§44-5-11 Designation of testamentary trustee as beneficiary of insurance. - West Virginia Statutes

§44-5-11. Designation of testamentary trustee as beneficiary of insurance.
A policy of life insurance may designate as beneficiary a trustee or trustees named or to be named by will, if the designation is made in accordance with the provisions of the policy and the requirements of the insurer. The proceeds of such insurance shall be paid to the trustee or trustees to be held and disposed of under the terms of the will as they exist at the death of the testator; but if no trustee or trustees make claim to the proceeds from the insurance company within one year after the death of the insured, or if satisfactory evidence is furnished the insurance company within such one-year period showing that no trustee can qualify to receive the proceeds, payment shall be made by the insurance company to the executors, administrators or assigns of the insured, unless otherwise provided by agreement with the insurance company during the lifetime of the insured. The proceeds of the insurance as collected by the trustee or trustees shall not be subject to debts of the insured or to inheritance tax to any greater extent than if such proceeds were payable to any other named beneficiary other than the estate of the insured, and shall not be considered as payable to the estate of the insured for any purpose. Such insurance proceeds so held in trust may be commingled with any other assets which may properly come into such trust as provided in the will. Enactment of this section shall not invalidate previous life insurance policy designations naming trustees of trusts established by will.