Enhancements to BVI’s trusts and probate laws
30 March 2021
Bills of the below have been gazetted and should become law soon providing useful enhancements to the BVI's trusts and probate laws.
Trustee (Amendment) Act, 2021
- Provisions enabling the Court to vary the terms of a trust if "…expedient in the circumstances then existing, whether or not the terms of the order may adversely affect any person or purpose".
- The introduction of statutory "Hastings Bass" rules to set aside flawed exercises of fiduciary powers.
- Refinements and expansions to the existing conflict of laws "firewall" provisions.
- Expanded reserved powers provisions.
- Obligations on BVI companies and foreign companies registered in BVI which act as trustees of trusts to maintain records and underlying documents.
Probates (Resealing) Act, 2021
Presently, it is only possible to reseal grant of probate in BVI issued by courts in any of Her Majesty's dominions. The principal change will be that this will be greatly extended to a list of sixty-seven jurisdictions, from Alberta to Zimbabwe.
If you would like any further information, please get in touch with your usual Bedell Cristin contact or one of the contacts listed.