of Trustee|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.
WY Stat § 4-10-805 (2021)
2021 Wyoming Statutes|Title 4 - Trusts|Chapter 10 - Uniform Trust Code|Article 8 - Duties and Powers of Trustee|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.
WY Stat § 4-10-806 (2021)
2021 Wyoming Statutes|Title 4 - Trusts|Chapter 10 - Uniform Trust Code|Article 8 - Duties and Powers of 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.