Wyoming § 2-3-902 Definitions

Wyoming Statutes

§ 2-3-902 — Definitions

Wyoming § 2-3-902

Title 02Wills, Decedents' Estates and Probate Code

Ch. 3FIDUCIARIES

Art. 9WYOMING UNITRUST ACT

This text of Wyoming § 2-3-902 (Definitions) is published on Counsel Stack Legal Research, covering Wyoming primary law. Counsel Stack provides free access to over 12 million legal documents including statutes, case law, regulations, and constitutions.

Bluebook

Wyo. Stat. Ann. § 2-3-902 (2026).

Text

(a)As used in this act:

(i)"Beneficiary" means a person as defined in W.S. 2-3-802(a)(ii);

(ii)"Disinterested person" means a person who is not a "related or subordinate party" as defined in § 672(c) of the Internal Revenue Code, with respect to the person then acting as trustee of the trust and excludes the settlor of the trust and any interested trustee;

(iii)"Income trust" means a trust, created by either an inter vivos or a testamentary instrument, which directs or permits the trustee to distribute the net income of the trust to one (1) or more persons, either in fixed proportions or in amounts or proportions determined by the trustee. Notwithstanding the foregoing, no trust that otherwise is an "income trust" shall qualify under this act, if it may be subject to taxation under Int

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(a) As used in this act:
(i) "Beneficiary" means a person as defined in W.S.
2-3-802(a)(ii);
(ii) "Disinterested person" means a person who is not
a "related or subordinate party" as defined in § 672(c) of the
Internal Revenue Code, with respect to the person then acting as
trustee of the trust and excludes the settlor of the trust and
any interested trustee;
(iii) "Income trust" means a trust, created by either
an inter vivos or a testamentary instrument, which directs or
permits the trustee to distribute the net income of the trust to
one (1) or more persons, either in fixed proportions or in
amounts or proportions determined by the trustee.
Notwithstanding the foregoing, no trust that otherwise is an
"income trust" shall qualify under this act, if it may be
subject to taxation under Internal Revenue Code §§ 2001 or 2501,
until the expiration of the period for filing the return
therefore, including extensions;
(iv) "Interested distributee" means a person to whom
distributions of income or principal can currently be made who
has the power to remove the existing trustee and designate as
successor a person who may be a "related or subordinate party",
as defined in Internal Revenue Code § 672(c) with respect to the
distributee;
(v) "Interested trustee" means:
(A) An individual trustee to whom the net income
or principal of the trust can currently be distributed or would
be distributed if the trust were then to terminate and be
distributed;
(B) Any trustee who may be removed and replaced
by an interested distributee; or
(C) An individual trustee whose legal obligation
to support a beneficiary may be satisfied by distributions of
income and principal of the trust.
(vi) "Total return unitrust" means an income trust
which has been created or converted under and meets the
provisions of this act;
(vii) "Trustee" means all persons acting as trustee
of the trust, except where expressly noted otherwise, whether
acting in their discretion or on the direction of one (1) or
more persons acting in a fiduciary capacity;
(viii) "Settlor" means a person as defined in W.S.
4-10-103(a)(xviii);
(ix) "Unitrust amount" means an amount computed as a
percentage of the fair market value of the trust;
(x) "This act" means W.S. 2-3-901 through 2-3-917.