| ||||||||
|
|
Trusts for Asset Protection PurposesThe key element of a trust is that once transfer of ownership to the trust is complete, the trustees, rather than the settlor, own and control the assets. Features of the Trust that make it attractive
A settlor may make provision in the trust deed regarding the administration of the trust and the distribution of its property and income to its beneficiaries, with which the trustees will be required to comply. Further, the settlor may deliver a letter of wishes, and while the trustees are not bound by such a letter, they will usually take into account its contents.
Chief Minister Dr. the Honourable D. Orlando Smith intends to pilot three pieces of Trust legislation through the Legislative Council that should have the important additional advantage of enhancing the attractiveness of the BVI as a trust jurisdiction and thus increasing the diversity of the services offered by the financial services sector, so that the sector is less dependant on the continued popularity of IBC’s. The three bills The Virgin Islands Special Trusts Bill, The Trustee (Amendment) Bill ad The Property (Miscellaneous Provisions) Bill had their introduction and first reading on Thursday August 28th, during the 4th sitting of the 1st session of the 15th Legislative Council. [full story] Legislative Council Passes Four BillsLegislators approved four bills during the Sixth Sitting of the First Session of the Fifteenth Legislative Council of the Virgin Islands held at Council Chambers in Road Town on Tuesday September 30th. The Virgin Islands Special Trusts Act, 2003; Trustee (Amendment) Act, 2003; Property (Miscellaneous Provisions) Act, 2003 and the Audit Act, 2003, all had their Second and Third Readings. [full story]
For More Information Contact: Beth Anne Gray J. bgray@shirleylaw.com
|
For more information about our legal services, please send an email to info@shirleylaw.com For questions or comments about our website, send an email to webmaster@shirleylaw.com Copyright 2000 - 2007, Shirley & Associates updated 14-Jan-2007 |