The bill amends the Wyoming probate code to increase the maximum value of estates that can be processed through simplified procedures. Specifically, it raises the threshold for estates subject to administration, collection of claims, and summary distribution from $200,000 to $750,000. This change applies to various sections of the code, including W.S. 2-1-201, 2-1-204, 2-1-205, 2-11-201, and 2-11-202, allowing for a more streamlined process for estates that fall under this new value limit.

Additionally, the bill introduces a new provision in W.S. 2-1-403(d) that clarifies the effectiveness of written irrevocable disclaimers of property interests that do not qualify as disclaimers for tax purposes. This allows disclaiming parties to acknowledge in writing that their disclaimer does not meet federal or other tax qualifications, thereby ensuring that the interest in property is effectively terminated and passed on. The act is set to take effect on July 1, 2025.

Statutes affected:
Introduced: 2-1-201, 2-1-204, 2-1-205, 2-1-403, 2-11-201, 2-11-202