HB0124 • 2017

Uniform Trust Code amendments.

AN ACT relating to the Uniform Trust Code; amending and creating a definition relating to interested persons; providing for distribution of trust assets as specified; and providing for an effective date.

Enacted

This bill passed the Legislature and reached final enactment based on the latest official action.

Sponsor: Representative Greear
Last action: 2017-02-21
Official status: enrolled
Effective date: 7/1/2017

Plain English Breakdown

The plain English breakdown is still being put together. The official documents below are already here.

Amendments

These notes stay tied to the official amendment files and metadata from the legislature.

HB0124HS001

Standing Committee • HMinerals

Adopted

Plain English: Adopted Standing Committee by HMinerals

This amendment summary is using official source text because generated interpretation was skipped for this run.
The official amendment text was available, but an easy plain-English summary could not be produced automatically during the last sync.

HB0124SS001

Standing Committee • SJudiciary

Adopted

Plain English: Adopted Standing Committee by SJudiciary

This amendment summary is using official source text because generated interpretation was skipped for this run.
The official amendment text was available, but an easy plain-English summary could not be produced automatically during the last sync.

Bill History

2017-02-21 Governor
Governor Signed HEA No. 0028
2017-02-21 LSO
Assigned Chapter Number
2017-02-15 Senate
S President Signed HEA No. 0028
2017-02-15 House
H Speaker Signed HEA No. 0028
2017-02-14 LSO
Assigned Number HEA No. 0028
2017-02-14 House
H Concur:Passed 60-0-0-0-0
2017-02-13 House
H Received for Concurrence
2017-02-13 Senate
S 3rd Reading:Passed 29-0-1-0-0
2017-02-10 Senate
S 2nd Reading:Passed
2017-02-09 Senate
S COW:Passed
2017-02-08 Senate
S Placed on General File
2017-02-08 Senate
S01 - Judiciary:Recommend Amend and Do Pass 5-0-0-0-0
2017-02-01 Senate
S Introduced and Referred to S01 - Judiciary
2017-02-01 Senate
S Received for Introduction
2017-01-31 House
H 3rd Reading:Passed 60-0-0-0-0
2017-01-30 House
H 2nd Reading:Passed
2017-01-27 House
H COW:Passed
2017-01-25 House
H Placed on General File
2017-01-25 House
H09 - Minerals:Recommend Amend and Do Pass 8-0-1-0-0
2017-01-18 House
:Rerefer to H09 - Minerals
2017-01-13 House
H Introduced and Referred to H07 - Corporations
2017-01-12 House
H Received for Introduction
2017-01-11 LSO
Bill Number Assigned

Official Summary Text

Bill Summary

Bill No.:
HB0124
Effective
:

7/1/2017

LSO No.:
17LSO-0397

Enrolled Act No.:
HEA No. 0028

Chapter No.:
37

Prime Sponsor:
Greear

Catch Title:
Uniform Trust Code amendments.

Subject:
Amendments to the Uniform Trust Code
.

Summary/Major Elements:

Under current law,
the Uniform Trust Code provides
that

interested persons may enter into nonju
d
icial settlement agreements to resolve
matters related t
o a trust
and may request a court intervene in the administration of a trust. This bill creates
a
uniform

definition
of
"interested persons."

This bill
also
amends the Uniform Trust Code by
s
pecifically authorizing
a trustee
to make
mandatory distributions from a trust
pursuant to authority gra
n
ted in the trust instrument.

In addition,
this bill

amends the Uniform Trust C
ode to
prohibit a
trustee who i
s also a trust beneficiary from which a distribution in further trust is made from changing the trustee's
own interest as a beneficiary.

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
.

Current Bill Text

Read the full stored bill text

ORIGINAL
House
ENGROSSED
Bill No
.
HB0124

ENROLLED ACT NO. 28,

HOUSE OF REPRESENTATIVES

SIXTY-FOURTH LEGISLATURE OF THE STATE OF
WYOMING
2017 General Session

Be It Enacted by the Legislature of the State of Wyoming:

Section 1
.

W.S.
4
‑
10
‑
111(
a), 4
‑
10
‑
201 by creating a new subsection (d)
and
4
‑
10
‑
816(a)(xxviii) and (b) are amended to read:

4
‑
10
‑
111
.

Nonjudicial settlement agreements.

(a)

For purposes of this section, "interested persons"
means
noncharitable beneficiaries
eligible to receive current distributions from the trust

a qualified beneficiary
, the settlor, if living, the trustee and trust protector, if any.

4
‑
10
‑
201
.

Role of court in administration of trust.

(d)

For purposes of this section, "interested persons" means a qualified beneficiary, the settlor, if living, the trustee and trust protector, if any.

4
‑
10
‑
816
.

Specific powers of trustee.

(a)

Without limiting the authority conferred by W.S. 4
‑
10
‑
815, a trustee may:

(xxviii)

On distribution

Distribute all or any portion
of trust income or principal
in further trust for the benefit of the trust
beneficiaries

pursuant to
authority
granted

in the trust instrument to make
discretionary
or mandatory

distributions
of trust income or principal

to
a

the

trust
beneficiary

beneficiaries
, whether or not the discretionary
or mandatory

distributions are pursuant to an ascertainable standard
;
, make distributions o
f all or any portion of trust income or principal

in further trust;

(b)

The power provided in paragraph (a
)(
xxviii) of this section shall not be exercised in any manner that would prevent qualification for a federal estate or gift tax marital deduction, federal estate or gift tax charitable deduction, or other federal income, estate, gift or generation
‑
skipping transfer tax benefit claimed for the trust from which the distribution in further trust is made.

I
f
the
trustee
making a distribution
in
further trust

under paragraph (a
)(
xxviii) of this section is a beneficiary of the trust from which
the distribution in further trust is made
,
the
distribution
in
further trust may not change the
trustee's interest as a beneficiary in the trust.

A trustee shall not be liable for exercising the power permitted under paragraph (a
)(
xxviii) of this section if the power is exercised in good faith.

Section

2
.

This
act is effective July 1,
201
7
.

(END)

Speaker of the House

President of the Senate

Governor

TIME APPROVED: _________

DATE APPROVED: _________

I hereby certify that this act originated in the
House
.

Chief Clerk