West Virginia Code 44D-8A-811 – No duty to monitor, inform, or advise
(a) Unless the terms of a trust provide otherwise:
Terms Used In West Virginia Code 44D-8A-811
- Beneficiary: A person who is entitled to receive the benefits or proceeds of a will, trust, insurance policy, retirement plan, annuity, or other contract. Source: OCC
- Grantor: The person who establishes a trust and places property into it.
- Trust director: means a person that is granted a power of direction by the terms of a trust to the extent the power is exercisable while the person is not serving as a trustee. See West Virginia Code 44D-8A-802
- Trustee: A person or institution holding and administering property in trust.
(1) A trustee does not have a duty to:
(A) Monitor a trust director; or
(B) Inform or give advice to a grantor, beneficiary, trustee, or trust director concerning an instance in which the trustee might have acted differently than the director; and
(2) By taking an action described in §44D-8A-811(a)(1) of this code, a trustee does not assume the duty excluded by §44D-8A-811(a)(1) of this code.
(b) Unless the terms of a trust provide otherwise:
(1) A trust director does not have a duty to:
(A) Monitor a trustee or another trust director; or
(B) Inform or give advice to a grantor, beneficiary, trustee, or another trust director concerning an instance in which the director might have acted differently than a trustee or another trust director; and
(2) By taking an action described in §44D-8A-811(b)(1) of this code, a trust director does not assume the duty excluded by §44D-8A-811(b)(1) of this code.