Bill > HB2711

This bill modifies West Virginia's rule against perpetuities, which is a legal doctrine that limits how long property interests can be held in trust without being distributed. Under the current law, nonvested property interests and powers of appointment must vest or terminate within 21 years after the death of an individual alive when the interest is created, or within 90 years of creation. The bill extends this timeframe to 1,000 years for trusts created on or after July 1, 2025, effectively allowing much longer-term trusts. The legislation also provides that if a nongeneral or testamentary power of appointment is used to create another similar power, all interests created through this chain will be considered as having been created at the time of the first power. Additionally, the bill includes a provision that if a pre-2025 nonvested property interest is challenged in court and found to violate the previous perpetuities rule, a court may reform the disposition to most closely match the original intent while staying within the original rule's limits. The bill aims to provide more flexibility in trust creation and administration while maintaining a presumption that the transferor intended the interest to be valid.

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http://www.wvlegislature.gov/Bill_Status/Bills_history.cfm?input=2711&year=2025&sessiontype=RS&btype=bill