As discussed in our linked news alert, the Trustee (Amendment) Act implements a number of important, cutting-edge changes to the Trustee Act.  The Probates (Resealing) Act, 2021 replaces the Probates (Resealing) Act (Cap. 60) and allows for the resealing of foreign grants of probate and letters of administration in the BVI to 67 jurisdictions, including Hong Kong and the United States of America.

The Virgin Islands Special Trusts (Amendment) Act, 2021 was also brought into force effective 9 July 2021.  It amends the Virgin Islands Special Trusts Act, 2003, as previously amended (Special Trusts Act) as a consequence of the amendment to the Trustee Act (new section 58B of which empowers the High Court to vary a trust in certain circumstances).  Section 12 of the Special Trusts Act deals with the modification of the rule in Saunders v Vautier as it relates to trusts with respect to which the application of section 58 of the Trustee Act is specifically excluded.  Section 12 provides that beneficiaries interested in designated shares comprised in a trust fund shall not be entitled to call for or direct any transfer of those shares or to terminate or modify the trust in relation to them.  The Amendment provides that during the period of exclusion of entitlement, new section 58B of the Trustee Act will also not apply.

Should you have any questions, we encourage you to reach out to a member of the Appleby Private Client & Trusts Group or your usual Appleby contact.

Key Contacts

Jeffrey Kirk

Managing Partner: BVI

T +1 284 393 5318
E Email Jeffrey

Shana Simmonds

Partner: BVI

T +1 284 393 5325
E Email Shana

Esmond Brown

Counsel: Cayman Islands

T +1 345 814 2012
E Email Esmond

Share
Twitter LinkedIn Email Save as PDF
More News
5 Jun 2023 | News

Appleby marks World Environment Day with sustainability commitment

Appleby is proud to announce on World Environment Day that it is furthering its sustainability commi...

1 Jun 2023 | News

Appleby supporting LGBTQ+ Pride Month 2023

As a law firm committed to promoting diversity, equity and inclusion, Appleby is proud to support th...

17 May 2023 | News

Arms Dealing and Wheeler Dealing - Injunctions in Support of Insolvency Proceedings

In Parles .A.S. et al v Winsley Finance Limited (Parles)[1], Mangatal J  was recently called upon t...

5 May 2023 | News

The rules of engagement – repeal and revision of the CPR in the BVI

On 25 April 2023 amendments to the Civil Procedure Rules of the Eastern Caribbean Supreme Court were...

2 May 2023 | News

Leave to Appeal to the Privy Council: Sian Participation Corporation (in Liquidation) v Halimeda International Limited

Leave to Appeal to the Privy Council: Sian Participation Corporation (in Liquidation) v Halimeda Int...

31 Mar 2023 | News

Appleby announces Partner and Counsel promotions

Appleby has promoted four lawyers to Partner and eight to Counsel across its Bermuda, British Virgin...

29 Mar 2023 | News

The Court of Appeal clarifies the scope of the doctrine in the BVI in two back-to-back decisions

The Court of Appeal clarifies the scope of the doctrine in the BVI in two back-to-back decisions.

8 Mar 2023 | News

Appleby supports International Women's Day 2023

Appleby is proud to support International Women’s Day (IWD) and this year’s campaign theme of #E...

16 Feb 2023 | News

Top tier rankings for Appleby in Chambers Global 2023

Twenty-eight lawyers from across Appleby’s Bermuda, British Virgin Islands (BVI), Cayman Islands, ...

1 Feb 2023 | News

Appleby provides offshore perspective on fund finance laws and regulations in 2023

Fund finance specialists from Appleby have authored the jurisdictional chapters for Bermuda, the Bri...