HB 2711
Relating to the repeal of the common law rule against perpetuities by extending it to 1,000 years for all trusts
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Sign in to take action- Introduced
- Passed House of Delegates
- Passed Senate
- To Governor
- Became Law
Bill overview
This bill proposes to modify West Virginia’s laws regarding trusts by repealing the common law rule against perpetuities. Specifically, it extends the rule’s timeframe to 1,000 years for all trusts created from July 1, 2025 onward. The bill also includes provisions to address trusts created before this date, allowing for judicial reform of dispositions that violate the prior rule. This change aims to modernize West Virginia’s trust laws and provide greater flexibility in estate planning.
Key provisions
- Extends the rule against perpetuities to 1,000 years for all trusts created on or after July 1, 2025.
- Applies to trusts administered by private trust companies created on or after July 1, 2025, with a 1,000-year timeframe.
- Allows for judicial reform of dispositions violating the prior rule against perpetuities, commenced on or after July 1, 2025.
- Addresses trusts created before July 1, 2025, applying the change only to unexercised powers of appointment.
- Defines the creation date of a nonvested property interest or power of appointment based on the termination of a power.
- Presumes the transferor intended an interest to be valid when interpreting the rule against perpetuities.
- Seeks to harmonize West Virginia’s trust laws with the Uniform Statutory Rule Against Perpetuities.
Who is affected
- Trustees
- Beneficiaries of trusts
- Estate planning attorneys
- Individuals creating trusts
- Financial institutions administering trusts
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