The West Virginia Declaration of Trust is a legal document utilized in West Virginia to establish a trust agreement between a trustee and a beneficiary. A declaration of trust is an essential legal tool that allows individuals to manage their assets and distribute them according to their specific wishes while avoiding the probate process. One type of West Virginia Declaration of Trust is a revocable living trust. This trust grants the individual (also known as the granter or settler) the ability to maintain full control over their assets during their lifetime while designating a successor trustee to manage and distribute the assets upon their incapacity or death. A revocable living trust can also provide provisions for minor beneficiaries, charitable organizations, or special needs individuals. Another type of West Virginia Declaration of Trust is an irrevocable trust. This type of trust cannot be altered or revoked once established. Irrevocable trusts are commonly used for long-term estate planning purposes, as they can offer tax benefits and asset protection. The granter transfers ownership of their assets into the trust, relinquishing control, and creating a separate legal entity. Special needs trusts are another variation of the West Virginia Declaration of Trust. These trusts are designed to provide financial support to individuals with disabilities without jeopardizing their eligibility for government benefits. Special needs trusts can be established by parents or legal guardians to secure funds for the beneficiary's needs and enhance their quality of life. West Virginia also recognizes testamentary trusts, which are created through a last will and testament. This type of trust only becomes effective after the granter's death and allows for the distribution of assets to beneficiaries according to specific instructions. Keywords: West Virginia, Declaration of Trust, revocable living trust, irrevocable trust, special needs trust, testamentary trust, trustee, beneficiary, granter, settler, assets, probate process, estate planning, tax benefits, government benefits.
West Virginia Declaration of Trust
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Declaration of consideration or value. The declaration states the property's value or the payment, called consideration, made for the property. The current owner, new owner, or another responsible party must sign the declaration. The West Virginia Code suggests language for a declaration of consideration or value.
A deed of trust may convey both real property or some interest therein and personal property or only real property or some interest therein or only personal property in order to secure a debt.
The lien will continue for 10 years from the date of entry. W.Va. Code § 38-3-7. The judgment may be renewed for an additional 10 years.
West Virginia uses the Deed of Trust almost exclusively.
- A party against whom a claim, counterclaim, or cross-claim is asserted or a declaratory judgment is sought may, at any time, move with or without supporting affidavits for a summary judgment in the party's favor as to all or any part thereof.
A credit line deed of trust shall be, from the time it is duly recorded as required by law, security for all indebtedness or other obligations secured thereby at the time of recording and for all future advances secured thereby in an aggregate principal amount outstanding at any time not to exceed the maximum amount ...
A judgment lien is created automatically on debtor property that's located in the West Virginia county where the judgment is entered. For property in other West Virginia counties, the creditor records an abstract of judgment with the clerk of the court in the county where the property is located.
"Credit line deed of trust" means any deed of trust, mortgage, bond, or other instrument entered into after July 1, 1982, in which title to real property located in the Commonwealth is conveyed, transferred, encumbered, or pledged to secure payment of money, including advances or other extensions of credit to be made ...