April 14, 2021 — With the close of the 2021 Wyoming legislative session last week, we are sharing updates related to the Wyoming trust and wealth planning industry. Willow Street worked with other stakeholders and industry thought leaders in support of several of the amendments summarized below.
HB0104 makes several updates to the Wyoming Uniform Trust Code (UTC). The bill clarifies the fiduciary roles, duties, and liabilities of protectors and advisors, giving additional certainty to Wyoming trust structures. The bill also gives fiduciaries, attorneys, and clients additional certainty about when and how the Wyoming UTC applies to trusts redomiciled in Wyoming. Willow Street applauds these updates because we believe they appropriately balance the interests of fiduciaries, beneficiaries, and advisors — and clarify risk allocation between all parties.
HB0068 amends the 2019 Wyoming Statutory Foundation Act by clarifying the formation and governance structure of Wyoming foundations. Wyoming law permits private non-charitable foundations, which are an attractive planning strategy for families originating from civil law jurisdictions or for whom a foundation may be a meaningful alternative to a trust due to enhanced control and privacy.
HB0064 enhances the Wyoming Uniform Fraudulent Transfer Act by shortening and clarifying the statute of limitations for Wyoming asset protection trusts. In particular, the bill provides for constructive notice by publication. Willow Street believes this amendment appropriately balances the interests of grantors and beneficiaries with the interests of creditors.
Finally, HB0006 updates trust company statutes by establishing procedures for mergers and acquisitions of state-chartered trust companies and amending the composition of the state Banking Board to include public trust company members. Willow Street General Counsel and Chief Fiduciary Officer Scott Weaver testified in support of these amendments on behalf of both Willow Street and the Wyoming Trust Association (WTA), of which he is a Director.
Willow Street thanks the state legislature, the WTA, and other stakeholders and interested parties for continuing to enhance Wyoming’s appeal as a premier jurisdiction for families seeking effective and efficient wealth planning solutions.
To further discuss Wyoming trust structures and the ways in which Willow Street works with client families and their advisors, please contact Betty Andrikopoulos.
