The bill amends the uniform trust code in Wyoming to clarify various aspects of trust management and trustee qualifications. It defines "qualified trustee" more explicitly, stating that a qualified trustee must be a person authorized by Wyoming law or a regulated financial institution that conducts specific activities within the state. Additionally, it specifies that neither the settlor nor any non-resident natural person or unauthorized entity can serve as a qualified trustee. The bill also outlines that notice for judicial proceedings related to trusts must only be provided to interested persons as defined in the code.

Furthermore, the bill establishes that no common law rule of perpetuities applies to noncharitable purpose trusts and allows trustees to reimburse individuals for certain tax liabilities attributable to the trust. It includes provisions that ensure the exercise of these powers does not affect the settlor's tax benefits or estate inclusion. The act will apply to all trusts created or subject to the uniform trust code on or after July 1, 2025, and will take effect on the same date.

Statutes affected:
Introduced: 4-10-103, 4-10-109, 4-10-410, 4-10-816