A Property Management Agreement (PMA) between you (personally) and the specific series of your trust is a sophisticated way to formalize your role.
In Wyoming, this serves two purposes:
- Liability Shielding: It reinforces that the Trust is a separate “person” from you. You aren’t just “doing things” with the property; you are an agent performing duties for a legal entity.
- Tax/Expense Justification: It provides a clear legal reason for the Trust to pay you or reimburse you for expenses (mileage, supplies, etc.) without it looking like an informal “gift.”
PROPERTY MANAGEMENT AGREEMENT
(GONEN STATUTORY TRUST – [SERIES NAME/NUMBER])
THIS AGREEMENT is made this ____ day of ____________, 2026, by and between Gonen Statutory Trust – [Series Name] (the “Owner”) and [Your Full Name] (the “Manager”).
1. APPOINTMENT: The Owner hereby appoints the Manager as the exclusive agent to manage, operate, and maintain the property located at: [Insert Property Address] (the “Property”).
2. TERM: This Agreement shall begin on [Start Date] and shall continue on a month-to-month basis until terminated by either party with thirty (30) days’ written notice.
3. MANAGER’S RESPONSIBILITIES: The Manager agrees to:
- Leasing: Market the property, screen tenants, and execute leases in the name of the Owner.
- Maintenance: Contract for and supervise all necessary repairs and maintenance.
- Financials: Collect rents and deposit them directly into the Series-specific bank account.
- Compliance: Ensure the Property meets Wyoming’s implied warranty of habitability (W.S. § 1-21-1202).
4. COMPENSATION: [Select One]
- [ ] Standard: Owner shall pay Manager a fee of [e.g., 10%] of gross monthly rents.
- [ ] Expense Only: Manager shall receive no salary but shall be reimbursed for all direct out-of-pocket expenses incurred on behalf of the Property.
5. SEPARATE ACCOUNTS: All funds received by the Manager for the Property shall be maintained in the bank account titled: “Gonen Statutory Trust – [Series Name].” Manager shall not commingle these funds with Manager’s personal funds or any other series of the Trust.
6. INDEMNIFICATION: The Owner (the Trust Series) agrees to indemnify and hold the Manager harmless from any and all claims or liabilities arising out of the Manager’s performance of duties, provided the Manager acted in good faith.
SIGNATURES:
OWNER:
[Your Name], Trustee for Gonen Statutory Trust – [Series Name]
MANAGER:
[Your Name], Individually
Best Practices for 2026
- Signing Power: Note how the signature lines are different. When you sign as the Owner, you must include your title as Trustee and the Series name. This is the “magic words” requirement for Wyoming series protection.
- Habitability: As of 2026, Wyoming courts have been increasingly strict about the Warranty of Habitability. Ensure your Manager (you) keeps a digital log of all safety inspections (smoke detectors, heating, water) to prove the Trust is meeting its statutory duties.
- FinCEN Reporting: Be aware that as of 2026, some non-financed transfers of real estate into trusts may require a report to the Financial Crimes Enforcement Network (FinCEN) under the “Real Estate Report” rules.
Would you like me to provide a “Tenant Lease Addendum” that identifies the Trust Series as the Landlord for your future tenants?