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【Wealth Succession】BVI: Trust reform now in effect

The BVI has now brought into effect significant changes to its trusts and probate legislation in the Trustee (Amendment) Act 2021 (the Trustee Act) and Probates (Resealing) Act 2021. The Trustee Act introduces a duty on trustees to maintain and keep trust records for five years; new court powers to vary trusts; reinstatement of the Hastings-Bass rule on trustee mistakes; strengthened firewall provisions; expanded reserved powers and other measures.


News Source：【Maples (PDF) 2021/08】

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