1. Competent: The grantor must have the capacity to create a trust.
2. Intent: The grantor must indicate an intention to create the trust.
3. Definite Beneficiary: Unless it is a charitable trust or a trust for the care of an animal, the trust must have a definite beneficiary.
4. Trustee’s Duties: The trustee must have duties to perform.
5. Sole Trustee Cannot be the Sole Beneficiary: The same person cannot be the sole trustee and the sole beneficiary.^[1]

Amending/Revoking – Unless the terms of the trust expressly provide that it is irrevocable, the grantor may amend or revoke the trust.^[2]

Bond Requirement – The trustee is not required to put forward a bond unless this is a requirement under the terms of the trust or the court has found that such a bond is necessary to safeguard the interests of the beneficiaries.^[3]

Certification of Trust – In lieu of a copy of the trust instrument, the trustee may furnish a person other than a beneficiary with a certification or affidavit of trust containing the date that the trust was executed, the identity of the grantor, and other information.^[4]

Co-Trustees – Co-trustees who are unable to reach a unanimous decision may instead act by majority decision.^[5]

Contesting a Trust – A person may commence a proceeding to contest the validity of a trust within two years of the grantor’s death or within 120 days of receiving notice from the trustee of the trust’s existence, whichever is earlier.^[6]

Costs Related to the Trust – In administering a trust, the trustee may only incur costs that are reasonable given the purposes of the trust and its property.^[7]

Jurisdiction – A trust created in another state is considered valid in Wyoming if it was created in compliance with the laws of the jurisdiction in which the trust instrument was executed.^[8]

Oral Trusts – Clear and convincing evidence is required to establish the creation of an oral trust and its terms.^[9]

Pet Trusts – A trust created to provide for the care of one or more animals living during the grantor’s lifetime is valid. The trust terminates upon the death of the last surviving animal cared for by the trust.^[10]

Signing Requirements – There is no legal obligation for a Wyoming living trust to be signed.

Spendthrift Provision – The inclusion of a provision that states that a beneficiary’s interest is held subject to a “spendthrift trust,” or that uses similar language, is sufficient to restrain the voluntary and involuntary transfer of that interest.^[11]

Trustee’s Compensation – If the terms of the trust do not specify the trustee’s compensation, the trustee is otherwise entitled to compensation that is reasonable under the circumstances.^[12]

Trustee’s Duties – Upon accepting a trusteeship, the trustee must prudently administer the trust in good faith, in the interests of its beneficiaries, and in accordance with its terms and purposes.^[13]

Trustee’s Powers – In addition to those powers established under the terms of the trust instrument and under Wyoming law, the trustee is empowered to collect, acquire, sell, exchange, partition, or otherwise alter the character of trust property.^[14]