Wyoming SF0097 revises the uniform trust code to clarify trustee powers, define "qualified trustee," and specify tax-related provisions.

Wyoming SF0097 amends the uniform trust code to clarify the definition of "qualified trustee," specifying that regulated financial institutions can serve in this role. It also outlines when trustees can reimburse individuals for tax costs related to the trust and mandates that notice for judicial proceedings concerning trusts be provided only to interested persons. The act specifies that no common law rule of perpetuities applies to noncharitable purpose trusts and sets an effective date of July 1, 2025.

Wyoming SF0097 revises the uniform trust code to clarify trustee powers, define "qualified trustee," and specify tax-related provisions.

Wyoming SF0097 amends the uniform trust code to clarify the definition of "qualified trustee," specifying that regulated financial institutions can serve in this role. It also outlines when trustees can reimburse individuals for tax costs related to the trust and mandates that notice for judicial proceedings concerning trusts be provided only to interested persons. The act specifies that no common law rule of perpetuities applies to noncharitable purpose trusts and sets an effective date of July 1, 2025.