SF0097
Revisions to Trust Code
In one sentence
This law updates Wyoming's trust code by clarifying definitions, specifying notice requirements for legal actions involving trusts, and allowing trustees to reimburse certain tax costs.
What it does
- Clarifies the definition of a 'qualified trustee' in the Uniform Trust Code.
- Specifies that only interested parties need to receive notice for judicial proceedings related to trusts.
- Removes any rule limiting how long noncharitable purpose trusts can last.
- Allows trustees to reimburse certain tax costs if specific conditions are met.
Who it affects
- People who create and manage trusts in Wyoming
- Trustees of noncharitable purpose trusts
Limits and unknowns
- The bill does not specify how existing trusts will be affected before July 1, 2025.
- It is unclear if all types of trusts will benefit from these changes equally.
Plain language
Terms to know
- Qualified trustee
- A person or institution authorized by law to act as a trustee.
- Interested parties
- People who have a legal interest in the trust and are entitled to receive notice of certain actions.
Official record
Sources
Official summary
Bill Summary - 25LSO-0497 Bill No.: SF0097 Effective: 7/1/2025 LSO No.: 25LSO-0497 Enrolled Act No.: SEA No. 0066 Chapter No.: 115 Prime Sponsor: Case Catch Title: Trust code revisions. Has Report: No Subject: Trust code revisions. Summary/Major Elements: This bill makes updates to the Uniform Trust Code. The bill clarifies the definition of "qualified trustee" for purposes of the Uniform Trust Code. The bill specifies that only interested parties as defined in the Trust Code are required to receive notice for judicial proceedings related to trusts. The bill specifies that no rule of perpetuities applies to noncharitable purpose trusts. The bill also specifies when a trustee can reimburse a person for certain tax costs attributable to the trust. The above summary is not an official publication of the Wyoming Legislature and is not an official statement of legislative intent. While the Legislative Service Office endeavored to provide accurate information in this summary, it should not be relied upon as a comprehensive abstract of the bill.
Public statements
Why lawmakers voted
Last checked Aug 5, 3:35 AM
Wyoming roll calls
Recorded votes
4 roll calls
H 3rd Reading:Passed 60-0-2-0-02025-03-03 · House60 yes 0 no
- Yes
- 60
- No
- 0
- Absent
- 0
- Excused
- 2
- Conflict
- 0
Yes 60
H09 - Minerals:Recommend Do Pass 8-0-1-0-02025-02-24 · House8 yes 0 no
- Yes
- 8
- No
- 0
- Absent
- 0
- Excused
- 1
- Conflict
- 0
S 3rd Reading:Passed 31-0-0-0-02025-02-03 · Senate31 yes 0 no
- Yes
- 31
- No
- 0
- Absent
- 0
- Excused
- 0
- Conflict
- 0
Yes 31
S09 - Minerals:Recommend Do Pass 3-0-2-0-02025-01-27 · Senate3 yes 0 no
- Yes
- 3
- No
- 0
- Absent
- 0
- Excused
- 2
- Conflict
- 0
Official activity
Bill history
- Assigned Chapter Number 115LSO
- Governor Signed SEA No. 0066 Governor
- H Speaker Signed SEA No. 0066House
- S President Signed SEA No. 0066Senate
- Assigned Number SEA No. 0066LSO
- H 3rd Reading:Passed 60-0-2-0-0House
- H 2nd Reading:PassedHouse
- H COW:PassedHouse
- H Placed on General FileHouse
- H09 - Minerals:Recommend Do Pass 8-0-1-0-0House
- H Introduced and Referred to H09 - MineralsHouse
- H Received for IntroductionHouse
- S 3rd Reading:Passed 31-0-0-0-0Senate
- S 2nd Reading:PassedSenate
- S COW:PassedSenate
- S Placed on General FileSenate
- S09 - Minerals:Recommend Do Pass 3-0-2-0-0Senate
- S Introduced and Referred to S09 - MineralsSenate
- S Received for IntroductionSenate
- Bill Number AssignedLSO