HB3272: Relating to the operation of private trust companies in West Virginia

Legislative Summary

The purpose of this bill is to enact laws authorizing the formation and operation of licensed and unlicensed private trust companies under West Virginia law and to make substantive changes to West Virginia's rule against perpetuities by replacing its 90 year "wait and see" provision with a 1,000 "wait and see" provision to thereby permit dynastic, multigenerational trusts to be formed under West Virginia law, all in an effort to make West Virginia a more attractive situs for the formation and administration of trusts.