§ 4-10-103 — Definitions

Wyoming § 4-10-103

• Jurisdiction: Wyoming
• Title 04: Fiduciaries
• Ch. 10: UNIFORM TRUST CODE
• Art. 1: GENERAL PROVISIONS AND DEFINITIONS

Text

(a) As used in this act:
(i) "Action," with respect to an act of a trustee,
includes a failure to act;
(ii) "Beneficiary" means a person that:
(A) Has a present or future beneficial interest
in a trust, vested or contingent; or
(B) In a capacity other than that of trustee or
trust protector, holds a power of appointment over trust
property.
(iii) "Charitable trust" means a trust, or portion of
a trust, created for a charitable purpose described in W.S.
4-10-406(a);
(iv) "Conservator" for the purposes of this act means
as defined in W.S. 3-1-101(a)(iii);
(v) "Environmental law" means a federal, state, or
local law, rule, regulation, or ordinance relating to protection
of the environment;
(vi) "Excluded fiduciary" means any fiduciary
excluded from exercising certain powers under the trust
instrument or by court order which powers may be exercised by
the settlor, trust advisor, trust protector or other persons
designated by the instrument or court order;
(vii) "Fiduciary" means a trustee under a
testamentary or other trust, an executor, administrator, or
personal representative of a decedent's estate, or any other
party including a trust advisor or a trust protector, who is
acting in a fiduciary capacity for any person, trust or estate;
(viii) "Guardian" for the purposes of this act means
as defined in W.S. 3-1-101(a)(v);
(ix) "Incapacity" or "incompetency" or "incompetent
person" means as defined in W.S. 3-1-101(a)(ix) unless otherwise
defined by the terms of the trust;
(x) "Interests of the beneficiaries" means the
beneficial interests provided in the terms of the trust;
(xi) "Jurisdiction," with respect to a geographic
area, includes a state or country;
(xii) "Person" means an individual, corporation,
business trust, estate, trust, partnership, limited liability
company, association, joint venture, government, governmental
subdivision, agency or instrumentality, public corporation or
any other legal or commercial entity;
(xiii) "Power of withdrawal" means a presently
exercisable general power of appointment other than a power
exercisable by a trustee which is limited by an ascertainable
standard, or which is exercisable by another person only upon
consent of the trustee or a person holding an adverse interest;
(xiv) "Property" means anything that may be the
subject of ownership, whether real or personal, legal or
equitable, or any interest therein;
(xv) "Qualified beneficiary" means:
(A) A beneficiary who is currently entitled to
mandatory distributions of income or principal from the trust or
has a vested remainder interest in the residuary of the trust
which is not subject to divestment;
(B) If a trust has no qualified beneficiary
under subparagraph (A) of this paragraph, "qualified
beneficiary" shall mean a beneficiary having a vested remainder
interest in the residuary of the trust whose interest is subject
to divestment only as a result of the beneficiary's death;
(C) If a trust has no qualified beneficiary
under subparagraph (A) or (B) of this paragraph, "qualified
beneficiary" shall mean a beneficiary currently eligible to
receive discretionary distributions of income or principal from
the trust, who has received one (1) or more distributions during
the beneficiary's lifetime;
(D) If a trust has no qualified beneficiary
under subparagraph (A), (B) or (C) of this paragraph, "qualified
beneficiary" shall mean a beneficiary currently eligible to
receive discretionary distributions of income or principal from
the trust;
(E) The department of health is a qualified
beneficiary as the vested remainder beneficiary of trusts
established pursuant to W.S. 42-2-403(f)(i), (ii) and (iii) and
42 U.S.C. 1396p(d)(4)(A), (B) and (C).
(xvi) "Regulated financial services institution"
means a financial institution as defined in W.S. 13-1-101(a)(ix)
and any other financial services provider regulated by the state
of Wyoming or agency of the federal government;
(xvii) "Revocable," as applied to a trust, means
revocable by the settlor without the consent of the trustee or a
person holding an adverse interest;
(xviii) "Settlor" means a person, including a
testator, grantor or trust maker, who creates, transfers or
contributes property to, a trust. If more than one (1) person
creates, or transfers or contributes property to, a trust, each
person is a settlor of the portion of the trust property
attributable to that person's contributions or transfers, except
to the extent another person has the power to revoke that
portion;
(xix) "Spendthrift provision" means a term of a trust
which restrains either a voluntary or an involuntary transfer,
or both, of a beneficiary's interest and shall not include or
prevent a disclaimer of an interest of a beneficiary;
(xx) "State" means a state of the United States, the
District of Columbia, Puerto Rico, the United States Virgin
Islands, or any territory or insular possession subject to the
jurisdiction of the United States. The term includes an Indian
tribe or band recognized by federal law or formally acknowledged
by a state;
(xxi) "Terms of a trust" means the manifestation of
the settlor's intent regarding a trust's provisions as expressed
in the trust instrument or as may be established by other
evidence that would be admissible in a judicial proceeding;
(xxii) "Trust advisor" means the settlor of a trust
instrument or another person whose appointment is provided in
the trust instrument and whose powers are defined in W.S.
4-10-712;
(xxiii) "Trust protector" means any disinterested
party whose appointment is provided for in the trust instrument
or who is appointed by a court of competent jurisdiction and
whose powers are defined in W.S. 4-10-710;
(xxiv) "Trust instrument" means an instrument
executed by the settlor that contains terms of the trust,
including any amendments thereto;
(xxv) "Trustee" includes an original, additional and
successor trustee and a cotrustee;
(xxvi) "This act" means W.S. 4-10-101 through
4-10-1103;
(xxvii) "Ascertainable standard" means a standard
relating to an individual's health, education, support or
maintenance within the meaning of Section 2041(b)(1)(A) or
2514(c)(1) of the Internal Revenue Code of 1986, as in effect on
July 1, 2005;
(xxviii) "Directed trust" means a trust where either
through the terms of the trust, an agreement of the qualified
beneficiaries or a court order, one (1) or more persons is given
the authority to direct, consent to or disapprove a fiduciary's
actual or proposed investment decision, distribution decision or
any other noninvestment decision of the fiduciary;
(xxix) "Discretionary distribution" means a
distribution which the trustee is not directed to make, but is
permitted to make in the trustee's discretion. For example, the
language in a trust instrument providing for a discretionary
distribution may contain the words "may" or "in the trustee's
discretion". The language providing for a discretionary
distribution may include a standard of distribution or other
guidance as long as the language or other guidance does not
require the trustee to make a distribution in accordance with
the standard or guidance;
(xxx) "Discretionary trust" means a trust in which
the trustee is not directed to make any distributions, but is
permitted to make discretionary distributions;
(xxxi) "Mandatory distribution" means a distribution
which a trustee is required to make under the trust instrument
and the trustee has no discretion in determining whether the
distribution shall be made. Trust instrument language providing
for a mandatory distribution may include a standard of
distribution accompanied by a direction requiring the trustee to
make the distribution in accordance with the standard. For
example, trust instrument language providing for a mandatory
distribution may contain the words "shall" or "must" or
"directed";
(xxxii) "Power of appointment" means an inter vivos
or testamentary power to direct the disposition of trust
property, other than a distribution decision by a trustee to a
beneficiary. A holder of a power of appointment shall not be
deemed a fiduciary unless otherwise provided for in the trust
instrument;
(xxxiii) "Qualified spendthrift trust" means a trust
established in accordance with W.S. 4-10-510 et seq.;
(xxxiv) "Qualified transfer" means as defined in W.S.
4-10-512;
(xxxv) "Qualified trustee", as used in article 5 of
this act, means:
(A) A natural person who is a resident of this
state; or
(B) A person authorized by the law of this state
to act as a trustee or a regulated financial institution that
conducts one (1) or more of the following activities within this
state:
(I) Maintains or arranges for custody in
this state of some or all of the trust property;
(II) Maintains records for the trust on an
exclusive or nonexclusive basis;
(III) Prepares or arranges for the
preparation of fiduciary income tax returns for the trust; or
(IV) Otherwise materially participates in
the administration of the trust.
(C) Neither the settlor, either directly or
indirectly through an entity, unless discretionary distributions
by the entity require the consent or approval of one (1) or more
disinterested persons who are not a related or subordinate party
with respect to the settlor within the meaning of 26 U.S.C. §
672(c), nor any other natural person who is a nonresident of
this state, nor an entity that is not authorized by the law of
this state to act as a trustee or is not a regulated financial
institution, may serve as a qualified trustee.
(xxxvi) "Qualified trust property" means the property
of a qualified spendthrift trust as defined in W.S. 4—10-511;
(xxxvii) "Standard of distribution" means language in
a trust instrument providing guidance or direction to a trustee
regarding distributions of income or principal. Standards of
distribution are not limited to ascertainable standards;
(xxxviii) "Legitime" means that portion of a
testator's free movable property that the testator's children
are legally entitled to regardless of the terms of the will or
trust.