reglab/statecodes huggingface dataset:
2023 Wyoming Statutes › Title 2 - Wills, Decedents' Estates and Probate Code › Chapter 3 - Fiduciaries › Article 8 - Principal and Income › Section 2-3-809 - Apportionment of Receipts and Disbursements When Decedent Dies or Income Interest Begins.

2-3-809. Apportionment of receipts and disbursements when decedent dies or income interest begins.
(a) A trustee shall allocate an income receipt or disbursement other than one to which W.S. 2-3-806(a)(i) applies to principal if its due date occurs before a decedent dies in the case of an estate or before an income interest begins in the case of a trust or successive income interest.
(b) A trustee shall allocate an income receipt or disbursement to income if its due date occurs on or after the date on which a decedent dies or an income interest begins and it is a periodic due date. An income receipt or disbursement must be treated as accruing from day to day if its due date is not periodic or it has no due date. The portion of the receipt or disbursement accruing before the date on which a decedent dies or an income interest begins must be allocated to principal and the balance must be allocated to income.
(c) An item of income or an obligation is due on the date the payer is required to make a payment. If a payment date is not stated, there is no due date for the purposes of this act. Distributions to shareholders or other owners from an entity to which W.S. 2-3-810 applies are deemed to be due on the date fixed by the entity for determining who is entitled to receive the distribution or, if no date is fixed, on the declaration date for the distribution. A due date is periodic for receipts or disbursements that must be paid at regular intervals under a lease or an obligation to pay interest or if an entity customarily makes distributions at regular intervals.
2023 Wyoming Statutes › Title 2 - Wills, Decedents' Estates and Probate Code › Chapter 3 - Fiduciaries › Article 8 - Principal and Income › Section 2-3-810 - Apportionment When Income Interest Ends.

2-3-810. Apportionment when income interest ends.
(a) In this section, "undistributed income" means net income received before the date on which an income interest ends. The term does not include an item of income or expense that is due or accrued or net income that has been added or is required to be added to principal under the terms of the trust.
(b) When a mandatory income interest ends, the trustee shall pay to a mandatory income beneficiary who survives that date, or the estate of a deceased mandatory income beneficiary whose death causes the interest to end, the beneficiary's share of the undistributed income that is not disposed of under the terms of the trust unless the beneficiary has an unqualified power to revoke more than five percent (5%) of the trust immediately before the income interest ends. In the latter case, the undistributed income from the portion of the trust that may be revoked must be added to principal.
(c) When a trustee's obligation to pay a fixed annuity or a fixed fraction of the value of the trust's assets ends, the trustee shall prorate the final payment if and to the extent required by applicable law to accomplish a purpose of the trust or its settlor relating to income, gift, estate or other tax requirements.
2023 Wyoming Statutes › Title 2 - Wills, Decedents' Estates and Probate Code › Chapter 3 - Fiduciaries › Article 8 - Principal and Income › Section 2-3-811 - Character of Receipts.

2-3-811. Character of receipts.
(a) In this section, "entity" means a corporation, partnership, limited liability company, regulated investment company, real estate investment trust, common trust fund or any other organization in which a trustee has an interest other than a trust or estate to which W.S. 2-3-811 applies, a business or activity to which W.S. 2-3-813 applies or an asset-backed security to which W.S. 2-3-825 applies.
(b) Except as otherwise provided in this section, a trustee shall allocate to income money received from an entity.
(c) A trustee shall allocate the following receipts from an entity to principal:
(i) Property other than money;
(ii) Money received in one (1) distribution or a series of related distributions in exchange for part or all of a trust's interest in the entity;
(iii) Money received in total or partial liquidation of the entity; and
(iv) Money received from an entity that is a regulated investment company or a real estate investment trust if the money distributed is a capital gain dividend for federal income tax purposes.
(d) Money is received in partial liquidation:
(i) To the extent that the entity, at or near the time of a distribution, indicates that it is a distribution in partial liquidation; or
(ii) If the total amount of money and property received in a distribution or series of related distributions is greater than twenty percent (20%) of the entity's gross assets, as shown by the entity's year-end financial statements immediately preceding the initial receipt.
(e) Money is not received in partial liquidation, nor may it be taken into account under paragraph (d)(ii) of this section, to the extent that it does not exceed the amount of income tax that a trustee or beneficiary must pay on taxable income of the entity that distributes the money.
(f) A trustee may rely upon a statement made by an entity about the source or character of a distribution if the statement is made at or near the time of distribution by the entity's board of directors or other person or group of persons authorized to exercise powers to pay money or transfer property comparable to those of a corporation's board of directors.
2023 Wyoming Statutes › Title 2 - Wills, Decedents' Estates and Probate Code › Chapter 3 - Fiduciaries › Article 8 - Principal and Income › Section 2-3-812 - Distribution From Trust or Estate.

2-3-812. Distribution from trust or estate.
A trustee shall allocate to income an amount received as a distribution of income from a trust or an estate in which the trust has an interest other than a purchased interest, and shall allocate to principal an amount received as a distribution of principal from such a trust or estate. If a trustee purchases an interest in a trust that is an investment entity, or a decedent or donor transfers an interest in such a trust to a trustee, W.S. 2-3-811 or 2-3-825 applies to a receipt from the trust.
2023 Wyoming Statutes › Title 2 - Wills, Decedents' Estates and Probate Code › Chapter 3 - Fiduciaries › Article 8 - Principal and Income › Section 2-3-813 - Business and Other Activities Conducted by Trustee.

2-3-813. Business and other activities conducted by trustee.
(a) If a trustee who conducts a business or other activity determines that it is in the best interest of all the beneficiaries to account separately for the business or activity instead of accounting for it as part of the trust's general accounting records, the trustee may maintain separate accounting records for its transactions, whether or not its assets are segregated from other trust assets.
(b) A trustee who accounts separately for a business or other activity may determine the extent to which its net cash receipts must be retained for working capital, the acquisition or replacement of fixed assets, and other reasonably foreseeable needs of the business or activity, and the extent to which the remaining net cash receipts are accounted for as principal or income in the trust's general accounting records. If a trustee sells assets of the business or other activity, other than in the ordinary course of the business or activity, the trustee shall account for the net amount received as principal in the trust's general accounting records to the extent the trustee determines that the amount received is no longer required in the conduct of the business.
(c) Activities for which a trustee may maintain separate accounting records include:
(i) Retail, manufacturing, service and other traditional business activities;
(ii) Farming;
(iii) Raising and selling livestock and other animals;
(iv) Management of rental properties;
(v) Extraction of minerals and other natural resources;
(vi) Timber operations; and
(vii) Activities to which W.S. 2-3-824 applies.
2023 Wyoming Statutes › Title 2 - Wills, Decedents' Estates and Probate Code › Chapter 3 - Fiduciaries › Article 8 - Principal and Income › Section 2-3-814 - Principal Receipts.

2-3-814. Principal receipts.
(a) A trustee shall allocate to principal:
(i) To the extent not allocated to income under this act, assets received from a transferor during the transferor's lifetime, a decedent's estate, a trust with a terminating income interest or a payer under a contract naming the trust or its trustee as beneficiary;
(ii) Money or other property received from the sale, exchange, liquidation or change in form of a principal asset, including realized profit, subject to W.S. 2-3-811 through 2-3-825;
(iii) Amounts recovered from third parties to reimburse the trust because of disbursements described in W.S. 2-3-827(a)(vii) or for other reasons to the extent not based on the loss of income;
(iv) Proceeds of property taken by eminent domain, but a separate award made for the loss of income with respect to an accounting period during which a current income beneficiary had a mandatory income interest is income;
(v) Net income received in an accounting period during which there is no beneficiary to whom a trustee may or must distribute income; and
(vi) Other receipts as provided in W.S. 2-3-818 through 2-3-825.
2023 Wyoming Statutes › Title 2 - Wills, Decedents' Estates and Probate Code › Chapter 3 - Fiduciaries › Article 8 - Principal and Income › Section 2-3-815 - Rental Property.

2-3-815. Rental property.
To the extent that a trustee accounts for receipts from rental property pursuant to this section, the trustee shall allocate to income an amount received as rent of real or personal property, including an amount received for cancellation or renewal of a lease. An amount received as a refundable deposit, including a security deposit or a deposit that is to be applied as rent for future periods, must be added to principal and held subject to the terms of the lease and is not available for distribution to a beneficiary until the trustee's contractual obligations have been satisfied with respect to that amount.
2023 Wyoming Statutes › Title 2 - Wills, Decedents' Estates and Probate Code › Chapter 3 - Fiduciaries › Article 8 - Principal and Income › Section 2-3-816 - Obligation to Pay Money.

2-3-816. Obligation to pay money.
(a) An amount received as interest, whether determined at a fixed, variable or floating rate, on an obligation to pay money to the trustee, including an amount received as consideration for prepaying principal, must be allocated to income without any provision for amortization of premium.
(b) A trustee shall allocate to principal an amount received from the sale, redemption or other disposition of an obligation to pay money to the trustee more than one (1) year after it is purchased or acquired by the trustee, including an obligation the purchase price or value of which when it is acquired is less than its value at maturity. If the obligation matures within one (1) year after it is purchased or acquired by the trustee, an amount received in excess of its purchase price or its value when acquired by the trust must be allocated to income.
(c) This section does not apply to obligations to which W.S. 2-3-819 through 2-3-822, 2-3-824 or 2-3-825 applies.
2023 Wyoming Statutes › Title 2 - Wills, Decedents' Estates and Probate Code › Chapter 3 - Fiduciaries › Article 8 - Principal and Income › Section 2-3-817 - Insurance Policies and Similar Contracts.

2-3-817. Insurance policies and similar contracts.
(a) Except as otherwise provided in subsection (b) of this section, a trustee shall allocate to principal the proceeds of a life insurance policy or other contract in which the trust or its trustee is named as beneficiary, including a contract that insures the trust or its trustee against loss for damage to, destruction of or loss of title to a trust asset. The trustee shall allocate dividends on an insurance policy to income if the premiums on the policy are paid from income, and to principal if the premiums are paid from principal.
(b) A trustee shall allocate to income proceeds of a contract that insures the trustee against loss of occupancy or other use by an income beneficiary, loss of income, or, subject to W.S. 2-3-813, loss of profits from a business.
(c) This section does not apply to a contract to which W.S. 2-3-819 applies.
2023 Wyoming Statutes › Title 2 - Wills, Decedents' Estates and Probate Code › Chapter 3 - Fiduciaries › Article 8 - Principal and Income › Section 2-3-818 - Insubstantial Allocation Not Required.

2-3-818. Insubstantial allocation not required.
(a) If a trustee determines that an allocation between principal and income required by W.S. 2-3-819 through 2-3-822 or 2-3-825 is insubstantial, the trustee may allocate the entire amount to principal unless one of the circumstances described in W.S. 2-3-804(c) applies to the allocation. This power may be exercised by a cotrustee in the circumstances described in W.S. 2-3-804(d) and may be released for the reasons and in the manner described in W.S. 2-3-804(e). An allocation is presumed to be insubstantial if:
(i) The amount of the allocation would increase or decrease net income in an accounting period, as determined before the allocation, by less than ten percent (10%); or
(ii) The value of the asset producing the receipt for which the allocation would be made is less than ten percent (10%) of the total value of the trust's assets at the beginning of the accounting period.
2023 Wyoming Statutes › Title 2 - Wills, Decedents' Estates and Probate Code › Chapter 3 - Fiduciaries › Article 8 - Principal and Income › Section 2-3-820 - Liquidating Asset.

2-3-820. Liquidating asset.
(a) In this section, "liquidating asset" means an asset whose value will diminish or terminate because the asset is expected to produce receipts for a period of limited duration. The term includes a leasehold, patent, copyright, royalty right and right to receive payments during a period of more than one (1) year under an arrangement that does not provide for the payment of interest on the unpaid balance. The term does not include a payment subject to W.S. 2-3-819, resources subject to W.S. 2-3-821, timber subject to W.S. 2-3-822, an activity subject to W.S. 2-3-824, an asset subject to W.S. 2-3-825 or any asset for which the trustee establishes a reserve for depreciation under W.S. 2-3-828.
(b) A trustee shall allocate to income ten percent (10%) of the receipts from a liquidating asset and the balance to principal.
2023 Wyoming Statutes › Title 2 - Wills, Decedents' Estates and Probate Code › Chapter 3 - Fiduciaries › Article 8 - Principal and Income › Section 2-3-821 - Minerals, Water and Other Natural Resources.

2-3-821. Minerals, water and other natural resources.
(a) To the extent that a trustee accounts for receipts from an interest in minerals or other natural resources pursuant to this section, the trustee shall allocate them as follows:
(i) If received as nominal delay rental or nominal annual rent on a lease, a receipt must be allocated to income;
(ii) If received from a production payment, a receipt must be allocated to income if and to the extent that the agreement creating the production payment provides a factor for interest or its equivalent. The balance must be allocated to principal;
(iii) If an amount received as a royalty, shut-in-well payment, take-or-pay payment, bonus or delay rental is more than nominal, twenty-seven and one-half percent (27.5%) must be allocated to principal and the balance to income;
(iv) If an amount is received from a working interest or any other interest not provided for in paragraph (i), (ii) or (iii) of this subsection, twenty-seven and one-half percent (27.5%) of the net amount received must be allocated to principal and the balance to income.
(b) An amount received on account of an interest in water that is renewable must be allocated to income. If the water is not renewable, twenty-seven and one-half percent (27.5%) of the amount must be allocated to principal and the balance to income.
(c) This act applies whether or not a decedent or donor was extracting minerals, water or other natural resources before the interest became subject to the trust.
(d) If a trust owns an interest in minerals, water or other natural resources on the effective date of this act, the trustee may allocate receipts from the interest as provided in this act or in the manner used by the trustee before the effective date of this act. If the trust acquires an interest in minerals, water or other natural resources after the effective date of this act, the trustee shall allocate receipts as provided in this act.
2023 Wyoming Statutes › Title 2 - Wills, Decedents' Estates and Probate Code › Chapter 3 - Fiduciaries › Article 8 - Principal and Income › Section 2-3-822 - Timber.

2-3-822. Timber.
(a) To the extent that a trustee accounts for receipts from the sale of timber and related products pursuant to this section, the trustee shall allocate the net receipts:
(i) To income to the extent that the amount of timber removed from the land does not exceed the estimated rate of growth of the timber during the accounting periods in which a beneficiary has a mandatory income interest;
(ii) To principal to the extent that the amount of timber removed from the land exceeds the estimated rate of growth of the timber or the net receipts are from the sale of standing timber;
(iii) To or between income and principal if the net receipts are from the lease of timberland or from a contract to cut timber from land owned by a trust, by determining the amount of timber removed from the land under the lease or contract and applying the rules in paragraphs (i) and (ii) of this subsection; or
(iv) To principal to the extent that advance payments, bonuses and other payments are not allocated pursuant to paragraph (i), (ii) or (iii) of this subsection.
(b) In determining net receipts to be allocated pursuant to subsection (a) of this section, a trustee shall deduct and transfer to principal a reasonable amount for depletion.
(c) This act applies whether or not a decedent or transferor was harvesting timber from the property before it became subject to the trust.
(d) If a trust owns an interest in timberland on the effective date of this act, the trustee may allocate net receipts from the sale of timber and related products as provided in this act or in the manner used by the trustee before the effective date of this act. If the trust acquires an interest in timberland after the effective date of this act, the trustee shall allocate net receipts from the sale of timber and related products as provided in this act.
2023 Wyoming Statutes › Title 2 - Wills, Decedents' Estates and Probate Code › Chapter 3 - Fiduciaries › Article 8 - Principal and Income › Section 2-3-823 - Property Not Productive of Income.

2-3-823. Property not productive of income.
(a) If a marital deduction is allowed for all or part of a trust whose assets consist substantially of property that does not provide the spouse with sufficient income from or use of the trust assets, and if the amounts that the trustee transfers from principal to income under W.S. 2-3-804 and distributes to the spouse from principal pursuant to the terms of the trust are insufficient to provide the spouse with the beneficial enjoyment required to obtain the marital deduction, the spouse may require the trustee to make property productive of income, convert property within a reasonable time or exercise the power conferred by W.S. 2-3-804(a). The trustee may decide which action or combination of actions to take.
(b) In cases not governed by subsection (a) of this section, proceeds from the sale or other disposition of an asset are principal without regard to the amount of income the asset produces during any accounting period.
2023 Wyoming Statutes › Title 2 - Wills, Decedents' Estates and Probate Code › Chapter 3 - Fiduciaries › Article 8 - Principal and Income › Section 2-3-824 - Derivatives and Options.

2-3-824. Derivatives and options.
(a) In this section, "derivative" means a contract or financial instrument or a combination of contracts and financial instruments which gives a trust the right or obligation to participate in some or all changes in the price of a tangible or intangible asset or group of assets, or changes in a rate, an index of prices or rates or other market indicator for an asset or a group of assets.
(b) To the extent that a trustee does not account under W.S. 2-3-813 for transactions in derivatives, the trustee shall allocate to principal receipts from and disbursements made in connection with those transactions.
(c) If a trustee grants an option to buy property from the trust, whether or not the trust owns the property when the option is granted, grants an option that permits another person to sell property to the trust, or acquires an option to buy property for the trust or an option to sell an asset owned by the trust, and the trustee or other owner of the asset is required to deliver the asset if the option is exercised, an amount received for granting the option must be allocated to principal. An amount paid to acquire the option must be paid from principal. A gain or loss realized upon the exercise of an option, including an option granted to a settlor of the trust for services rendered, must be allocated to principal.
2023 Wyoming Statutes › Title 2 - Wills, Decedents' Estates and Probate Code › Chapter 3 - Fiduciaries › Article 8 - Principal and Income › Section 2-3-825 - Asset-Backed Securities.

2-3-825. Asset-backed securities.
(a) In this section, "asset-backed security" means an asset whose value is based upon the right it gives the owner to receive distributions from the proceeds of financial assets that provide collateral for the security. The term includes an asset that gives the owner the right to receive from the collateral financial assets only the interest or other current return or only the proceeds other than interest or current return. The term does not include an asset to which W.S. 2-3-811 or 2-3-819 applies.
(b) If a trust receives a payment from interest or other current return and from other proceeds of the collateral financial assets, the trustee shall allocate to income the portion of the payment which the payer identifies as being from interest or other current return and shall allocate the balance of the payment to principal.
(c) If a trust receives one (1) or more payments in exchange for the trust's entire interest in an asset-backed security in one (1) accounting period, the trustee shall allocate the payments to principal. If a payment is one (1) of a series of payments that will result in the liquidation of the trust's interest in the security over more than one (1) accounting period, the trustee shall allocate ten percent (10%) of the payment to income and the balance to principal.
2023 Wyoming Statutes › Title 2 - Wills, Decedents' Estates and Probate Code › Chapter 3 - Fiduciaries › Article 8 - Principal and Income › Section 2-3-826 - Disbursements From Income.

2-3-826. Disbursements from income.
(a) A trustee shall make the following disbursements from income to the extent that they are not disbursements to which W.S. 2-3-806(a)(ii)(B) or (C) applies:
(i) Interest, except interest on taxes as provided in W.S. 2-3-827(a)(vi);
(ii) Ordinary repairs and maintenance of real estate;
(iii) Real estate taxes and other regularly recurring taxes assessed against principal; and
(iv) Recurring premiums on insurance covering the loss of a principal asset or the loss of income from or use of the asset.
2023 Wyoming Statutes › Title 2 - Wills, Decedents' Estates and Probate Code › Chapter 3 - Fiduciaries › Article 8 - Principal and Income › Section 2-3-827 - Disbursements From Principal.

2-3-827. Disbursements from principal.
(a) A trustee shall make the following disbursements from principal:
(i) Extraordinary expenses incurred in connection with the administration, management or preservation of trust property and the distribution of income;
(ii) Extraordinary repairs;
(iii) Repealed by Laws 2015, ch. 79, 3.
(iv) Expenses in connection with accountings and judicial or other proceedings to construe, modify or reform the trust or to protect the trust or its property;
(v) Premiums paid on a policy of insurance not described in W.S. 2-3-826(a)(iv) of which the trust is the owner and beneficiary;
(vi) Estate, inheritance and other transfer taxes, including penalties, apportioned to the trust; and
(vii) Disbursements related to environmental matters, including reclamation, assessing environmental conditions, remedying and removing environmental contamination, monitoring remedial activities and the release of substances, preventing future releases of substances, collecting amounts from persons liable or potentially liable for the costs of those activities, penalties imposed under environmental laws or regulations and other payments made to comply with those laws or regulations, statutory or common law claims by third parties and defending claims based on environmental matters.
(b) If a principal asset is encumbered with an obligation that requires income from that asset to be paid directly to the creditor, the trustee shall transfer from principal to income an amount equal to the income paid to the creditor in reduction of the principal balance of the obligation.
2023 Wyoming Statutes › Title 2 - Wills, Decedents' Estates and Probate Code › Chapter 3 - Fiduciaries › Article 8 - Principal and Income › Section 2-3-828 - Transfers From Income to Principal for Depreciation.

2-3-828. Transfers from income to principal for depreciation.
(a) In this section, "depreciation" means a reduction in value due to wear, tear, decay, corrosion or gradual obsolescence of a fixed asset having a useful life of more than one (1) year and the purchase cost or value of such fixed asset is more than that amount provided by section 179 of the United States Internal Revenue Code or subsequent amendment to the Internal Revenue Code.
(b) A trustee may transfer to principal a reasonable amount of the net cash receipts from a principal asset that is subject to depreciation, but may not transfer any amount for depreciation:
(i) Of that portion of real property used or available for use by a beneficiary as a residence or of tangible personal property held or made available for the personal use or enjoyment of a beneficiary;
(ii) During the administration of a decedent's estate; or
(iii) Under this section if the trustee is accounting under W.S. 2-3-813 for the business or activity in which the asset is used.
(c) An amount transferred to principal need not be held as a separate fund.
2023 Wyoming Statutes › Title 2 - Wills, Decedents' Estates and Probate Code › Chapter 3 - Fiduciaries › Article 8 - Principal and Income › Section 2-3-829 - Transfers From Income to Reimburse Principal.

2-3-829. Transfers from income to reimburse principal.
(a) If a trustee makes or expects to make a principal disbursement described in this section, the trustee may transfer an appropriate amount from income to principal in one (1) or more accounting periods to reimburse principal or to provide a reserve for future principal disbursements.
(b) Principal disbursements to which subsection (a) of this section applies include the following, but only to the extent that the trustee has not been and does not expect to be reimbursed by a third party:
(i) An amount chargeable to income but paid from principal because it is unusually large, including extraordinary repairs;
(ii) A capital improvement to a principal asset, whether in the form of changes to an existing asset or the construction of a new asset, including special assessments;
(iii) Disbursements made to prepare property for rental, including tenant allowances, leasehold improvements and broker's commissions;
(iv) Periodic payments on an obligation secured by a principal asset to the extent that the amount transferred from income to principal for depreciation is less than the periodic payments; and
(v) Disbursements described in W.S. 2-3-827(a)(vii).
(c) If the asset whose ownership gives rise to the disbursements becomes subject to a successive income interest after an income interest ends, a trustee may continue to transfer amounts from income to principal as provided in subsection (a) of this section.
2023 Wyoming Statutes › Title 2 - Wills, Decedents' Estates and Probate Code › Chapter 3 - Fiduciaries › Article 8 - Principal and Income › Section 2-3-830 - Income Taxes.

2-3-830. Income taxes.
(a) A tax required to be paid by a trustee based on receipts allocated to income must be paid from income.
(b) A tax required to be paid by a trustee based on receipts allocated to principal must be paid from principal, even if the tax is called an income tax by the taxing authority.
(c) A tax required to be paid by a trustee on the trust's share of an entity's taxable income must be paid proportionately:
(i) From income to the extent that receipts from the entity are allocated to income; and
(ii) From principal to the extent that:
(A) Receipts from the entity are allocated to principal; and
(B) The trust's share of the entity's taxable income exceeds the total receipts described in paragraph (i) and subparagraph (ii)(A) of this subsection.
(d) For purposes of this section, receipts allocated to principal or income must be reduced by the amount distributed to a beneficiary from principal or income for which the trust receives a deduction in calculating the tax.
2023 Wyoming Statutes › Title 2 - Wills, Decedents' Estates and Probate Code › Chapter 3 - Fiduciaries › Article 8 - Principal and Income › Section 2-3-831 - Adjustments Between Principal and Income.

2-3-831. Adjustments between principal and income.
(a) Subject to W.S. 2-3-826 and 2-3-827, a trustee may, in the discretion of the trustee, allocate to income, principal or partly to each, the ordinary expenses incurred in connection with the administration, management or preservation of trust property and the distribution of income including the compensation of the trustee and of agents hired by the trustee including investment advisors, custodians or income tax preparation services.
(i) Repealed by Laws 2015, ch. 79, 3.
(ii) Repealed by Laws 2015, ch. 79, 3.
(iii) Repealed by Laws 2015, ch. 79, 3.
(b) If the amount of an estate tax marital deduction or charitable contribution deduction is reduced because a fiduciary deducts an amount paid from principal for income tax purposes instead of deducting it for estate tax purposes, and as a result estate taxes paid from principal are increased and income taxes paid by an estate, trust or beneficiary are decreased, each estate, trust or beneficiary that benefits from the decrease in income tax shall reimburse the principal from which the increase in estate tax is paid. The total reimbursement must equal the increase in the estate tax to the extent that the principal used to pay the increase would have qualified for a marital deduction or charitable contribution deduction but for the payment. The proportionate share of the reimbursement for each estate, trust or beneficiary whose income taxes are reduced must be the same as its proportionate share of the total decrease in income tax. An estate or trust shall reimburse principal from income.
2023 Wyoming Statutes › Title 2 - Wills, Decedents' Estates and Probate Code › Chapter 3 - Fiduciaries › Article 8 - Principal and Income › Section 2-3-833 - Uniformity of Application and Construction.

2-3-833. Uniformity of application and construction.
In applying and construing this uniform act, consideration must be given to the need to promote uniformity of the law with respect to its subject matter among states that enact it.
2023 Wyoming Statutes › Title 2 - Wills, Decedents' Estates and Probate Code › Chapter 3 - Fiduciaries › Article 8 - Principal and Income › Section 2-3-834 - Application of Act to Trusts and Estates; Principal Place of Administration.

2-3-834. Application of act to trusts and estates; principal place of administration.
This act applies to every trust that has its principal place of administration in Wyoming and to every decedent's estate probated in Wyoming except where the trust or will expressly applies the principal and income act of another state or as otherwise expressly provided in this act.
2023 Wyoming Statutes › Title 2 - Wills, Decedents' Estates and Probate Code › Chapter 3 - Fiduciaries › Article 8 - Principal and Income › Section 2-3-835 - Trustee Discretion to Include Capital Gains in Income.

2-3-835. Trustee discretion to include capital gains in income.
(a) To the extent a trustee is given the power to make mandatory or discretionary distributions of income, the trustee may, on an annual basis, include realized capital gains in trust income and in determining section 643(a) of the Internal Revenue Code distributable net income, if the allocation is reasonable and impartial.
(b) To the extent a trustee is given the power to make mandatory or discretionary distributions of principal, the trustee may, on an annual basis, include realized capital gains in determining Section 643(a) Internal Revenue Code distributable net income, if the allocation is reasonable and impartial.
2023 Wyoming Statutes › Title 2 - Wills, Decedents' Estates and Probate Code › Chapter 3 - Fiduciaries › Article 9 - Wyoming Unitrust Act › Section 2-3-902 - Definitions.

2-3-902. Definitions.
(a) As used in this act:
(i) "Beneficiary" means a person as defined in W.S. 2-3-802(a)(ii);
(ii) "Disinterested person" means a person who is not a "related or subordinate party" as defined in 672(c) of the Internal Revenue Code, with respect to the person then acting as trustee of the trust and excludes the settlor of the trust and any interested trustee;
(iii) "Income trust" means a trust, created by either an inter vivos or a testamentary instrument, which directs or permits the trustee to distribute the net income of the trust to one (1) or more persons, either in fixed proportions or in amounts or proportions determined by the trustee. Notwithstanding the foregoing, no trust that otherwise is an "income trust" shall qualify under this act, if it may be subject to taxation under Internal Revenue Code 2001 or 2501, until the expiration of the period for filing the return therefore, including extensions;
(iv) "Interested distributee" means a person to whom distributions of income or principal can currently be made who has the power to remove the existing trustee and designate as successor a person who may be a "related or subordinate party", as defined in Internal Revenue Code 672(c) with respect to the distributee;
(v) "Interested trustee" means:
(A) An individual trustee to whom the net income or principal of the trust can currently be distributed or would be distributed if the trust were then to terminate and be distributed;
(B) Any trustee who may be removed and replaced by an interested distributee; or
(C) An individual trustee whose legal obligation to support a beneficiary may be satisfied by distributions of income and principal of the trust.
(vi) "Total return unitrust" means an income trust which has been created or converted under and meets the provisions of this act;
(vii) "Trustee" means all persons acting as trustee of the trust, except where expressly noted otherwise, whether acting in their discretion or on the direction of one (1) or more persons acting in a fiduciary capacity;
(viii) "Settlor" means a person as defined in W.S. 4-10-103(a)(xviii);
(ix) "Unitrust amount" means an amount computed as a percentage of the fair market value of the trust;
(x) "This act" means W.S. 2-3-901 through 2-3-917.
2023 Wyoming Statutes › Title 2 - Wills, Decedents' Estates and Probate Code › Chapter 3 - Fiduciaries › Article 9 - Wyoming Unitrust Act › Section 2-3-904 - Unitrust Election Where There Is No Trustee Other Than an Interested Trustee; Requirements to Make Unitrust Election.

2-3-904. Unitrust election where there is no trustee other than an interested trustee; requirements to make unitrust election.
(a) If there is no trustee of the trust other than an interested trustee, the interested trustee, or where two (2) or more persons are acting as trustees and are interested trustees, a majority of the interested trustees, in its sole discretion and without the approval of the district court, may:
(i) Elect to release the power to adjust described in W.S. 2-3-804 and to convert an income trust to a total return unitrust;
(ii) Reconvert a total return unitrust to an income trust and reinstate the power to adjust described in W.S. 2-3-804; or
(iii) Change the percentage used to calculate the unitrust amount or the method used to determine the fair market value of the trust if the requirements of W.S. 2-3-903(a) through (f) are completed and the trustee appoints a disinterested person who, in its sole discretion but acting in a fiduciary capacity, determines for the trustee:
(A) The percentage to be used to calculate the unitrust amount;
(B) The method to be used in determining the fair market value of the trust; and
(C) Which assets, if any are to be excluded in determining the unitrust amount.
2023 Wyoming Statutes › Title 2 - Wills, Decedents' Estates and Probate Code › Chapter 3 - Fiduciaries › Article 9 - Wyoming Unitrust Act › Section 2-3-905 - Unitrust Election by Beneficiary; Ability to Request Trustee Action.

2-3-905. Unitrust election by beneficiary; ability to request trustee action.
(a) A beneficiary, who is receiving, or is entitled to receive, income under the trust or to receive a distribution of principal if the trust were terminated, may:
(i) Submit to the trustee a written request to convert an income trust to a total return unitrust;
(ii) Reconvert a total return unitrust to an income trust; or
(iii) Change the percentage used to calculate the unitrust amount pursuant to W.S. 2-3-904.
(b) If the trustee declines or fails to act within six (6) months of receipt of the written request, the beneficiary may petition the district court to order the conversion or adjustment.
2023 Wyoming Statutes › Title 2 - Wills, Decedents' Estates and Probate Code › Chapter 3 - Fiduciaries › Article 9 - Wyoming Unitrust Act › Section 2-3-906 - Settlor Created Unitrust.

2-3-906. Settlor created unitrust.
A settlor may create a trust instrument with terms providing that the trust shall be administered as a total return unitrust under this act. A settlor may also create a trust instrument with terms providing that the trust may be administered as either an income trust or as a total return unitrust under this act in the discretion of the trustee or a trust protector appointed in the trust instrument.
2023 Wyoming Statutes › Title 2 - Wills, Decedents' Estates and Probate Code › Chapter 3 - Fiduciaries › Article 9 - Wyoming Unitrust Act › Section 2-3-907 - Valuations.

2-3-907. Valuations.
(a) The fair market value of a trust subject to this act shall be determined, at least annually, using a valuation date or dates or averages of valuation dates as are deemed appropriate except that:
(i) The trustee shall not include in the fair market value the value of any residential property or any tangible personal property that the income beneficiary has the right to occupy or use;
(ii) The trustee shall not limit or restrict any right of the beneficiary to use the excluded property in accordance with the governing instrument; and
(iii) Where the terms of the trust do not provide contrary direction, the trustee shall include in the fair market value the value of:
(A) The portion of any private or commercial annuity from which the trustee is receiving distributions as a designated beneficiary of the annuity; and
(B) The portion of any individual retirement account and pension, profit-sharing, stock bonus or stock ownership plan retirement account from which the trustee is receiving distributions as a designated beneficiary of the account.
(b) Assets for which a fair market value cannot be readily ascertained shall be valued using valuation methods as are deemed reasonable and appropriate as determined in the sole discretion of the trustee. The assets may be excluded from valuation in the sole discretion of the trustee, provided all income received with respect to the assets is distributed to the extent distributable in accordance with the terms of the governing instrument.
2023 Wyoming Statutes › Title 2 - Wills, Decedents' Estates and Probate Code › Chapter 3 - Fiduciaries › Article 9 - Wyoming Unitrust Act › Section 2-3-908 - Unitrust Percentages.

2-3-908. Unitrust percentages.
The percentage to be used in determining the unitrust amount shall be a reasonable current return from the trust, in any event not less than three percent (3%) nor more than five percent (5%), taking into account the intentions of the settlor of the trust as expressed in the governing instrument, the needs of the beneficiaries, general economic conditions, projected current earnings and appreciation for the trust, and projected inflation and its impact on the trust.
2023 Wyoming Statutes › Title 2 - Wills, Decedents' Estates and Probate Code › Chapter 3 - Fiduciaries › Article 9 - Wyoming Unitrust Act › Section 2-3-909 - Treatment and Allocation of Income.

2-3-909. Treatment and allocation of income.
(a) Following the conversion of an income trust to a total return unitrust or upon creation of a total return unitrust by a settlor, the trustee:
(i) Shall treat the unitrust amount as net income of the trust for purposes of determining the amount available, from time to time, for distribution from the trust; and
(ii) May allocate to trust income for each taxable year of the trust, or portion thereof:
(A) Net short-term capital gain described in Internal Revenue Code 1222(5) for the year, or portion thereof, but only to the extent that the amount so allocated together with all other amounts allocated to trust income for the year, or portion thereof does not exceed the unitrust amount for the year, a portion thereof; and
(B) Net long-term capital gain described in Internal Revenue Code 1222(7) for the year, or portion thereof, but only to the extent that the amount so allocated together with all other amounts, including amounts described in subparagraph (A) of this paragraph, allocated to trust income for the year, or portion thereof, does not exceed the unitrust amount for the year, or portion thereof.
2023 Wyoming Statutes › Title 2 - Wills, Decedents' Estates and Probate Code › Chapter 3 - Fiduciaries › Article 9 - Wyoming Unitrust Act › Section 2-3-910 - Administration.

2-3-910. Administration.
(a) In administering a total return unitrust, the trustee may, in its sole discretion, but subject to the provisions of the governing instrument, determine:
(i) The effective date of the conversion;
(ii) The timing of distributions, including provisions for prorating a distribution for a short year in which a beneficiary's right to payments commences or ceases;
(iii) Whether distributions are to be made in cash or in kind or partly in cash and partly in kind;
(iv) If the trust is reconverted to an income trust, the effective date of the reconversion; and
(v) Other administrative issues as may be necessary or appropriate to carry out the purposes of this act.
2023 Wyoming Statutes › Title 2 - Wills, Decedents' Estates and Probate Code › Chapter 3 - Fiduciaries › Article 9 - Wyoming Unitrust Act › Section 2-3-911 - Treatment of Underpayments or Overpayments.

2-3-911. Treatment of underpayments or overpayments.
In the event of an underpayment to a beneficiary, the trustee shall pay to a beneficiary within a reasonable time, and in the event of an overpayment to a beneficiary, the trustee shall recover from the beneficiary either by repayment by the beneficiary or by withholding from future distributions to the beneficiary, an amount equal to the difference between the amount properly payable and the amount actually paid.
2023 Wyoming Statutes › Title 2 - Wills, Decedents' Estates and Probate Code › Chapter 3 - Fiduciaries › Article 9 - Wyoming Unitrust Act › Section 2-3-912 - Effect of Conversion on Governing Instrument.

2-3-912. Effect of conversion on governing instrument.
Conversion to a total return unitrust under the provisions of this act shall not affect any other provision of the governing instrument, if any, regarding distributions of principal.
2023 Wyoming Statutes › Title 2 - Wills, Decedents' Estates and Probate Code › Chapter 3 - Fiduciaries › Article 9 - Wyoming Unitrust Act › Section 2-3-913 - Situs.

2-3-913. Situs.
(a) This act shall be construed as pertaining to the administration of a trust and shall be available to any trust that is administered in Wyoming under Wyoming law unless:
(i) The governing instrument reflects an intention that the beneficiary or beneficiaries are to receive an amount other than a reasonable current return from the trust;
(ii) The trust is a trust described in Internal Revenue Code 170(f)(2)(B), 664(d), 2702(a)(3) or 2702(b); or
(iii) The governing instrument expressly prohibits use of this act by specific reference to this act.
2023 Wyoming Statutes › Title 2 - Wills, Decedents' Estates and Probate Code › Chapter 3 - Fiduciaries › Article 9 - Wyoming Unitrust Act › Section 2-3-914 - Trustee's Liability.

2-3-914. Trustee's liability.
Any trustee or disinterested person who in good faith takes or fails to take any action under this act shall not be liable to any person affected by the action or inaction, regardless of whether the person received written notice as provided in this act and regardless of whether the person was under a legal disability at the time of the delivery of the notice. The person's exclusive remedy shall be to obtain an order of the district court directing the trustee to convert an income trust to a total return unitrust, to reconvert from a total return unitrust to an income trust or to change the percentage used to calculate the unitrust amount.
2023 Wyoming Statutes › Title 2 - Wills, Decedents' Estates and Probate Code › Chapter 3 - Fiduciaries › Article 9 - Wyoming Unitrust Act › Section 2-3-915 - Judicial Control of Discretionary Powers.

2-3-915. Judicial control of discretionary powers.
(a) A court shall not change a trustee's decision to exercise or not to exercise a discretionary power conferred by this act unless it determines that the decision was an abuse of the trustee's discretion. A court shall not determine that a trustee abused its discretion merely because the court would have exercised the discretion in a different manner or would not have exercised the discretion.
(b) Where a beneficiary elects to challenge an action or nonaction by a trustee or disinterested party under the powers and authority granted in the party under this act, the beneficiary has the burden of establishing, by a preponderance of the evidence, that the actions or nonactions by a trustee or a disinterested party abused the trustee's or the party's discretion. A beneficiary who fails to state a basis or reason for an objection or fails to prove by a preponderance of the evidence the proposed action should be taken or should not be taken shall be liable to all other beneficiaries for damages and costs associated with the objection.
2023 Wyoming Statutes › Title 2 - Wills, Decedents' Estates and Probate Code › Chapter 3 - Fiduciaries › Article 9 - Wyoming Unitrust Act › Section 2-3-916 - Limitation of Election.

2-3-916. Limitation of election.
An action shall not be taken under W.S. 2-3-903, 2-3-904 or 2-3-905 more frequently than every two (2) years, unless the district court orders otherwise.
2023 Wyoming Statutes › Title 2 - Wills, Decedents' Estates and Probate Code › Chapter 3 - Fiduciaries › Article 9 - Wyoming Unitrust Act › Section 2-3-917 - Application.

2-3-917. Application.
This act applies to every trust or decedent's estate existing on July 1, 2007 or created thereafter except as otherwise expressly provided in the will or terms of the trust or in this act.
2023 Wyoming Statutes › Title 2 - Wills, Decedents' Estates and Probate Code › Chapter 3 - Fiduciaries › Article 10 - Uniform Fiduciary Access to Digital Assets Act › Section 2-3-1001 - Uniform Fiduciary Access to Digital Assets Act; Short Title.

2-3-1001. Uniform Fiduciary Access to Digital Assets Act; short title.
This act shall be known and may be cited as the "Uniform Fiduciary Access to Digital Assets Act."