Key Developments for Wyoming Trust & Estate Practitioners: 2019 Legislative Updates
Five amendments, one repeal and six new statues have been passed by Wyoming Legislature that affect Trust and Estate practitioners. An overview of these changes, as well as links to summaries can be found below.
Amended Statutes
Trust Company Statutes: HB0030
Amended and reorganized statutes that provide for governance, formation, administration, and dissolution of (1) public trust companies, (2) chartered family trust companies, and (3) private family trust companies.
Effective July 1, 2019
Uniform Trust Code: HB0056
Amended language to prohibit forced heirship and legitimate claims by persons in jurisdictions (including U.S.) that recognize forced heirship, and to clarify discretionary distribution standards as well as judicial review of an exercise of discretion by a trustee.
Effective July 1, 2019
Rule Against Perpetuities: HB0031
Deleted opt out language and simplified language so that common law rule applies to trusts holding real property and 1,000 year rule applies to trusts holding non-real property unless the trust instrument expressly provides an earlier term.
Effective July 1, 2019
Principal and Income Act: HB0033
Amended language so that the act applies to every trust with a principal place of administration in Wyoming and to every decedent’s estate probated in Wyoming unless a trust or will expressly provides that the principal and income act of another state applies.
Effective July 1, 2019
Summary Probate Procedures
Added definition of “distributee” for summary probate procedures; amended language to forever bar untimely objections to summary probate distributions and permit summary probate distributions to persons claiming title to decedent’s property through intervening estates.
Effective February 26, 2019
Repealed Statues
Illegitimate Persons Descent - Repeal: HB0269
Repealed the rule of descent for all property of illegitimate persons dying intestate and having property and effects in Wyoming, and removed “illegitimate child” from the definition of “child” under the Wyoming Probate Code.
Effective July 1, 2019
Newly Created Statues
Wyoming Statutory Foundation Act: HB0236
Created Chapter 30 under Title 17, and the new statutes provide for the governance, formation, administration, and dissolution of statutory foundations.
Effective July 1, 2019
Chancery Court of the State of Wyoming: SF0104
Created a new court in Wyoming identified as the “Chancery Court of the State of Wyoming” which court will have primary jurisdiction over many disputes involving commercial, business, trust and similar issues.
Effective March 15, 2019
Special Purpose Depository Institutions: HB0074
Created a “special purpose depository institution” as a new form of bank in Wyoming so that Wyoming can offer blockchain innovators with a financial institution alternative that is capable of managing accounts in virtual currency and holding other digital assets.
Effective October 1, 2019
Commercial Filing System (Secretary of State Filing Changes): HB0070
Authorized the Wyoming Secretary of State to develop and implement a blockchain based filing system.
Effective February 26, 2019
Corporate Stock Certificate Tokens: HB0185
Authorized Wyoming corporations to track equity ownership through the issuance of “certificate tokens” which are shares of stock issued in an electronic format using blockchain technology, or similarly secure technology, as a primary security protocol.
Effective July 1, 2019
Financial Technology Sandbox: HB0057
Created a flexible environment in which innovators will be able to develop and test new financial technologies which may not fit within the regulatory framework that currently exists in many states.
Effective January 1, 2020