REVOCABLE LIVING TRUST AGREEMENT
(Wyoming)
[// GUIDANCE: This template is designed for Wyoming-domiciled Settlors and expressly tracks the Wyoming Uniform Trust Code, Wyo. Stat. Ann. § 4-10-101 et seq. Customize all bracketed text, delete inapplicable options, and attach additional schedules as needed.]
TABLE OF CONTENTS
- Document Header
- Article I – Definitions
- Article II – Declaration of Trust & Funding
- Article III – Revocation and Amendment
- Article IV – Lifetime Administration
- Article V – Incapacity Administration
- Article VI – Post-Death Administration & Distribution
- Article VII – Trustee Powers, Duties & Indemnification
- Article VIII – Successor Trustees
- Article IX – Accounting, Records & Reports
- Article X – Risk Allocation
- Article XI – Dispute Resolution
- Article XII – General Provisions
- Article XIII – Execution Block
- Schedule A – Initial Trust Estate
- Schedule B – Trustee Compensation
DOCUMENT HEADER
This Revocable Living Trust Agreement (“Agreement”) is made and entered into effective as of [EFFECTIVE DATE] (the “Effective Date”) by and between:
- [SETTLOR LEGAL NAME], residing at [SETTLOR ADDRESS], hereinafter referred to as the “Settlor”; and
- [TRUSTEE LEGAL NAME], residing at [TRUSTEE ADDRESS], hereinafter referred to as the “Trustee.”
WHEREAS, the Settlor desires to create a revocable trust pursuant to Wyo. Stat. Ann. § 4-10-101 et seq.; and
WHEREAS, the Trustee agrees to accept the Trust Estate (as defined below) and to hold, manage, and distribute the Trust Estate for the benefit of the Beneficiaries upon the terms and conditions set forth herein.
NOW, THEREFORE, in consideration of the mutual covenants contained herein and other good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged, the Settlor hereby declares and agrees as follows:
ARTICLE I – DEFINITIONS
Unless the context clearly requires otherwise, the following capitalized terms shall have the meanings set forth below. Any term not defined herein shall have the meaning assigned by applicable Wyoming law.
“A. Accounting Period” means each calendar year or such shorter period ending upon the termination of the Trust or a change of Trustee.
“B. Agent” means any third-party professional or service provider engaged by the Trustee in accordance with Section 7.4.
“C. Beneficiary” means any person or entity entitled or potentially entitled to receive distributions of income or principal from the Trust.
“D. Disabling Condition” means a determination, as provided in Section 5.1, that the Settlor is unable to manage his or her property or financial affairs.
“E. Governing Law” has the meaning set forth in Section 11.1.
“F. Investment Standard” has the meaning set forth in Section 7.2(b).
“G. Trust” means this Revocable Living Trust, created hereby.
“H. Trust Estate” means all property, real or personal, tangible or intangible, transferred to or otherwise acquired by the Trust, together with all reinvestments, additions and replacements thereof.
“I. Trustee” includes any duly acting original, successor, or co-trustee.
[// GUIDANCE: Insert additional defined terms (e.g., “Primary Residence,” “Residual Beneficiaries”) as needed.]
ARTICLE II – DECLARATION OF TRUST & FUNDING
2.1 Creation. The Settlor hereby transfers, assigns, and delivers to the Trustee the property described in Schedule A attached hereto, receipt of which the Trustee hereby acknowledges, to hold in trust in accordance with this Agreement.
2.2 Acceptance. The Trustee accepts the Trust Estate and agrees to administer it for the exclusive benefit of the Beneficiaries.
2.3 Additional Property. The Settlor, and any other person with the Trustee’s consent, may at any time transfer additional property to the Trust, and all such property shall become part of the Trust Estate subject to this Agreement. No individual transfer document shall be construed to amend this Agreement.
2.4 Non-Reversion. Except as expressly provided herein, no addition to the Trust Estate shall revert to the Settlor or to the person making the addition.
2.5 Asset Transfer Procedures (Wyoming-Specific).
(a) Real Property. Record a warranty deed naming “[TRUSTEE NAME], Trustee of the [NAME OF TRUST], dated [DATE]” as grantee in the county where the real property is located.
(b) Motor Vehicles. Apply for a new Wyoming certificate of title in the Trustee’s name as required by Wyo. Stat. Ann. § 31-2-104.
(c) Business Interests. Execute assignments of membership or stock certificates; update corporate records to reflect trust ownership.
(d) Digital Assets. Provide custodians with written instructions recognizing the Trustee’s authority under 15 U.S.C. § 7001(c) and the Wyoming Revised Uniform Fiduciary Digital Assets Act, Wyo. Stat. Ann. § 2-29-101 et seq.
ARTICLE III – REVOCATION AND AMENDMENT
3.1 Revocability. During the Settlor’s lifetime and while not subject to a Disabling Condition, the Settlor may revoke or amend this Trust, in whole or in part, by delivering to the Trustee a written, signed, and notarized instrument expressly referencing this Trust.
3.2 Partial Revocation. A revocation or amendment that fails to identify the entire Trust shall be deemed to affect only the specific property or provision described.
3.3 Binding Effect. Any revocation or amendment shall become effective upon the Trustee’s actual receipt; the Trustee shall not be liable for actions properly taken before such receipt.
ARTICLE IV – LIFETIME ADMINISTRATION
4.1 Income to Settlor. During the Settlor’s lifetime and prior to any Disabling Condition, the Trustee shall distribute to or for the benefit of the Settlor as much of the net income and principal as the Settlor may request in writing.
4.2 Additional Discretionary Distributions. The Trustee may, in the Trustee’s sole discretion, distribute additional income or principal for the Settlor’s health, education, maintenance, and support (“HEMS Standard”), considering other resources reasonably available to the Settlor.
4.3 Withdrawal Rights. The Settlor may direct the Trustee to withdraw trust assets and re-title them individually, without limitation and without court approval.
ARTICLE V – INCAPACITY ADMINISTRATION
5.1 Determination of Disabling Condition. A “written certification of incapacity” executed by two (2) licensed physicians, or a judicial determination of incapacity, shall constitute conclusive evidence of a Disabling Condition.
5.2 Successor Trustee Activation. Upon a Disabling Condition, [NAME OF FIRST SUCCESSOR TRUSTEE] (“Successor Trustee”) shall automatically assume all Trustee duties, without the need for court appointment, upon acceptance per Section 8.3.
5.3 Distributions During Incapacity. The Successor Trustee shall apply so much of the net income and principal as is necessary or advisable, in the Successor Trustee’s sole discretion, for the Settlor’s HEMS Standard.
5.4 Restoration of Capacity. Upon written certification by the Settlor’s attending physician that the Settlor has regained capacity, the Settlor may reassume Trustee duties or appoint a new Trustee.
ARTICLE VI – POST-DEATH ADMINISTRATION & DISTRIBUTION
6.1 Settlement of Expenses. The Trustee shall pay (i) last illness and funeral expenses, (ii) enforceable debts, (iii) estate and inheritance taxes attributable to trust assets, and (iv) administration expenses, all from the Trust Estate, subject to applicable apportionment statutes.
6.2 Specific Bequests.
(a) Tangible Personal Property. [DESCRIBE GIFT TERMS, e.g., “The Trustee shall distribute Settlor’s tangible personal property in accordance with a separate written list dated and signed by the Settlor.”]
(b) Monetary Gifts. [E.g., “$ [AMOUNT] to each grandchild who survives the Settlor by 30 days.”]
6.3 Residual Distribution. The balance of the Trust Estate shall be distributed to [NAME OF RESIDUAL BENEFICIARY(IES)] in equal shares, per stirpes, free of trust, unless any beneficiary is under [AGE], in which event the share shall be held in further trust as provided in Section 6.4.
6.4 Minor Beneficiary Trusts. For any Beneficiary under [AGE], the Trustee shall hold, manage, and distribute that Beneficiary’s share for HEMS until the Beneficiary reaches [AGE], at which time the remaining principal and undistributed income shall be distributed outright.
6.5 Spendthrift Provision. To the maximum extent permitted by Wyo. Stat. Ann. § 4-10-502, no Beneficiary shall have the power to sell, assign, anticipate, or encumber any interest in the Trust, nor shall such interest be subject to the claims of the Beneficiary’s creditors.
ARTICLE VII – TRUSTEE POWERS, DUTIES & INDEMNIFICATION
7.1 Fiduciary Duties. The Trustee shall discharge all duties in good faith, in accordance with the purposes of the Trust and the interests of the Beneficiaries, and consistent with Wyo. Stat. Ann. § 4-10-801 et seq.
7.2 Investment Authority.
(a) Prudent Investor Rule. The Trustee shall invest and manage trust assets as a prudent investor would, consistent with Wyo. Stat. Ann. § 4-10-933 (“Investment Standard”).
(b) Authorized Investments. Without limiting the foregoing, the Trustee is expressly authorized to retain Settlor’s original investments, invest in mutual funds, exchange traded funds, or other pooled investments, and exercise shareholder rights.
7.3 General Powers. Subject to fiduciary duties, the Trustee may exercise all powers granted under Wyo. Stat. Ann. § 4-10-816, including but not limited to the powers to:
(i) buy, sell, or exchange trust property;
(ii) borrow money and encumber trust assets;
(iii) manage real property, including leasing beyond the Settlor’s lifetime;
(iv) employ and compensate Agents; and
(v) partition or distribute assets in kind or in cash.
7.4 Delegation. The Trustee may delegate investment and management functions in writing to a qualified Agent, provided the Trustee exercises reasonable care in selecting, establishing the scope of, and periodically reviewing the Agent’s performance.
7.5 Trustee Compensation. The Trustee shall be entitled to reasonable compensation in accordance with Schedule B or, if Schedule B is omitted, according to prevailing fiduciary fee schedules of major Wyoming trust institutions.
7.6 Trustee Indemnification. To the fullest extent allowed by law, the Trustee shall be indemnified and held harmless from any and all claims or liabilities arising out of the administration of the Trust, except those resulting from the Trustee’s willful misconduct or gross negligence. Indemnity shall be satisfied solely from the Trust Estate.
7.7 Liability Cap. The Trustee’s personal liability to the Beneficiaries for breach of trust shall not exceed the total value of the Trust Estate at the time of the breach, exclusive of lost opportunity or punitive damages, except as prohibited by Wyo. Stat. Ann. § 4-10-1008.
ARTICLE VIII – SUCCESSOR TRUSTEES
8.1 Order of Succession. If the original Trustee is unable or unwilling to serve, the following shall serve in the order listed:
(a) [FIRST SUCCESSOR TRUSTEE NAME];
(b) [SECOND SUCCESSOR TRUSTEE NAME];
(c) [CORPORATE TRUSTEE NAME] (if applicable).
8.2 Vacancy. If no named successor is willing and able, a majority of the adult Beneficiaries may, by written instrument, appoint a licensed trust company authorized to do business in Wyoming.
8.3 Acceptance. A successor accepts trusteeship by (i) signing a written acceptance delivered to the resigning Trustee or the Settlor’s estate representative, and (ii) filing any acceptance required by Wyo. Stat. Ann. § 4-10-701(b) with the county clerk.
8.4 Resignation. A Trustee may resign by giving thirty (30) days’ written notice to (i) the Settlor (if living), (ii) all qualified Beneficiaries, and (iii) any co-trustees, unless waived by unanimous written consent.
8.5 Co-Trustees. Co-trustees shall act by majority decision. In case of deadlock, any co-trustee may petition the state probate court for instructions.
ARTICLE IX – ACCOUNTING, RECORDS & REPORTS
9.1 Annual Reports. Within ninety (90) days after the end of each Accounting Period, the Trustee shall furnish to all qualified Beneficiaries a written report complying with Wyo. Stat. Ann. § 4-10-813(c), unless waived in writing.
9.2 Inspection. During reasonable business hours, any Beneficiary may inspect trust records relevant to that Beneficiary’s interest, at the Beneficiary’s expense.
9.3 Judicial Review. Any Beneficiary may initiate a proceeding in the state probate court to review a report within six (6) months after receipt; failure to do so constitutes acceptance of the account.
ARTICLE X – RISK ALLOCATION
10.1 Indemnification. See Section 7.6.
10.2 Limitation of Liability. See Section 7.7.
10.3 Insurance. The Trustee may purchase and maintain fiduciary liability insurance and casualty insurance on trust assets, payable to and for the benefit of the Trust. Premiums shall be paid from the Trust Estate.
10.4 Force Majeure. The Trustee shall not be liable for failure to perform obligations hereunder when such failure is caused by events beyond the Trustee’s reasonable control, including acts of God, war, epidemic, cyber-attack, or changes in applicable law (“Force Majeure Event”). Performance shall resume promptly upon cessation of the Force Majeure Event.
ARTICLE XI – DISPUTE RESOLUTION
11.1 Governing Law. This Agreement, and all rights and duties hereunder, shall be governed by and construed in accordance with the internal laws of the State of Wyoming, without regard to conflict-of-laws principles.
11.2 Forum Selection. The state probate court of [COUNTY], Wyoming shall have exclusive jurisdiction over all matters arising under or relating to the Trust, except as provided in Section 11.3.
11.3 Optional Arbitration. Any Beneficiary or Trustee may elect to compel binding arbitration of disputes not involving the validity of this Trust by delivering written notice to all opposing parties. Arbitration shall proceed under the Commercial Rules of the American Arbitration Association in [CITY], Wyoming, before a single arbitrator with fiduciary law expertise. Judgment on the award may be entered in any court of competent jurisdiction. This Section is not intended to prevent any party from seeking temporary or permanent injunctive relief under Section 11.4.
11.4 Injunctive Relief. To preserve the Trust Estate and enforce fiduciary duties, any party in interest may seek temporary restraining orders, preliminary injunctions, or other equitable relief in the state probate court, without first complying with Section 11.3.
11.5 Attorney Fees. In any dispute arising under this Agreement, the court or arbitrator may award reasonable attorney fees and costs to the prevailing party, payable from the Trust Estate or personally by a party whose conduct is determined to be in bad faith.
ARTICLE XII – GENERAL PROVISIONS
12.1 Amendment. Subject to Article III, this Agreement may not be modified except by a written instrument signed by the Settlor (or, after the Settlor’s death, by all qualified Beneficiaries and the Trustee) and, if required by law, approved by the state probate court.
12.2 Severability. If any provision of this Agreement is held invalid or unenforceable by a court of competent jurisdiction, the remaining provisions shall remain in full force and effect, and the invalid provision shall be reformed to the minimum extent necessary to effectuate the Settlor’s intent.
12.3 Spendthrift Savings Clause. If any spendthrift provision herein is found unenforceable with respect to a particular Beneficiary, that provision shall nevertheless remain effective for all other Beneficiaries.
12.4 No Merger with Estate Plan. This Trust is intended to operate in harmony with, but not merge into, the Settlor’s Last Will and Testament dated [DATE]. Any ambiguities shall be resolved in favor of upholding both documents.
12.5 Headings. Article and section headings are for convenience only and shall not affect interpretation.
12.6 Counterparts & Electronic Signatures. This Agreement may be executed in one or more counterparts, each of which shall be deemed an original. Signatures delivered by electronic means (e.g., PDF, DocuSign) shall be deemed valid and binding.
ARTICLE XIII – EXECUTION BLOCK
IN WITNESS WHEREOF, the Settlor and Trustee have executed this Revocable Living Trust Agreement as of the Effective Date.
| Settlor | Trustee |
|---|---|
| _______ | _______ |
| [SETTLOR NAME] | [TRUSTEE NAME] |
NOTARIZATION
State of Wyoming )
County of [COUNTY]) ss.
On this _ day of ___, 20_, before me, _____, a notarial officer in and for said county and state, personally appeared [SETTLOR NAME] and [TRUSTEE NAME], known to me or satisfactorily proven to be the individuals whose names are subscribed to the foregoing instrument, and acknowledged that they executed the same for the purposes therein contained.
(SEAL)
Notary Public
My Commission Expires: _______
SCHEDULE A – INITIAL TRUST ESTATE
| Asset Description | Title Reference | Value (USD) |
|---|---|---|
| [E.g., 123 Main St., Cheyenne, WY] | Warranty Deed recorded at Book ___, Page ___ | $______ |
| [E.g., Charles Schwab Account #XXXX] | Transfer on //20___ | $______ |
| [Add additional rows as needed] |
[// GUIDANCE: Attach copies of transfer documents where practicable.]
SCHEDULE B – TRUSTEE COMPENSATION
- Individual Trustee: [E.g., 1% of the first $1 M of assets under management, 0.75% of the next $2 M, 0.5% thereafter, payable quarterly in arrears]
- Corporate Trustee: As set forth in its published fee schedule in effect at the time services are rendered.
- Extraordinary Services: Reasonable additional fees may be charged for complex tax, litigation, or real estate transactions, subject to Beneficiaries’ right to review under Article IX.
[// GUIDANCE: Upon completion, review (i) asset titling, (ii) beneficiary designations on life insurance/retirement accounts for coordination, and (iii) compliance with Wyoming property transfer taxes, if any.]