Terms Used In West Virginia Code > Chapter 44D > Article 8A - West Virginia Uniform Directed Trust Act

• Beneficiary: A person who is entitled to receive the benefits or proceeds of a will, trust, insurance policy, retirement plan, annuity, or other contract. ^{Source: OCC}
• Breach of trust: means a violation by a trust director or trustee of a duty imposed on that director or trustee by the terms of the trust, this article, or law of this state, other than this article pertaining to trusts. See West Virginia Code 44D-8A-802
• Common law: The legal system that originated in England and is now in use in the United States. It is based on judicial decisions rather than legislative action.
• Directed trust: means a trust for which the terms of the trust grant a power of direction. See West Virginia Code 44D-8A-802
• Directed trustee: means a trustee that is subject to a trust director's power of direction. See West Virginia Code 44D-8A-802
• Fiduciary: A trustee, executor, or administrator.
• Grantor: The person who establishes a trust and places property into it.
• Jurisdiction: (1) The legal authority of a court to hear and decide a case. Concurrent jurisdiction exists when two courts have simultaneous responsibility for the same case. (2) The geographic area over which the court has authority to decide cases.
• Knowingly: means known by the trustee based on the contents of the direction and any information provided by the trust director to the trustee. See West Virginia Code 44D-8A-802
• Liabilities: The aggregate of all debts and other legal obligations of a particular person or legal entity.
• Power of direction: means a power over a trust granted to a person by the terms of the trust to the extent the power is exercisable while the person is not serving as a trustee. See West Virginia Code 44D-8A-802
• State: when applied to a part of the United States and not restricted by the context, includes the District of Columbia and the several territories, and the words "United States" also include the said district and territories. See West Virginia Code 2-2-10
• Trust director: means a person that is granted a power of direction by the terms of a trust to the extent the power is exercisable while the person is not serving as a trustee. See West Virginia Code 44D-8A-802
• Trustee: A person or institution holding and administering property in trust.
• Willful misconduct: means intentional malicious conduct or conduct intentionally designed to defraud or seek an unconscionable advantage and which is not mere negligence, gross negligence, or recklessness. See West Virginia Code 44D-8A-802