A trustee is a person or entity designated by a person who creates a trust (grantor, settlor, or trustor) to manage and administer the trust for the benefit of the named beneficiary or beneficiaries. The trustee of a trust created for estate planning purposes is often the grantor, settlor, or trustor who created and funded the trust.

A trust agreement may designate one or more successor trustees who will become the trustee if the previous trustee dies, is unable to continue to serve as trustee, resigns as trustee, or is removed by court order following a lawsuit filed by the beneficiary or beneficiaries of the trust.

A trustee has a fiduciary duty to the beneficiary or beneficiaries of the trust. A fiduciary duty includes the highest duty of care (performance of duties under the terms of the trust agreement) and of loyalty (avoiding conflicts of interest) recognized in law.

In Wyoming, a trustee is responsible for managing a trust in accordance with the terms set forth by the grantor, who may also serve as the initial trustee. Trust agreements typically outline the process for appointing successor trustees in the event the original trustee can no longer fulfill their duties due to death, incapacity, resignation, or removal by a court. Trustees in Wyoming are bound by a fiduciary duty, which is the highest standard of care in legal and financial matters. This duty requires trustees to act in the best interests of the beneficiaries, manage the trust assets responsibly, and avoid conflicts of interest. Failure to adhere to these responsibilities can lead to legal consequences, including potential lawsuits from beneficiaries. Wyoming statutes and common law govern the administration of trusts and the conduct of trustees, ensuring that they adhere to their fiduciary obligations and manage the trust for the benefit of the beneficiaries.