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West Virginia Code Chapter 44D. Uniform Trust Code § 44D-8A-805. Exclusions

Current as of January 01, 2024 | Updated by Findlaw Staff

(a) In this section, “power of appointment” means a power that enables a person acting in a nonfiduciary capacity to designate a recipient of an ownership interest in or another power of appointment over trust property.

(b) This article does not apply to a:

(1) Power of appointment;

(2) Power to appoint or remove a trustee or trust director;

(3) Power of a grantor over a trust to the extent the grantor has a power to revoke the trust;

(4) Power of a beneficiary over a trust to the extent the exercise or nonexercise of the power affects the beneficial interest of:

(A) The beneficiary; or

(B) Another beneficiary represented by the beneficiary under § 44D-3-301, § 44D-3-302, § 44D-3-303, § 44D-3-304, and § 44D-3-305 of this code with respect to the exercise or nonexercise of the power; or

(5) Power over a trust if:

(A) The terms of the trust provide that the power is held in a nonfiduciary capacity; and

(B) The power must be held in a nonfiduciary capacity to achieve the grantor's tax objectives under the United States Internal Revenue Code of 1986 and regulations issued thereunder.

(c) Unless the terms of a trust provide otherwise, a power granted to a person to designate a recipient of an ownership interest in or power of appointment over trust property which is exercisable while the person is not serving as a trustee is a power of appointment and not a power of direction.

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Cite this article: FindLaw.com - West Virginia Code Chapter 44D. Uniform Trust Code § 44D-8A-805. Exclusions - last updated January 01, 2024 | https://codes.findlaw.com/wv/chapter-44d-uniform-trust-code/wv-code-sect-44d-8a-805/

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