Wyoming § 4-10-402 Title of trust property

Wyoming Statutes

§ 4-10-402 — Title of trust property

Wyoming·Title 04 Fiduciaries·Ch. 10 UNIFORM TRUST CODE·Art. 4 CREATION, VALIDITY, MODIFICATION AND TERMINATION OF

(a)Property transferred to a trust shall be titled:

(i)If it is real property, in accordance with W.S. 34-2-122; and

(ii)If it is personal property, in:

(A)The name of the current trustee as the trustee of such trust;

(B)The name of "the trustee" as the trustee of such trust;

(C)The name of the nominee of the trustee; or

(D)The name of the trust.

(b)Any reference to the trustee shall be deemed to include any successor or substitute trustee serving from time to time.

(c)Any property of a husband and wife that is held by them as tenants by the entireties pursuant to W.S. 34-1-140 and conveyed to their joint revocable or irrevocable trusts, or to their separate revocable or irrevocable trusts, shall have the same immunity from the claims of their separate creditors as it would if it

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(a) Property transferred to a trust shall be titled:
(i) If it is real property, in accordance with W.S.
34-2-122; and
(ii) If it is personal property, in:
(A) The name of the current trustee as the
trustee of such trust;
(B) The name of "the trustee" as the trustee of
such trust;
(C) The name of the nominee of the trustee; or
(D) The name of the trust.
(b) Any reference to the trustee shall be deemed to
include any successor or substitute trustee serving from time to
time.
(c) Any property of a husband and wife that is held by
them as tenants by the entireties pursuant to W.S. 34-1-140 and
conveyed to their joint revocable or irrevocable trusts, or to
their separate revocable or irrevocable trusts, shall have the
same immunity from the claims of their separate creditors as it
would if it had remained held by the entireties, so long as:
(i) They are both living and remain as husband and
wife;
(ii) The property continues to be held in the trust
or trusts for their benefit; and
(iii) The trust instrument, deed or other instrument
of conveyance transferring the property to the trust or trusts
provides that this subsection shall apply to the property and
any proceeds resulting from the sale or disposition thereof.
(d) After the death of the first of the husband and wife
to die, all property held in trust that was immune from the
claims of the decedent's separate creditors under subsection (c)
of this section immediately prior to the decedent's death shall
continue to have the same immunity from the claims of the
decedent's separate creditors as would have existed if the
husband and wife had continued to hold the property conveyed in
trust, or its proceeds, as tenants by the entirety.
(e) Nothing in this section shall be construed to limit or
otherwise alter the authority granted to the department of
health to assert a claim against an estate under W.S. 42-4-206
or to file a lien under W.S. 42-4-207 as could be asserted
against a tenancy by the entirety established in accordance with
W.S. 34-1-140.