Virgin Islands Special Power of Attorney — Form 11— - Pre and Post 2005 Act is a legal document that grants a person (the "attorney-in-fact") the authority to act on behalf of another (the "principal") in specific circumstances in the Virgin Islands. This special power of attorney is used when the principal is unable to personally attend to certain affairs and needs someone to act on their behalf. The Virgin Islands Special Power of Attorney — Form 11B is particularly relevant for legal matters in the Virgin Islands and follows specific guidelines outlined in the 2005 Act. It is important to note that there may be different versions of this form depending on whether it was created before or after the 2005 Act. Both PRE and post-2005 Act forms are valid, but they may have variations in language or required information. A special power of attorney is typically used for specific and limited purposes, unlike a general power of attorney, which grants broad authority to act on the principal's behalf. Some common types of the Virgin Islands Special Power of Attorney — Form 11B may include: 1. Financial Power of Attorney: This type of special power of attorney grants the attorney-in-fact the authority to handle the principal's financial affairs, such as managing bank accounts, paying bills, or making investment decisions. It can be useful for individuals who are temporarily unavailable or unable to handle their own financial matters. 2. Real Estate Power of Attorney: This form allows the attorney-in-fact to handle real estate transactions on behalf of the principal. It may include actions like buying, selling, leasing, or managing property. 3. Medical Power of Attorney: This type of special power of attorney grants authority to the attorney-in-fact to make medical decisions on behalf of the principal if they become incapacitated. It ensures that the principal's healthcare choices are respected and followed. 4. Limited Power of Attorney: This form limits the attorney-in-fact's authority to specific actions or a defined period. It may be used for tasks such as signing documents, attending meetings, or representing the principal in legal matters for a specific purpose and duration. When drafting a Virgin Islands Special Power of Attorney — Form 11B, it is crucial to consult with a qualified attorney to ensure compliance with the legal requirements and to address individual circumstances appropriately. This document allows the principal to grant limited authority to a trusted party, providing peace of mind and ensuring important affairs are handled properly even when they are unable to do so themselves.
Virgin Islands Special Power of Attorney - Form 11B - Pre and Post 2005 Act
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How to fill out Special Power Of Attorney - Form 11B - Pre And Post 2005 Act?
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Succession Planning Upon the passing of the settlor of a BVI trust, the trust assets are normally not subject to probate in the settlor's home or any other jurisdiction. The trust allows the beneficiaries to do without the expenses, delay and unwanted publicity associated with a probating process.
The Virgin Islands Special Trusts Act 2003 created a special trust (known as a "VISTA trust") in the British Virgin Islands which exists as an alternative to a non-charitable purpose trust.
A durable power of attorney contains a ?durability clause,? which is a provision permitting your designated attorney-in-fact to act on your behalf in the event you are unable to handle your affairs. A general power of attorney permits your attorney-in-fact to act on your behalf in all of your personal affairs.
Local Requirements BVI trusts are subject to a US$200 Trust Duty payable on the execution of the trust deed. BVI trusts are exempt from all local registration requirements and all BVI taxes if the trust Beneficiaries are not residents of the BVI.
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.
The Beneficiaries, be it individuals, corporate bodies or a class of persons, are required to be sufficiently identified or identifiable in order to be able to benefit from the trust. The settlement deed may empower the Trustee to add or remove Beneficiaries or to exclude them from future benefit.
Generally, all U.S. citizens are required to present a valid U.S. passport when traveling to the British Virgin Islands, as well as proof of anticipated departure from the British Virgin Islands. This includes travelers arriving by airplane and by private sea-going vessel.
The law of the British Virgin Islands is a combination of common law and statute, and is based heavily upon English law.
An Act to provide for the admission of legal practitioners to practise law, for the legal education and discipline of legal practitioners and for connected purposes.
The Legal Profession Act, 2015 of the Virgin Islands Code of Ethics set out in Schedule 4 shall regulate the professional practice, etiquette, conduct and discipline of a legal practitioner.