§ 2-3-803 — Fiduciary duties; general principles

(a) In allocating receipts and disbursements to or between
principal and income, and with respect to any matter within the
scope of W.S. 2-3-806 through 2-3-810, a fiduciary:
(i) Shall administer a trust or estate in accordance
with the terms of the trust or the will, even if there is a
different provision in this act;
(ii) May administer a trust or estate by the exercise
of a discretionary power of administration given to the
fiduciary by the terms of the trust or the will, even if the
exercise of the power produces a result different from a result
required or permitted by this act, and no inference that the
fiduciary has improperly exercised the discretion arises from
the fact that the fiduciary has made an allocation contrary to a
provision of this act;
(iii) Shall administer a trust or estate in
accordance with this act if the terms of the trust or the will
do not contain a different provision or do not give the
fiduciary a discretionary power of administration; and
(iv) Shall add a receipt or charge a disbursement to
principal to the extent that the terms of the trust and this act
do not provide a rule for allocating the receipt or disbursement
to or between principal and income.
(b) In exercising the power to adjust under W.S.
2-3-804(a) or a discretionary power of administration regarding
a matter within the scope of this act, whether granted by the
terms of a trust, a will, or this act, a fiduciary shall
administer a trust or estate impartially, based on what is fair
and reasonable to all of the beneficiaries, except to the extent
that the terms of the trust or the will clearly manifest an
intention that the fiduciary shall or may favor one (1) or more
of the beneficiaries. A determination in accordance with this
act is presumed to be fair and reasonable to all of the
beneficiaries.