Reforms to Isle of Man trust law were introduced under the Trusts (Amendment) Act 2015 (the “Act”) on June 16 2015.
The reforms deal with three particular areas of Isle of Man trust law:
1. Abolition of the “Two Trustees Rule” (by which a retiring trustee might not be discharged if the correct number of replacement trustees is not appointed).
2. Abolition of the rule against perpetuities going forward.
3. Updating of matters determined by Isle of Man law under the Trusts Act 1995 to bring the Island in line with competitor jurisdictions.
The reforms seek to ensure the Island’s trust legislation in these particular areas remains competitive. This note highlights the key changes arising from this new legislation which will have practical implications for the administration of trusts in the Isle of Man.
Download the full article here: Trusts (Amendment) Act 2015