West Virginia Code 44D-6-603 – Grantor’s powers; powers of withdrawal
Current as of: 2023 | Check for updates
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(a) While a trust is revocable and the grantor has capacity to revoke the trust, rights of the beneficiaries are subject to the control of, and the duties of the trustee are owed exclusively to, the grantor.
Terms Used In West Virginia Code 44D-6-603
- Grantor: The person who establishes a trust and places property into it.
- Revocable trust: A trust agreement that can be canceled, rescinded, revoked, or repealed by the grantor (person who establishes the trust).
- Trustee: A person or institution holding and administering property in trust.
(b) During the period the power may be exercised, the holder of a power of withdrawal has the rights of a grantor of a revocable trust under this section to the extent of the property subject to the power.
(c) When a trust is revocable, the trustee may follow a direction of the grantor that is contrary to the terms of the trust instrument.