410108. Principal place of administration. (a) Without precluding other means for establishing a sufficient connection with the designated jurisdiction, terms of a trust designating the principal place of administration are valid and controlling if: (i) A trustee's principal place of business is located in, or a trustee is a resident of, the designated jurisdiction; (ii) All or part of the administration occurs in the designated jurisdiction; or (iii) The settlor was a resident of the designated jurisdiction at creation of the trust instrument. (b) A trustee is under a continuing duty to administer the trust at a place appropriate to its purposes, its administration and the interests of the beneficiaries unless otherwise provided in subsection (a) of this section or changed as provided in subsection (c) of this section. (c) Without precluding the right of the court to order, approve or disapprove a transfer, the trustee, in furtherance of the duty prescribed by subsection (b) of this section, may transfer the trust's principal place of administration to another state or to a jurisdiction outside of the United States. (d) The trustee shall notify the qualified beneficiaries in writing of a proposed transfer of a trust's principal place of administration to another jurisdiction not less than sixty (60) days before initiating the transfer, unless waived by written consent of all qualified beneficiaries. The notice of proposed transfer shall include: (i) The name of the jurisdiction to which the principal place of administration is to be transferred; (ii) The address and telephone number at the new location at the trustee can be contacted; (iii) An explanation of the reasons for the proposed transfer; (iv) The date on which the proposed transfer is anticipated to occur; and
(vi) Liability of a trustee for an action relating to the trust; and (vii) An election to treat the trust as a qualified spendthrift trust under article 5 of this act and modification of the trust to comply with W.S. 410510. (e) Any interested person may request the court to approve a nonjudicial settlement agreement, to determine whether the representation as provided in article 3 of this act was adequate, and to determine whether the agreement contains terms and conditions the court could have properly approved. 410112. Insurable interest of trustee. (a) A trustee of a trust has an insurable interest in the life of an individual insured under a life insurance policy that is owned by the trustee of the trust acting in a fiduciary capacity or that designates the trust itself as the owner if, on the date the policy is issued: (i) The insured is: (A) A settlor of the trust; or (B) An individual in whom a settlor of the trust has, or would have had, if living at the time the policy was issued, an insurable interest; and (ii) The life insurance proceeds are primarily for the benefit of one (1) or more trust beneficiaries that have: (A) An insurable interest in the life of the insured; or (B) A substantial interest engendered by love and affection in the continuation of the life of the insured and, if not already included subparagraph (A) of this paragraph, who are: (I) Kindred of the insured having a possibility of being distributees of the insured's estate if the insured dies intestate pursuant to W.S. 24101; or (II) Stepchildren of the insured.
(A) A settlor's power to veto a distribution from the trust; (B) An vivos or testamentary general or limited power of appointment held by the settlor; (C) The settlor's potential or actual receipt of income, including rights to the income retained in the trust instrument; (D) The settlor's potential or actual receipt of income or principal from a charitable remainder unitrust or charitable remainder annuity trust as those terms are defined in Section 664 of the Internal Revenue Code; (E) The settlor's receipt each year of a percentage, not to exceed five percent (5%), specified in the trust instrument, of the initial value of the trust or its value determined from time to time pursuant to the trust instrument; (F) The settlor's potential or actual receipt or use of principal when a qualified trustee, including a trustee acting at the direction of a advisor other than the settlor, makes such distribution or grants such use in the trustee's sole discretion or pursuant to an ascertainable standard contained in the trust instrument; (G) The settlor's right to add or remove a trustee, trust protector or trust advisor and to appoint a new trustee, trust protector or trust advisor, other than the settlor; (H) The settlor's potential or actual use of real property held under a qualified personal residence trust within the meaning of the term as described in Section 2702(c) of the Internal Revenue Code; (J) A trust protector as provided in W.S. 410710 has the power to add beneficiaries to the trust who are not the trust protector, the estate of the trust protector, the creditors of the trust protector or the heirs of the trust protector; (K) The settlor's right to serve as an investment advisor to the trust, with the powers provided in W.S. 410712(a)(iii) and (iv);
(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. 410704. 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 (iii) A trustee resigns; (iv) A trustee is disqualified or removed; (v) A trustee dies; or