2022 West Virginia Code
Chapter 44D. Uniform Trust Code
Article 8B. West Virginia Uniform Trust Decanting Act
§44D-8B-2. Definitions
In addition to the definitions contained in 44D-1-103 of this code which apply to this article:
(1) "Appointive property" means the property or property interest subject to a power of appointment.
(2) "Authorized fiduciary" means:
(A) A trustee or other fiduciary, other than a grantor, that has discretion to distribute or direct a trustee to distribute part or all of the principal of the first trust to one or more current beneficiaries;
(B) A special fiduciary appointed under 44D-8B-9 of this code; or
(C) A special-needs fiduciary under 44D-8B-13 of this code.
(3) "Charitable interest" means an interest in a trust which:
(A) Is held by an identified charitable organization and makes the organization a qualified beneficiary;
(B) Benefits only charitable organizations and, if the interest were held by an identified charitable organization, would make the organization a qualified beneficiary; or
(C) Is held solely for charitable purposes and, if the interest were held by an identified charitable organization, would make the organization a qualified beneficiary.
(4) "Charitable organization" means:
(A) A person, other than an individual, organized and operated exclusively for charitable purposes; or
(B) A government or governmental subdivision, agency, or instrumentality, to the extent it holds funds exclusively for a charitable purpose.
(5) "Charitable purpose" means the relief of poverty, the advancement of education or religion, the promotion of health, a municipal or other governmental purpose, or another purpose the achievement of which is beneficial to the community.
(6) "Decanting power" or "the decanting power" means the power of an authorized fiduciary under this article to distribute property of a first trust to one or more second trusts or to modify the terms of the first trust.
(7) "Expanded distributive discretion" means a discretionary power of distribution that is not limited to an ascertainable standard or a reasonably definite standard.
(8) "First trust" means a trust over which an authorized fiduciary may exercise the decanting power.
(9) "First-trust instrument" means the trust instrument for a first trust.
(10) "General power of appointment" means a power of appointment exercisable in favor of a powerholder, the powerholders estate, a creditor of the powerholder, or a creditor of the powerholders estate.
(11) "Power of appointment" means a power that enables a powerholder acting in a nonfiduciary capacity to designate a recipient of an ownership interest in or another power of appointment over the appointive property. The term does not include a power of attorney.
(12) "Powerholder" means a person in which a donor creates a power of appointment.
(13) "Presently exercisable power of appointment" means a power of appointment exercisable by the powerholder at the relevant time. The term:
(A) Includes a power of appointment exercisable only after:
(i) The occurrence of the specified event;
(ii) The satisfaction of the ascertainable standard; or
(iii) The passage of the specified time; and
(B) Does not include a power exercisable only at the powerholders death.
(14) "Reasonably definite standard" means a clearly measurable standard under which a holder of a power of distribution is legally accountable within the meaning of 26 U.S.C. 674(b)(5)(A) and any applicable regulations.
(15) "Record" means information that is inscribed on a tangible medium or that is stored in an electronic or other medium and is retrievable in perceivable form.
(16) "Second trust" means:
(A) A first trust after modification under this article; or
(B) A trust to which a distribution of property from a first trust is or may be made under this article.
(17) "Second-trust instrument" means the trust instrument for a second trust.
(18) "Sign" means with present intent to authenticate or adopt a record:
(A) To execute or adopt a tangible symbol; or
(B) To attach to or logically associate with the record an electronic symbol, sound, or process.
