§44D-8B-6. Reasonable Reliance
A trustee or other person that reasonably relies on the validity of a distribution of part or all of the property of a trust to another trust, or a modification of a trust, under this article, law of this state other than this article, or the law of another jurisdiction is not liable to any […]
§44D-8B-7. Notice; Exercise of Decanting Power
(a) In this section, a notice period begins on the day notice is given under subsection (c) of this section and ends 59 days after the day notice is given. (b) Except as otherwise provided in this article, an authorized fiduciary may exercise the decanting power without the consent of any person and without court […]
§44D-8B-8. Representation
(a) Notice to a person with authority to represent and bind another person under a first-trust instrument or the provisions of this chapter has the same effect as notice given directly to the person represented. (b) Consent of or waiver by a person with authority to represent and bind another person under a first-trust instrument […]
§44D-8B-9. Court Involvement
(a) On application of an authorized fiduciary, a person entitled to notice under 44D-8B-7(c) of this code, a beneficiary, or with respect to a charitable interest any other person that has standing to enforce the charitable interest, the court may: (1) Provide instructions to the authorized fiduciary regarding whether a proposed exercise of the decanting […]
§44D-8B-10. Formalities
An exercise of the decanting power must be made in a record signed by an authorized fiduciary. The signed record must, directly or by reference to the notice required by 44D-8B-7 of this code, identify the first trust and the second trust or trusts and state the property of the first trust being distributed to […]
§44D-8B-11. Decanting Power Under Expanded Distributive Discretion
(a) In this section: (1) “Noncontingent right” means a right that is not subject to the exercise of discretion or the occurrence of a specified event that is not certain to occur. The term does not include a right held by a beneficiary if any person has discretion to distribute property subject to the right […]
§44D-8B-12. Decanting Power Under Limited Distributive Discretion
(a) In this section, “limited distributive discretion” means a discretionary power of distribution that is limited to an ascertainable standard or a reasonably definite standard. (b) An authorized fiduciary that has limited distributive discretion over the principal of the first trust for benefit of one or more current beneficiaries may exercise the decanting power over […]
§44D-8B-13. Trust for Beneficiary With Disability
(a) In this section: (1) “Beneficiary with a disability” means a beneficiary of a first trust who the special-needs fiduciary believes may qualify for governmental benefits based on disability, whether or not the beneficiary currently receives those benefits or is an individual who has been adjudicated a protected person.
§44D-8B-1. Short Title
This article may be cited as the West Virginia Uniform Trust Decanting Act.
§44D-8B-2. Definitions
In addition to the definitions contained in 44D-1-103 of this code which apply to this article: (1) “Appointive property” means the property or property interest subject to a power of appointment.