In most states a certificate or memorandum of a trust agreement which conveys or entrusts an interest in real property may be recorded with the land records clerk of the appropriate county in lieu of the entire trust agreement. The certificate must be executed by the trustee and it must contain the following: (a) the name of the trust; (b) the street and mailing address of the office, and the name and street and mailing address of the trustee; (c) the name and street and mailing address of the trustor or grantor; (d) a legally sufficient description of all interests in real property owned by or conveyed to the trust; (e) the anticipated date of termination of the trust; and (f) the general powers granted to the trustee.
Virgin Islands Certificate or Memorandum of Trust Agreement
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US-02330BG
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How to fill out Certificate Or Memorandum Of Trust Agreement?
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Types of BVI Trusts: The most common types of BVI Trusts are discretionary trusts, fixed interest trusts, VISTA trusts and non-charitable purpose trusts.
Specific purpose trusts are most commonly used to purchase or maintain a burial plot after the original asset holder is deceased, to pay for the care of animals that are considered assets (such as a racehorse), or to fund projects and initiatives that aren't created by registered charities.
Principal features of BVI purpose trusts The trust must have an enforcer, who must be a different person from the trustee. It is the fiduciary duty of the enforcer to enforce the trust. The purpose (i.e. the object towards which the trust property will be applied) needs to be specified in the trust instrument.
A VISTA trust is, therefore, the ideal structure where a settlor wishes to settle shares in a BVI company on trust for succession planning or other reasons, but wishes to retain control over the management of the company and its assets during his lifetime.
Just as it sounds, 'special purpose' trusts are set up to help a particular beneficiary or group of beneficiaries. When tailored carefully to meet the beneficiaries' requirements, they are a useful way to implement the wishes of the person establishing the trust.
This includes tax planning, family wealth management, the protection and preservation of assets, or for estate succession purposes, to avoid the expense and delay of obtaining a grant from the court to administer the estate of a deceased.
The most common types of BVI Trusts are discretionary trusts, fixed interest trusts, VISTA trusts and non-charitable purpose trusts.