Virgin Islands Petition For Order Requiring Production of Will
Description
How to fill out Petition For Order Requiring Production Of Will?
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FAQ
BVI does not impose estate or inheritance taxes, facilitating wealth transfer to beneficiaries. Trust income is tax-free for non-resident trusts without real estate in BVI conducting commercial operations.
The fees are dependent on the value of the estate and each document filed with the court and can be upwards of US$7,000. The application is not subjected to inheritance tax as there are no taxes in the BVI.
A grant of probate is obtained where the deceased left a will which contains a valid appointment of an executor. Where there is a will, the executor applies for the grant. A grant of letters of administration is obtained where the deceased died intestate (ie where there is no will).
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).
What happens if you don't have a will? If you die intestate, meaning without leaving a will, Government will distribute your possessions, property and money ing to the law of intestacy. Under the Intestates Act, your possessions will be divided into two categories, namely, personal chattels and residuary estate.
You should plan to spend around $330 per day on your vacation in the British Virgin Islands, which is the average daily price based on the expenses of other visitors. Past travelers have spent, on average, $72 on meals for one day and $29 on local transportation.