The bill amends several sections of the Code of West Virginia regarding the statutory rule against perpetuities, specifically addressing the treatment of future interests created through nongeneral or testamentary powers of appointment. It establishes that such interests will be treated as if they were created at the time of the first power of appointment. Additionally, the bill introduces a new provision that allows for trusts created on or after July 1, 2025, to have a nonvested property interest or power of appointment vest or terminate within 1,000 years instead of the previously established 90 years, unless the trust specifies a shorter period.

Furthermore, the bill clarifies the timing of when nonvested property interests or powers of appointment are created, particularly in relation to existing trusts and powers of appointment. It also includes provisions for judicial proceedings that may reform dispositions that violate the rule against perpetuities as it existed prior to the bill's effective date. The overall aim of the legislation is to create uniformity in the application and construction of the law regarding perpetuities across states that enact similar statutes.

Statutes affected:
Introduced Version: 36-1A-1, 36-1A-2, 36-1A-5, 36-1A-6, 36-1A-7
Committee Substitute: 36-1A-1, 36-1A-2, 36-1A-5, 36-1A-6, 36-1A-7
Engrossed Committee Substitute: 36-1A-1, 36-1A-2, 36-1A-5, 36-1A-6, 36-1A-7
Enrolled Committee Substitute: 36-1A-1, 36-1A-2, 36-1A-5, 36-1A-6, 36-1A-7