Wyo. Stat. Ann. § 4-10-1008

Exculpation of fiduciaries

Applied in 1 court decision — leading case In the Matter of the Phyllis V. Mcdill Revocable Trust: Thomas P. Mcdill, Jr., In His Individual Capacity as Beneficiary and Successor Trustee of the Phyliss Mcdill Revocable Trust. v. Michael G. Mcdill, In His Individual Capacity as Beneficiary of the Phyliss Mcdill Revocable Trust (2022)

Most recently applied in In the Matter of the Phyllis V. Mcdill Revocable Trust: Thomas P. Mcdill, Jr., In His Individual Capacity as Beneficiary and Successor Trustee of the Phyliss Mcdill Revocable Trust. v. Michael G. Mcdill, In His Individual Capacity as Beneficiary of the Phyliss Mcdill Revocable Trust (March 2022)

(a) A term of a trust relieving a fiduciary of liability for breach of trust is unenforceable to the extent that it:

(i) Relieves the fiduciary of liability for breach of trust committed in bad faith or with reckless indifference to the purposes of the trust or the interests of the beneficiaries; or (ii) Was inserted as the result of an abuse by the fiduciary of a fiduciary or confidential relationship to the settlor.

(b) An exculpatory term drafted or caused to be drafted by the fiduciary is invalid as an abuse of a fiduciary or confidential relationship unless the fiduciary proves that the exculpatory term is fair under the circumstances and that its existence and contents were adequately communicated to the settlor.

Official source: Wyoming Legislature. Reproduced from public-domain Wyoming statutes; confirm against the official source for the current text. Not legal advice.