Bill No.:                     HB0139                                 Drafter:  LGC

LSO No.:                   13LSO-0289                         Effective Date:  7/1/2013

Enrolled Act No.:    HEA0084

Chapter No.:            CH0178

Prime Sponsor:       Representative Brown

Catch Title:              Uniform Trust Code.

Subject:                     Making revisions to the Uniform Trust Code.

Summary/Major Elements:

· This act specifies and defines what are insurable interests of trustees under the Uniform Trust Code.

· This act permits spouses to transfer property held in tenancy by the entirety to a trust without losing creditor claim protections.

· This act provides that Wyoming does not recognize any common law rule limiting the duration of non-charitable purpose trusts.

· This act limits creditor access to trust property if the transfer to an irrevocable trust does not violate fraudulent transfer laws and provides a clear and convincing evidence standard for fraudulent transfers to a qualified spendthrift trust.

· This act allows for retaining power to pay certain taxes from a qualified spendthrift trust, and limits the effect of child support orders on assets in a qualified spendthrift trust.

· This act provides protection for financial institution creditors if a trust asset is listed in an application for credit if specific requirements are followed.

· This act specifies that a trustee may make discretionary distributions to a trust beneficiary whether or not there is an ascertainable standard.

Comments:

· Creates/amends major program:  Uniform Trust Code