Regulatory AlertsTrustee Act (Revised 2020)
The Government of the Virgin Islands issued this revised edition to consolidate and modernize the statutory framework governing trusts, originally enacted in 1961. The Act mandates trustees to maintain accurate financial records for at least five years while granting them broad discretionary powers to invest, sell, delegate duties, and protect trust assets from improper claims. It further establishes comprehensive court powers to appoint or remove trustees, validates purpose trusts, grants income tax and registration exemptions, and clarifies trustee liability protections when dealing with third parties.
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