§ 4-10-704 — Vacancy in trusteeship; appointment of successor

Wyoming § 4-10-704

• Jurisdiction: Wyoming
• Title 04: Fiduciaries
• Ch. 10: UNIFORM TRUST CODE
• Art. 7: TRUSTEES, TRUST ADVISORS AND TRUST PROTECTORS

Text

(a) A vacancy in a trusteeship occurs if:
(i) A person designated as trustee rejects the
trusteeship;
(ii) A person designated as trustee cannot be
identified or does not exist;
(iii) A trustee resigns;
(iv) A trustee is disqualified or removed;
(v) A trustee dies; or
(vi) A guardian or conservator is appointed for an
individual serving as trustee.
(b) If one (1) or more cotrustees remain in office, a
vacancy in a trusteeship need not be filled. A vacancy in a
trusteeship shall be filled if the trust has no remaining
trustee.
(c) A vacancy in a trusteeship of a noncharitable trust,
except a qualified spendthrift trust, that is required to be
filled shall be filled in the following order of priority:
(i) By a person designated in the terms of the trust
to act as successor trustee or in accordance with a manner
specified in the trust;
(ii) By a person appointed by the trust settlor, if
the settlor may make the appointment without disqualifying the
trust for a federal income, estate, gift or generation-skipping
transfer tax benefit claimed for the trust;
(iii) By a person appointed by unanimous agreement of
the qualified beneficiaries; or
(iv) By a person appointed by the court.
(d) A vacancy in a trusteeship of a charitable trust that
is required to be filled shall be filled in the following order
of priority:
(i) By a person designated in the terms of the trust
to act as successor trustee or in accordance with a manner
specified in the trust;
(ii) By a person selected by the charitable
organization expressly designated to receive distributions and
noncharitable beneficiary, if any named, under the terms of the
trust if the attorney general of the state of Wyoming concurs in
the selection; or
(iii) By a person appointed by the court.
(e) If a vacancy occurs in a trusteeship of a qualified
spendthrift trust, or if the only remaining qualified trustee of
the trust ceases to meet the requirements of a qualified
trustee, a successor trustee shall be chosen which meets the
requirements of W.S. 4-10-103(a)(xxxv).
(f) Whether or not a vacancy in a trusteeship exists or is
required to be filled, the court may appoint an additional
trustee or special fiduciary whenever the court considers the
appointment necessary for the administration of the trust.