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BVI makes major changes to its trust and probate legislation

News Team, 19/03/2021

The BVI has introduced Bills to make significant amendments to its trusts and probate legislation.

According to offshore law firm Walkers, the key changes the Trustee (Amendment) Act, 2021 introduces include:

  • New "opt-in" rules which will allow the High Court to vary the terms of a trust, including the dispositive provisions, without the consent of adult beneficiaries if the High Court considers the variation to be expedient in the circumstances.
  • Statutory rules allowing the High Court to set aside the flawed exercise of a fiduciary power, preserving law what has become known as the rule in Re Hasting...

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