4-10-516. Election to become a qualified spendthrift trust by existing trust.
(a) The settlor, trustee or trust protector of an existing irrevocable trust may elect in writing to treat the trust as a qualified spendthrift trust under this article, and the protection accorded under this article shall relate back to the date of the election subject to extinguishment of a creditor's claim with respect to a prior qualified transfer utilizing the procedures provided in W.S. 4-10-514, if:
(i) The trust is modified nonjudicially under W.S. 4-10-111 to conform to the provisions of W.S. 4-10-510 within one (1) year after the election; or
(ii) A petition is filed under W.S. 4-10-412 to conform to the provisions of W.S. 4-10-510 within thirty (30) days of the election.
Structure Wyoming Statutes
Chapter 10 - Uniform Trust Code
Article 5 - Creditor's Claims; Spendthrift and Discretionary Trusts
Section 4-10-501 - Rights of Beneficiary's Creditor or Assignee.
Section 4-10-502 - Spendthrift Provision.
Section 4-10-503 - Exceptions to Spendthrift Provision.
Section 4-10-504 - Discretionary Trusts; Effect of Standard.
Section 4-10-505 - Standards of Distribution.
Section 4-10-505.1 - Power of Appointment or Withdrawal; Claims of Power Holder's Creditors.
Section 4-10-506 - Creditor's Claim Against Settlor.
Section 4-10-507 - Limitation on Action by Creditors.
Section 4-10-507.1 - Enforcement of Foreign Judgments; Liability for Compliance.
Section 4-10-508 - Overdue Mandatory Distribution.
Section 4-10-509 - Personal Obligations of Trustee.
Section 4-10-510 - Creation of Qualified Spendthrift Trust.
Section 4-10-511 - Qualified Trust Property.
Section 4-10-512 - Qualified Transfers; Exception.
Section 4-10-513 - Other Qualified Transfers.
Section 4-10-514 - Action Brought Pursuant to Provisions of Uniform Fraudulent Transfer Act.
Section 4-10-515 - Transfer by a Trustee; Time of Transfer.
Section 4-10-516 - Election to Become a Qualified Spendthrift Trust by Existing Trust.
Section 4-10-517 - Rights of Creditors or Others With Respect to Qualified Spendthrift Trust.
Section 4-10-518 - Actions Prohibited if Action by Creditor Would Be Barred.
Section 4-10-519 - Multiple Qualified Transfers in Same Trust Instrument.
Section 4-10-520 - Limitations on Qualified Trust Property.