Bill > SF0097

This bill makes several revisions to Wyoming's Uniform Trust Code, focusing on key areas of trust management and taxation. It clarifies the definition of a "qualified trustee" by specifying that neither the settlor (trust creator) nor a non-resident natural person can serve as a qualified trustee, unless certain conditions are met. The bill establishes that in judicial proceedings concerning trusts, notice is required only for interested persons as defined by state law. It eliminates common law restrictions on the duration of noncharitable purpose trusts, effectively removing perpetuity limitations. The legislation also grants trustees expanded powers regarding tax-related matters, specifically allowing them to exercise tax elections and, under certain conditions, reimburse a trust owner for personal income tax liabilities attributable to the trust's income. Importantly, this reimbursement power comes with safeguards to prevent unintended tax consequences and does not allow the settlor to be considered a trust beneficiary. The bill will apply to all trusts created or becoming subject to the Uniform Trust Code on or after July 1, 2025, providing clarity and modernized guidelines for trust administration in Wyoming.

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https://www.wyoleg.gov/Legislation/2025/SF0097