§44D-1-101. Short Title
This chapter may be cited as the West Virginia Uniform Trust Code.
§44D-1-102. Scope
This chapter applies to express trusts, charitable or noncharitable, and trusts created pursuant to a statute, judgment, or decree that requires the trust to be administered in the manner of an express trust.
§44D-1-103. Definitions
In this chapter: (a) “Action”, with respect to an act of a trustee, includes a failure to act. (b) “Ascertainable standard” means a standard relating to an individuals health, education, support, or maintenance within the meaning of Section 2041(b)(1)(A) or 2514(c)(1) of the Internal Revenue Code. (c) “Beneficiary” means a person that: (1) Has a […]
§44D-1-104. Knowledge
(a) Subject to subsection (b) of this section, a person has knowledge of a fact if the person: (1) Has actual knowledge of it;
§44D-1-105. Default and Mandatory Rules
(a) Except as otherwise provided in the terms of the trust instrument, this chapter governs the duties and powers of a trustee, relations among trustees, and the rights and interests of a beneficiary. (b) The terms of a trust prevail over any provision of this chapter except: (1) The requirements for creating a trust;
§44D-1-106. Common Law of Trusts; Principles of Equity
The common law of trusts and principles of equity supplement this chapter, except to the extent modified by this chapter or another statute of this state.
§44D-1-107. Governing Law
The meaning and effect of the terms of a trust are determined by: (1) The law of the jurisdiction designated in the terms of the trust instrument, including terms which may provide for change of jurisdiction from time to time, unless the designation of that jurisdiction's law is contrary to a strong public policy of […]
§44D-1-108. Principal Place of Administration
(a) Without precluding other means for establishing a sufficient connection with the designated jurisdiction, terms of a trust designating the principal place of administration are valid and controlling if: (1) A trustees principal place of business is located in, or a trustee is a resident of the designated jurisdiction;
§44D-1-109. Methods and Waiver of Notice
(a) Notice to a person under this chapter or the sending of a document to a person under this chapter must be accomplished in a manner reasonably suitable under the circumstances and likely to result in receipt of the notice or document. Permissible methods of notice or for sending a document include first-class mail, personal […]
§44D-1-110. Others Treated as Qualified Beneficiaries
(a) Whenever notice to qualified or current beneficiaries of a trust is required under this chapter, the trustee shall also give notice to any other beneficiary who has sent the trustee a request for notice. (b) A charitable organization expressly designated to receive distributions under the terms of a charitable trust has the rights of […]
§44D-1-111. Nonjudicial Settlement Agreements
(a) For purposes of this section "interested persons" means persons whose consent would be required in order to achieve a binding settlement were the settlement to be approved by the court. (b) Except as otherwise provided in subsection (c) of this section, interested persons may enter into a binding nonjudicial settlement agreement with respect to […]
§44D-1-112. Rules of Construction
The rules of construction that apply in this state to the interpretation of and disposition of property by will also apply as appropriate to the interpretation of the terms of a trust and the disposition of the trust property.
§44D-1-113. 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: (1) The […]