§ 4-10-108 — Principal place of administration; governing law for administering trusts

Wyoming § 4-10-108

• Jurisdiction: Wyoming
• Title 04: Fiduciaries
• Ch. 10: UNIFORM TRUST CODE
• Art. 1: GENERAL PROVISIONS AND DEFINITIONS

Text

(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 which 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
(v) The date, not less than sixty (60) days after the
giving of the notice, by which the qualified beneficiary is
required to notify the trustee of an objection to the proposed
transfer.
(e) The authority of a trustee under this section to
transfer a trust's principal place of administration terminates
if a qualified beneficiary notifies the trustee of an objection
to the proposed transfer on or before the date specified in the
notice.
(f) The laws of this state shall govern the administration
of any trust:
(i) For which the principal place of administration
of the trust is Wyoming;
(ii) Whose principal place of administration has been
changed to Wyoming;
(iii) Of which a trustee's principal place of
business is located in, or a trustee is a resident of, Wyoming,
provided that a majority of the trustees select the laws of this
state to govern the administration of the trust through a
signed, written instrument, unless the terms of the trust:
(A) Specify that the law of the principal place
of administration, which is a jurisdiction other than Wyoming,
governs the administration of the trust;
(B) Expressly prohibit a change in the choice of
law for the administration of the trust; and
(C) Expressly state that a change in the choice
of law for the administration of the trust is prohibited, even
if a trustee from another jurisdiction becomes a trustee of the
trust.