Wyoming Wills vs. Trusts
Navigating Wyoming estate planning doesn’t have to be overwhelming. The Equality State offers unique estate planning features including powerful asset protection trusts, a generous $200,000 small estate threshold, and flexible transfer-on-death options. With Wyoming’s favorable tax environment and strong creditor protection laws, understanding the key differences between wills and trusts can save your family significant time, money, and stress while preserving your legacy.
Table of Contents
US Map For The Different Will and Trust Requirements by State
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Wyoming Will Requirements
A Wyoming Last Will and Testament should include:
- Age and Capacity: Testator must be “of legal age and sound mind” (at least 18 years old)
- Format: Must be in writing
- Signature: Must be signed by the testator (or by another person in the testator’s presence at the testator’s express direction)
- Witnesses: Must be signed by at least two competent witnesses (unless it’s a holographic will)
Witness Requirements
For Wyoming wills:
- Witnesses must observe the testator’s execution of the will
- While “disinterested” witnesses are preferable, the witnessing of a will by an interested person (beneficiary) does not invalidate a Wyoming will
Interested Witness Limitations
A provision in favor of a witness is void unless there are at least two other credible witnesses to the will. If an interested witness would have received a share of the estate had the testator been intestate, the witness may still receive the intestate portion up to the value of the amount devised to the witness in the will.
Self-Proved Wills
Though notarization of a will is not strictly required in Wyoming, a will can be made “self-proved” through execution of a notarized affidavit by the testator and the will’s witnesses. When a will is self-proved:
- It can be admitted to probate without in-person testimony of the witnesses
- The affidavit provides evidence that the testator signed the will voluntarily with the requisite capacity and intent
- The affidavit shows the testator was under no constraint or undue influence when signing
The Wyoming Legislature provides a model self-proved affidavit within Wyo. Stat. §2-6-114.
Personal Property Memorandum
Wyoming law allows a testator making a will to incorporate by reference a written statement or list of tangible personal property not addressed within the will itself. For the memorandum to be valid:
- It must be referenced in the will
- It must be dated
- It must be written in the testator’s handwriting or signed by the testator
- It must describe each item and beneficiary with reasonable certainty
A Wyoming memorandum of personal property can be prepared before or after the will’s execution and can be altered by the testator after the list’s initial creation (alterations must be signed and dated by the testator).
A memorandum of personal property incorporated into a Wyoming will cannot be used to distribute real estate, money, promissory notes or other evidence of indebtedness, title documents, securities, or property used in a trade or business.
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Amendment, Revision, and Revocation of Wyoming Wills
Amending a Wyoming Will
Amendment of a Wyoming will can be accomplished through:
- A codicil (a later-executed addendum to an existing will)
- Execution of a new will that supplements the existing will
In either case, the new will or codicil must satisfy all formalities required for a Wyoming will.
Revoking a Wyoming Will
Wyoming wills can be revoked by:
- A later will that either expressly revokes the earlier will or includes terms inconsistent with the earlier will
- Burning, tearing, canceling, obliterating, or destroying the will with the intent and purpose of revoking it
Automatic Revocation by Divorce
If, after executing a will, a Wyoming testator is divorced, any provisions in the will in favor of the former spouse are deemed to have been revoked—unless the will expressly states otherwise. Provisions revoked by divorce are treated as though the former spouse did not survive the testator.
Marriage After Will Execution
Children Born After Will Execution
Holographic and Oral Wills
Holographic Wills
A document that is not witnessed or otherwise does not satisfy Wyoming’s execution requirements for wills may still be valid as a holographic will. To qualify as a holographic will under Wyoming law, a document intended as a will must be signed by the testator and written entirely in the testator’s handwriting.
Oral Wills
Oral (or “nuncupative”) wills are not recognized under Wyoming law.
Wyoming Trust Requirements
Wyoming trusts are primarily governed by the Uniform Trust Code, as enacted and modified by the Wyoming State Legislature at Wy. Stat., §§4-10-101, et. seq.
Requirements for a Valid Wyoming Trust
For a trust to be valid under Wyoming law:
- The purpose of the trust must be lawful, possible to achieve, and not in conflict with Wyoming public policy
- In general, the trust terms and the trust itself must be for the benefit of the trust’s beneficiaries
- The settlor must express an intent to create a trust and have adequate capacity (measured under the same standard that applies to wills)
- A Wyoming trust is void to the extent its creation was induced through fraud, duress, or undue influence
Trust Creation Methods
Wyoming trusts can be created through:
- Transfer of property by a settlor to a trustee (either during life or through a will or other testamentary instrument)
- A property owner’s declaration that he or she holds identifiable property as trustee
- Exercising a power of appointment in favor of a trustee
Creation by Agent or Conservator
- An agent acting under power of attorney can create a Wyoming trust on a settlor’s behalf if the power-of-attorney document expressly allows the agent to create a trust and the trust provides instructions for distribution of assets upon the settlor’s death
- A Wyoming revocable living trust may also be created by a court-appointed conservator acting with court approval
Required Trust Elements
Wyoming trusts must have:
- A definite beneficiary (subject to exceptions such as for charitable trusts, trusts for the care of animals, and certain trusts created for noncharitable purposes)
- A trustee with actual duties to perform
Sole Trustee/Beneficiary Rule
While there can be overlap between a trust’s parties, a Wyoming trust’s sole trustee cannot also be the trust’s sole beneficiary.
Trustee Responsibilities
A trustee of a Wyoming trust:
- Is a fiduciary and must manage the trust and trust property in good faith
- Must exercise reasonable care, skill, and caution in carrying out their duties
- Is governed by the “prudent investor rule” when investing trust assets (though a trust instrument may modify or eliminate the rule)
Trust Protectors and Advisors
Wyoming’s version of the Uniform Trust Code authorizes—but does not require—appointment of a “trust protector” or “trust advisor” within a trust instrument:
- A trust protector’s powers can include the power to remove a trustee and appoint a replacement; modify the trust for tax advantages or in response to changes in law; and direct, consent to, or adjust distributions to beneficiaries
- A trust advisor’s powers can include the power to advise the trustee relating to beneficiaries; advise or direct trust investments or asset acquisitions; and to direct or consent to distributions
Oral Trusts
Though most trusts are evidenced by a written instrument setting forth the trust’s terms, Wyoming law recognizes oral trusts. However:
- The creation and terms of an oral trust must be established by clear and convincing evidence
- Certain types of trusts—such as trusts relating to real estate—must be evidenced by a written instrument
Real Estate Deeds to Trusts
A deed that conveys Wyoming real estate to a trust or trustee in a representative capacity must sufficiently define the trust to provide notice of the trust. The deed may:
- Define the trust by identifying the names of the trust and trustee and the date upon which the trust was formed
- Refer to the book-and-page number of a certificate of trust that includes the necessary information and has been recorded in the county where the real estate is located
Revocability
Wyoming law assumes that a trust is revocable unless it is expressly made irrevocable. For revocable trusts:
- The settlor retains the right to revoke, amend, or add property to the trust as long as the settlor has adequate capacity
- A settlor revokes or amends a revocable trust using the method specified in the trust instrument
- If the trust instrument does not specify a method (or the method is not exclusive), the settlor can revoke or amend the trust through a signed writing, through the settlor’s will, or using another method that provides clear and convincing evidence of the intent to revoke or amend the trust
Trust Termination
Wyoming trusts terminate upon:
- Revocation or expiration under the trust’s own terms
- When there is no purpose of the trust remaining to be achieved
- When the trust’s purposes become unlawful or impossible to achieve
A trust may also be modified or terminated by a court upon the petition of the settlor, trustee, and/or beneficiaries. Upon petition, a court may also reform or modify the terms of a trust to correct mistakes or achieve the settlor’s tax objectives.
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Special Considerations
Estate Taxes
No Estate or Inheritance Taxes
Wyoming does not impose either estate or inheritance taxes. Large Wyoming estates may still be liable for federal estate taxes.
Simplified Probate
Transfer by Affidavit
Wyoming law allows rightful successors of personal property within qualifying Wyoming estates to obtain possession of the property outside probate. Key features:
- Available when the value of the estate (after liens and encumbrances) does not exceed $200,000
- At least 30 days must have passed since the decedent’s death
- The successor executes a compliant affidavit that sets forth specific information required by law
- Can be used to recover personal property—including bank accounts
Summary Distribution
Wyoming also provides a procedure for summary distribution of property within qualifying estates with a net value not exceeding $200,000:
- An interested person submits an application for summary distribution to the probate court
- The application includes specific information required by statute and provides a description and valuation of any real estate or mineral interests in the estate
- If the application is granted and there is no objection, the probate court enters a decree establishing the right and title to estate property
Non-Probate Transfers
Transfer-on-Death Instruments
Transfer-on-Death Deeds
Wyoming law authorizes TOD designations on real estate deeds. When an owner of Wyoming real estate records a transfer-on-death deed (sometimes called “TOD deed” or “beneficiary deed”):
- The named beneficiary takes title to the property upon the owner’s death with no need for probate
- A TOD deed does not affect the property owner’s rights in the property during life
- The beneficiary does not acquire present rights in the property until death actually occurs
Vehicle Titles
Wyoming law does not authorize TOD designations on titles to Wyoming-registered vehicles.
Wyoming Spendthrift Trusts
Although the general rule is that creditors of a trust’s beneficiaries can attempt to attach a beneficiary’s interest in a trust, Wyoming law protects beneficiary interests from attachment if a trust:
- Provides for discretionary distributions, or
- Includes a “spendthrift provision” (a term within a trust instrument restricting beneficiaries’ right to transfer their interests in the trust)
If a spendthrift provision is present, most creditors of beneficiaries cannot attach trust assets until actually distributed to the beneficiary. Spendthrift provisions do not prevent attachment for satisfaction of child support obligations.
For traditional trusts (not qualified spendthrift trusts):
- Creditors of a Wyoming revocable trust’s settlor can attach trust assets as long as the settlor remains living (or, upon death, through estate claims)
- Creditors of an irrevocable trust’s settlor can attach the maximum amount of trust assets that could be distributed to the settlor or for the settlor’s benefit
Wyoming Domestic Asset Protection Trusts
Exceptional Asset Protection
Wyoming’s trust laws provide exceptionally strong protection against creditors by authorizing “qualified spendthrift trusts”—commonly called “domestic asset-protection trust” or “DAPT”:
- A Wyoming DAPT is an irrevocable spendthrift trust that can be “self-settled,” which means the settlor is also a beneficiary
- Self-settled spendthrift trusts are not permitted or do not protect against creditors under the laws of most states
- Once transferred to a Wyoming DAPT, assets are protected from most creditor claims other than child-support orders
Exceptions to Protection
A court may permit attachment of DAPT assets upon a finding that:
- Assets were transferred to the trust to defraud creditors, or
- Assets were listed on a credit application submitted to the creditor
Settlor Control
Though a Wyoming DAPT must be irrevocable, the settlor can maintain a relatively high level of control over the trust—including by reserving the right to:
- Receive distributions of trust income and some principal
- Veto distributions
- Appoint and remove the trustee
- Advise on trust investments
- Use real estate held in the trust (subject to limitations)
Requirements
To be effective, a Wyoming DAPT must meet several specific statutory requirements:
- Must have a Wyoming-domiciled trustee
- Trust instrument must declare that the trust is a qualified spendthrift trust governed by Wyoming law
- The settlor must execute a sworn affidavit attesting that:
- The settlor holds lawful title to transferred assets
- Will not be made insolvent by the transfer
- Does not intend to defraud creditors
- Does not have legal actions pending or threatened against him or her
- Is not delinquent on child support payments
Need help creating the right estate plan for your Wyoming family?
Our estate planning specialists can help you navigate Wyoming’s unique laws and create a personalized strategy.
Wills vs. Trusts: Comparison
| Feature | Wills | Trusts |
|---|---|---|
| When It Takes Effect | After death | Can be immediate (living trust) or after death (testamentary trust) |
| Probate Process | Requires probate | Assets in trust avoid probate |
| Privacy | Public record | Generally private |
| Challenges | Can be challenged in probate court | More difficult to challenge |
| Cost to Create | Generally less expensive | Usually more expensive |
| Ongoing Administration | None until death | May require ongoing management |
| Protection During Incapacity | None (requires separate power of attorney) | Can provide management if grantor becomes incapacitated |
| Wyoming Special Feature | Allows holographic wills written entirely in testator’s handwriting | Domestic Asset Protection Trusts offer exceptional creditor protection |
Conclusion
Creating a will or trust does not have to be difficult or intimidating for Wyoming residents. However, certain circumstances—like second marriages, stepchildren, aging parents, special needs beneficiaries, guardianships, and business interests—can add complexity and result in unforeseen consequences.
Wyoming offers unique estate planning tools like Domestic Asset Protection Trusts with exceptional creditor protection, a generous $200,000 small estate threshold, and transfer-on-death deeds for real estate. The state’s favorable tax environment (with no state estate or inheritance taxes) makes it particularly attractive for larger estates. When any out-of-the-ordinary issues are present, it’s advisable to consult with an experienced attorney familiar with and licensed under Wyoming law to ensure your estate plan takes full advantage of the state’s provisions while avoiding potential pitfalls.
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FAQs: Wyoming Wills and Trusts
Q: What are the requirements for a valid will in Wyoming?
A: A Wyoming will must be in writing, signed by the testator (or by another at the testator’s direction), and witnessed by at least two competent people. Alternatively, a holographic will is valid if it’s signed by the testator and entirely in the testator’s handwriting, with no witness requirement.
Q: What are the requirements for a valid will in Wyoming?
A: A Wyoming will must be in writing, signed by the testator (or by another at the testator’s direction), and witnessed by at least two competent people. Alternatively, a holographic will is valid if it’s signed by the testator and entirely in the testator’s handwriting, with no witness requirement.
Q: What are Wyoming Domestic Asset Protection Trusts?
A: Wyoming Domestic Asset Protection Trusts (DAPTs) are specialized irrevocable trusts that allow you to remain a beneficiary while protecting your assets from most creditors. Unlike most states, Wyoming allows these self-settled spendthrift trusts with exceptional protection, provided specific requirements are met.
Q: How do wills and trusts differ in Wyoming regarding probate?
A: Wills require probate, a public court process, while trusts (especially living trusts) avoid probate. Wyoming offers a simplified probate procedure for estates under $200,000, allowing for either affidavit transfers or summary distribution of assets.
Q: What are transfer-on-death (TOD) deeds in Wyoming?
A: Wyoming recognizes TOD designations on real estate deeds. These instruments allow property to transfer automatically to named beneficiaries upon the owner’s death without probate, while preserving the owner’s full rights during their lifetime.
Q: How are surviving spouses protected under Wyoming law?
A: Wyoming protects surviving spouses through an elective share right of one-half of the net estate (if there are no children or only shared children) or one-fourth (if the deceased has children from another relationship). Spouses also receive homestead rights and favorable intestate succession provisions.
Q: Does Wyoming have estate or inheritance taxes?
A: No, Wyoming does not impose any state estate or inheritance taxes, making it a favorable state for estate planning. Residents may still be subject to federal estate taxes if their estate exceeds the federal exemption threshold.
