§ 2-3-904 — Unitrust election where there is no trustee other than an interested trustee; requirements to make unitrust election

Wyoming § 2-3-904

• Jurisdiction: Wyoming
• Title 02: Wills, Decedents' Estates and Probate Code
• Ch. 3: FIDUCIARIES
• Art. 9: WYOMING UNITRUST ACT

Text

(a) If there is no trustee of the trust other than an
interested trustee, the interested trustee, or where two (2) or
more persons are acting as trustees and are interested trustees,
a majority of the interested trustees, in its sole discretion
and without the approval of the district court, may:
(i) Elect to release the power to adjust described in
W.S. 2-3-804 and to convert an income trust to a total return
unitrust;
(ii) Reconvert a total return unitrust to an income
trust and reinstate the power to adjust described in W.S.
2-3-804; or
(iii) Change the percentage used to calculate the
unitrust amount or the method used to determine the fair market
value of the trust if the requirements of W.S. 2-3-903(a)
through (f) are completed and the trustee appoints a
disinterested person who, in its sole discretion but acting in a
fiduciary capacity, determines for the trustee:
(A) The percentage to be used to calculate the
unitrust amount;
(B) The method to be used in determining the
fair market value of the trust; and
(C) Which assets, if any are to be excluded in
determining the unitrust amount.