Regulatory Alerts2021-05-13
Trustee (Amendment) Act, 2021
The Legislature of the Virgin Islands enacted this Act to amend the Trustee Act by inserting new sections 58B and 59A, which empower courts to vary trusts and set aside flawed fiduciary decisions. The legislation clarifies that settlor reservations or grants of limited beneficial interests do not invalidate trusts or trigger succession duties, while expanding statutory definitions of beneficiaries and office-holders. It further imposes a mandatory five-year record-keeping obligation on relevant trustees of applicable trusts and extends key trust provisions to foreign-governed trusts administered locally.
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