Current as of November 2026. General information, not legal or tax advice.
Wyoming adopted the Uniform Trust Code in Title 4, Chapter 10 of the Wyoming Statutes and changed it in ways that matter to whoever prepares the account. The annual report goes to every qualified beneficiary, not only those who ask, and it must show how receipts and expenses were split between income and principal. At the same time, the trust instrument can limit or waive those duties, which is part of why Wyoming is a favored trust situs.
Who must provide an accounting in Wyoming
Section 4-10-813 requires the trustee to keep the qualified beneficiaries reasonably informed about the administration and the material facts they need to protect their interests, and to respond promptly to their requests for information unless that would be unreasonable.
Subsection (b) then lists four specific duties, each of which applies unless the trust instrument specifically directs, limits or waives it. On request, the trustee furnishes a copy of the trust instrument. Within sixty days of accepting the trusteeship, the trustee notifies the qualified beneficiaries of the acceptance and of its name, address and telephone number. Within sixty days of learning that an irrevocable trust exists, or that a revocable trust has become irrevocable, the trustee tells them of the trust's existence, the settlor's identity, their right to a copy of the instrument, and their right to a trustee's report. And the trustee gives advance notice of any change in the method or rate of its compensation.
Under subsection (c), the trustee sends a report to the qualified beneficiaries at least annually and at termination of the trust. A beneficiary may waive reports and later withdraw the waiver. Trustees of irrevocable trusts created, or made irrevocable, before July 1, 2003 may elect not to comply with subsections (b) and (c).
The instrument's reach is broad. Section 4-10-105, which lists the provisions a trust's terms cannot override, does not include the duty to inform and report. Read with the express permission in subsection (b), that leaves a Wyoming settlor considerable room to restrict what beneficiaries are told.
What a Wyoming trust accounting must contain
The report covers the trust property, liabilities, receipts and disbursements, and the amount of the trustee's compensation unless it has already been disclosed under section 4-10-802. It includes a listing of the trust assets and, if feasible, their market values.
It must also show the allocation of receipts, disbursements, trustee compensation and expenses of administration between income and principal. That requirement is not in the uniform text, and it turns the Wyoming report into a true fiduciary accounting rather than a statement of activity. When a trusteeship becomes vacant and no cotrustee remains, the former trustee sends a report. A personal representative, conservator or guardian may send it for a trustee who has died or become incapacitated.
Income and principal allocation in Wyoming
Allocation is governed by the Wyoming Uniform Principal and Income Act, W.S. 2-3-801 through 2-3-834. Wyoming has not adopted the 2018 Uniform Fiduciary Income and Principal Act. It has its own Wyoming Unitrust Act in W.S. 2-3-901 and following. A trustee, or in some cases a beneficiary, may elect to convert an income trust to a total return unitrust, with a unitrust percentage that must fall between three and five percent.
Filing an accounting with the Wyoming court
Under section 4-10-201, a trust is not subject to continuing judicial supervision unless the court orders it. The court intervenes when an interested person invokes its jurisdiction, and for this purpose interested persons are the qualified beneficiaries, the settlor if living, the trustee and any trust protector.
Section 4-10-203 gives the district court and the chancery court exclusive jurisdiction over proceedings brought by a trustee, trust protector, trust advisor or beneficiary concerning the administration of a trust. Wyoming's chancery court, a specialized business and trust court, gives trust disputes a forum of their own. Routine reports go to beneficiaries, not to either court.
When a Wyoming accounting is contested
Section 4-10-1005 sets a longer report-based period than most Uniform Trust Code states. A beneficiary may not bring a proceeding for breach of trust more than two years after the beneficiary or a representative received a report that adequately disclosed the potential claim and stated the time allowed to bring it. A report is adequate if it gives enough information that the beneficiary knows of the claim or should have inquired into its existence.
Where no such report was received, the proceeding must be brought within three years after the first of the fiduciary's removal, resignation or death, the end of the beneficiary's interest, or the end of the trust. The statute runs from the date the report was received, not the date it was sent, so proof of delivery matters.
How T.E.A. Fiduciary helps
We prepare Wyoming trust reports to the full section 4-10-813 specification, including the income and principal allocation Wyoming requires, with disclosure built to start the section 4-10-1005 period. We work alongside your attorney and your tax preparer; we do not prepare tax returns.
This page provides general information about Wyoming fiduciary accounting requirements and is not legal or tax advice. Statutes and court rules change. Verify the current text before relying on any of it, and consult counsel on questions of legal interpretation.
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Primary source: Wyoming Statutes Title 4, Chapter 10, Wyoming Legislature.
Written by Christina Gutman, C.P.A. — Founder and Principal of T.E.A. Fiduciary. Christina is licensed as a Certified Public Accountant by the State of California and has specialized exclusively in fiduciary accounting for over a decade, preparing trust, estate, and conservatorship accountings for law firms, professional fiduciaries, trust companies, family offices, and individual trustees nationwide. She has also served as a forensic consultant in contested accounting matters. More about Christina
