Senate Bill No. 569
(By Senator McCabe)
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[Introduced February 19, 2004; referred to the Committee on the
Judiciary.]
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A BILL to amend and reenact §44-5-15 of the code of West Virginia,
1931, as amended, relating to clarifying and preserving the
irrevocability of trusts that have been drafted to be
irrevocable.
Be it enacted by the Legislature of West Virginia:
That §44-5-15 of the code of West Virginia, 1931, as amended,
be amended and reenacted to read as follows:
ARTICLE 5. GENERAL PROVISIONS AS TO FIDUCIARIES.
§44-5-15. Nonmerger of trusts.
(a) No trust is invalid or terminated, and title to trust
assets is not merged, because the trustee or trustees are the same
person or persons as the beneficiaries of the trust.
(b) No trust, which is otherwise irrevocable because the
grantor or settlor of the trust has not expressly reserved the
right to alter, amend, modify or revoke the trust or because the creating instrument expressly provides or states that the trust is
irrevocable, is or becomes revocable by the grantor or settlor
because the grantor or settlor is the sole beneficiary of the
trust.
(b) (c) This section applies to all trusts whenever executed
or created.
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(NOTE: The purpose of this bill is to clarify and preserve
irrevocability of trusts that have been drafted to be irrevocable.
Strike-throughs indicate language that would be stricken from
the present law, and underscoring indicates new language that would
be added.)
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