Wyoming § 4-10-415 Modification or termination of uneconomic trust

Wyoming Statutes

§ 4-10-415 — Modification or termination of uneconomic trust

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

(a)If the fair market value of a trust is less than one hundred fifty thousand dollars ($150,000.00), the trustee may terminate the trust by the following procedure:

(i)The trustee shall determine a plan of distribution that agrees, as nearly as possible, with the purposes of the trust;

(ii)The trustee shall give written notice to all qualified beneficiaries of his intent to distribute the assets in accordance with the plan unless a qualified beneficiary objects in writing within thirty (30) days after receipt of the notice;

(iii)If no objection is received within thirty (30) days after receipt of the notice, the trustee shall proceed to distribute the trust assets in accordance with the plan;

(iv)If the trustee receives a written objection to the plan within thirty (30) days after re

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(a) If the fair market value of a trust is less than one
hundred fifty thousand dollars ($150,000.00), the trustee may
terminate the trust by the following procedure:
(i) The trustee shall determine a plan of
distribution that agrees, as nearly as possible, with the
purposes of the trust;
(ii) The trustee shall give written notice to all
qualified beneficiaries of his intent to distribute the assets
in accordance with the plan unless a qualified beneficiary
objects in writing within thirty (30) days after receipt of the
notice;
(iii) If no objection is received within thirty (30)
days after receipt of the notice, the trustee shall proceed to
distribute the trust assets in accordance with the plan;
(iv) If the trustee receives a written objection to
the plan within thirty (30) days after receipt of the notice,
the trustee shall not distribute the assets of the trust, but
may then petition the court for an order authorizing
distribution in accordance with the plan. The court shall have
plenary authority to approve, modify or reject the trustee's
petition.
(b) The existence of a spendthrift or similar provision
shall not affect the trustee's powers under this section unless
the trust instrument specifically provides that the trustee
shall not have the power to terminate the trust.
(c) This section does not apply to an easement for
conservation or preservation.

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