British Virgin Islands: Wills/ Intestacy/ Estate Planning

Whilst many individuals are aware of the importance of succession planning to preserve continuity and stability in the transfer of assets upon death, such planning is often hindered by concerns over the high cost of establishing a robust trust structure.

Only rarely would it be advisable to include a reference to the settlor's letter or memorandum of wishes in a trust instrument.

The Probates (Resealing) Act, 2021 (the Act) has been in force in the British Virgin Islands (BVI) since 9 July 2021.

A BVI grant of probate, or letters of administration, is required to validly deal with BVI assets held by a deceased person. This is most commonly required for shares in a BVI company (or other entity).

Traditionally, establishing trusts in the British Virgin Islands ("BVI") by those from jurisdictions which do not recognise trusts or which have forced heirship rights...

The British Virgin Islands has recently introduced a substantial number of reforms in relation to trusts and estates.

This briefing details the upcoming changes to British Virgin Islands trusts and probate legislation that were discussed by their Government on 12 March 2021.

Bills to bring in significant amendments to the BVI's trusts and probate legislation were gazetted on 12 March 2021. Below is a summary of the headline changes.

O'Neal Webster is pleased to advise that the Property (Miscellaneous) Provisions Act, 2021 and the Administration of Small Estates (Amendment) Act, 2021 have been passed by the BVI legislature and...