§ 4-10-111 — Nonjudicial settlement agreements

(a) For purposes of this section, "interested persons"
means a qualified beneficiary, the settlor, if living, the
trustee and trust protector, if any.
(b) Except as otherwise provided in subsection (c) of this
section, interested persons may enter into a binding nonjudicial
settlement agreement with respect to any matter involving a
trust.
(c) Subject to the rights of persons dealing with a
fiduciary as provided in W.S. 4-10-1013, a nonjudicial
settlement agreement is valid only to the extent it does not
violate a material purpose of the trust and includes terms and
conditions that could be properly approved by the court under
this act or other applicable law.
(d) Matters that may be resolved by a nonjudicial
settlement agreement include:
(i) The interpretation or construction of the terms
of the trust;
(ii) The approval of a trustee's report or
accounting;
(iii) Direction to a trustee to refrain from
performing a particular act or the grant to a trustee of any
necessary or desirable power;
(iv) The resignation or appointment of a trustee and
the determination of a trustee's compensation;
(v) Transfer of a trust's principal place of
administration;
(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. 4-10-510.
(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.