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.
Structure Wyoming Statutes
Chapter 10 - Uniform Trust Code
Article 4 - Creation, Validity, Modification and Termination of Trust
Section 4-10-401 - Methods of Creating Trust.
Section 4-10-402 - Title of Trust Property.
Section 4-10-403 - Requirements for Creation.
Section 4-10-404 - Trusts Created in Other Jurisdictions.
Section 4-10-405 - Trust Purposes.
Section 4-10-406 - Charitable Purposes; Enforcement.
Section 4-10-407 - Creation of Trust Induced by Fraud, Duress or Undue Influence.
Section 4-10-408 - Evidence of Oral Trust.
Section 4-10-409 - Trust for Care of Animal.
Section 4-10-410 - Noncharitable Trust Without Ascertainable Beneficiary.
Section 4-10-411 - Modification or Termination of Trust; Proceedings for Approval or Disapproval.
Section 4-10-412 - Modification or Termination of Noncharitable Irrevocable Trust by Consent.
Section 4-10-415 - Modification or Termination of Uneconomic Trust.
Section 4-10-416 - Reformation to Correct Mistakes.
Section 4-10-417 - Modification to Achieve Settlor's Tax Objectives.