§ 4-10-412 — Modification or termination of noncharitable irrevocable trust by consent

Wyoming § 4-10-412

• Jurisdiction: Wyoming
• Title 04: Fiduciaries
• Ch. 10: UNIFORM TRUST CODE
• Art. 4: CREATION, VALIDITY, MODIFICATION AND TERMINATION OF

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(a) If upon petition the court finds that the settlor and
all qualified beneficiaries consent to the modification or
termination of a noncharitable irrevocable trust, the court may
enter an order approving the modification or termination, even
if the modification or termination is inconsistent with a
material purpose of the trust. A settlor's power to consent to a
modification or termination of a trust may be exercised by an
agent under a power of attorney only to the extent expressly
authorized by the power of attorney or the terms of the trust
or, if no agent is so authorized, then by the settlor's
conservator or guardian. Exercise of the settlor's power to
consent by an agent, conservator or guardian shall be in each
case with the approval of the court upon a finding by the court
that such action is not inconsistent with the settlor's purpose
or intent.
(b) A noncharitable irrevocable trust may be modified or
terminated by a trust protector provided that the terms of the
trust authorize a protector and grant the trust protector the
power to modify or terminate the trust.
(c) If the settlor is deceased, a noncharitable
irrevocable trust may be terminated upon consent of the trustee
and all of the qualified beneficiaries if the court concludes
that continuance of the trust is not necessary to achieve any
material purpose of the trust. A noncharitable irrevocable trust
may be modified upon consent of the trustee and all of the
qualified beneficiaries if the court concludes that modification
is not inconsistent with a material purpose of the trust.
(d) A spendthrift provision in the terms of the trust is
not presumed to constitute a material purpose of the trust for
purposes of this section.
(e) Upon termination of a trust under subsection (a), (b)
or (c) of this section, the trustee shall distribute the trust
property as provided in the terms of the trust or in default of
such terms of the trust as agreed by all the beneficiaries.
(f) If not all of the qualified beneficiaries consent to a
proposed modification or termination of the trust under
subsection (a), (b) or (c) of this section, the modification or
termination may be approved by the court if the court is
satisfied that:
(i) If all of the qualified beneficiaries had
consented, the trust could have been modified or terminated
under this section; and
(ii) The interests of a qualified beneficiary who
does not consent will be adequately protected.
(g) A trustee consenting in good faith to the modification
or termination of a trust under subsection (c) of this section
shall be protected from liability for providing the consent.