British Virgin Islands
The conflict of laws rules of some jurisdictions do not always determine clearly the situs of intangible moveable property, such as shares in a company
Shareholders in BVI companies risk making the probate and estates process more lengthy, divisive and costly when they die by not making a formal BVI will, says estates expert Fraser Allister.
In 2017, BVI entirely revoked its old probate rules.
The BVI Government has passed new rules governing applications for Grants of Probate and Letters of Administration.
With the large number of BVI companies in existence and the general ageing population, succession issues surrounding ownership of shares in a BVI company have become quite prevalent.
Bedell Cristin Cayman Partnership
John F Kennedy was fond of saying that the "best time to mend a roof is when the sun is shining". This is good advice to follow in most parts of your life. Why put off until tomorrow things that you can do today.
The Status of Children Act seeks to provide equal rights for children both in and out of marriage and abolish distinctions between 'legitimate' and 'illegitimate'.
It important for clients to understand the nuances and intricacies of obtaining grants of probate and administration in the BVI.
Death and taxes, despite our best laid plans, are still with us.