§ 2-3-805 — Notice of proposed action; objections of beneficiary; liability of trustee; proceedings

Wyoming § 2-3-805

• Jurisdiction: Wyoming
• Title 02: Wills, Decedents' Estates and Probate Code
• Ch. 3: FIDUCIARIES
• Art. 8: PRINCIPAL AND INCOME

Text

(a) Unless a trust instrument requires otherwise, a
trustee may give notice of proposed action regarding a matter
governed by this act as provided in this section. For the
purpose of this section, a proposed action includes a course of
action and a decision not to take action.
(b) If a trustee elects to give notice under this section,
the trustee shall mail notice of the proposed action to all
beneficiaries who are receiving, or are entitled to receive,
income under the trust or to receive a distribution of principal
if the trust were terminated at the time the notice is given.
(c) Notice of proposed action need not be given to any
person who consents in writing to the proposed action. The
consent may be executed at any time before or after the proposed
action is taken.
(d) The notice of proposed action shall state that it is
given pursuant to this section and shall state all of the
following:
(i) The name and mailing address of the trustee;
(ii) The name and telephone number of a person who
may be contacted for additional information;
(iii) A description of the action proposed to be
taken and an explanation of the reasons for the action;
(iv) The time within which objections to the proposed
action can be made, which shall be at least thirty (30) days
from the mailing of the notice of proposed action; and
(v) The date on or after which the proposed action
may be taken or is effective.
(e) A beneficiary may object to the proposed action by
mailing a written objection to the trustee at the address stated
in the notice of proposed action within the time period
specified in the notice of proposed action.
(f) Except for good cause shown, a trustee is not liable
to a beneficiary for an action regarding a matter governed by
this act if the trustee does not receive a written objection to
the proposed action from the beneficiary within the applicable
period and the other requirements of this section are satisfied.
If no beneficiary entitled to notice objects under this section,
the trustee is not liable to any current or future beneficiary
with respect to the proposed action.
(g) If the trustee receives a written objection within the
applicable period, either the trustee or a beneficiary may
petition the court to have the proposed action taken as
proposed, taken with modifications, or denied. In the
proceeding, a beneficiary objecting to the proposed action has
the burden of proving that the trustee's proposed action should
not be taken. A beneficiary who has not objected is not estopped
from opposing the proposed action in the proceeding. If the
trustee decides not to implement the proposed action, the
trustee shall notify the beneficiaries of the decision not to
take the action and the reasons for the decision, and the
trustee's decision not to implement the proposed action does not
itself give rise to liability to any current or future
beneficiary. A beneficiary may petition the court to have the
action taken, and has the burden of proving that it should be
taken.