(vi) Liability of a trustee for an action relating to the trust; and (vii) An election to treat the trust as a qualified spendthrift trust under article 5 of this act and modification of the trust to comply with W.S. 410510. (e) Any interested person may request the court to approve a nonjudicial settlement agreement, to determine whether the representation as provided in article 3 of this act was adequate, and to determine whether the agreement contains terms and conditions the court could have properly approved. 410112. Insurable interest of trustee. (a) A trustee of a trust has an insurable interest in the life of an individual insured under a life insurance policy that is owned by the trustee of the trust acting in a fiduciary capacity or that designates the trust itself as the owner if, on the date the policy is issued: (i) The insured is: (A) A settlor of the trust; or (B) An individual in whom a settlor of the trust has, or would have had, if living at the time the policy was issued, an insurable interest; and (ii) The life insurance proceeds are primarily for the benefit of one (1) or more trust beneficiaries that have: (A) An insurable interest in the life of the insured; or (B) A substantial interest engendered by love and affection in the continuation of the life of the insured and, if not already included subparagraph (A) of this paragraph, who are: (I) Kindred of the insured having a possibility of being distributees of the insured's estate if the insured dies intestate pursuant to W.S. 24101; or (II) Stepchildren of the insured.
(vi) Liability of a trustee for an action relating to the trust; and (vii) An election to treat the trust as a qualified spendthrift trust under article 5 of this act and modification of the trust to comply with W.S. 410510. (e) Any interested person may request the court to approve a nonjudicial settlement agreement, to determine whether the representation as provided in article 3 of this act was adequate, and to determine whether the agreement contains terms and conditions the court could have properly approved. 410112. Insurable interest of trustee. (a) A trustee of a trust has an insurable interest in the life of an individual insured under a life insurance policy that is owned by the trustee of the trust acting in a fiduciary capacity or that designates the trust itself as the owner if, on the date the policy is issued: (i) The insured is: (A) A settlor of the trust; or (B) An individual in whom a settlor of the trust has, or would have had, if living at the time the policy was issued, an insurable interest; and (ii) The life insurance proceeds are primarily for the benefit of one (1) or more trust beneficiaries that have: (A) An insurable interest in the life of the insured; or (B) A substantial interest engendered by love and affection in the continuation of the life of the insured and, if not already included subparagraph (A) of this paragraph, who are: (I) Kindred of the insured having a possibility of being distributees of the insured's estate if the insured dies intestate pursuant to W.S. 24101; or (II) Stepchildren of the insured.
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