2016 Wyoming Code
TITLE 4 - TRUSTS
CHAPTER 10 - UNIFORM TRUST CODE
ARTICLE 4 - CREATION, VALIDITY, MODIFICATION AND TERMINATION OF TRUST
SECTION 4-10-403 - Requirements for creation.
4-10-403. Requirements for creation.
(a) A trust is created only if:
(i) The settlor has capacity to create a trust;
(ii) The settlor indicates an intention to create the trust;
(iii) The trust has a definite beneficiary or is:
(A) A charitable trust;
(B) A trust for the care of an animal, as provided in W.S. 4-10-409; or
(C) A trust for a noncharitable purpose, as provided in W.S. 4-10-410.
(iv) The trustee has duties to perform; and
(v) The same person is not the sole trustee and sole beneficiary.
(b) A beneficiary is definite if the beneficiary can be ascertained now or in the future, subject to W.S. 34-1-139.
(c) A power in a trustee, trust advisor, trust protector or other party designated in the trust instrument to select a beneficiary from an indefinite class is valid. If the power is not exercised within a reasonable time, the power fails and the property subject to the power passes to the persons who would have taken the property had the power not been conferred.
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