West Virginia Code 44D-4-401 – Methods of creating trust
Current as of: 2023 | Check for updates
|
Other versions
(a) A trust may be created by:
Terms Used In West Virginia Code 44D-4-401
- Grantor: The person who establishes a trust and places property into it.
- Power of attorney: A written instrument which authorizes one person to act as another's agent or attorney. The power of attorney may be for a definite, specific act, or it may be general in nature. The terms of the written power of attorney may specify when it will expire. If not, the power of attorney usually expires when the person granting it dies. Source: OCC
- Trustee: A person or institution holding and administering property in trust.
(1) Transfer of property to another person as trustee during the grantor's lifetime by the grantor or by will or by other disposition taking effect upon the grantor's death;
(2) Declaration by the owner of property that the owner holds identifiable property as trustee;
(3) Exercise of a power of appointment in favor of a trustee; or
(4) An order of the court.
(b) During the grantor's lifetime, a trust may also be created by the grantor's agent acting in accordance with authority granted under a durable power of attorney which expressly authorizes the agent to create a trust on the grantor's behalf or which expressly authorizes the agent to fund an existing trust of the grantor on the grantor's behalf.