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Current as of January 01, 2024 | Updated by Findlaw Staff
(a) A spendthrift provision contained in a trust instrument is valid if it contains language substantially to the effect that it restrains both voluntary and involuntary transfers of a beneficiary's interest.
(b) A term of a trust instrument providing that the interest of a beneficiary is held subject to a “spendthrift trust,” or words of similar import, is sufficient to restrain both voluntary and involuntary transfer of the beneficiary's interest.
(c) A beneficiary may not transfer an interest in a trust in violation of a valid spendthrift provision, and, except as otherwise provided in this article, a creditor or assignee of the beneficiary may not reach the interest or a distribution by the trustee before its receipt by the beneficiary.
Cite this article: FindLaw.com - West Virginia Code Chapter 44D. Uniform Trust Code § 44D-5-502. Spendthrift provision - last updated January 01, 2024 | https://codes.findlaw.com/wv/chapter-44d-uniform-trust-code/wv-code-sect-44d-5-502/
FindLaw Codes may not reflect the most recent version of the law in your jurisdiction. Please verify the status of the code you are researching with the state legislature before relying on it for your legal needs.
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