Why make a Will & Testament in BVI?
Cost effective drafting of BVI Wills for your shares in British Virgin Islands Companies
BVI Wills
The British Virgin Islands
With over one million companies incorporated and approximately 600,000 active companies on the register, the British Virgin Islands (BVI) reigns supreme as the world’s premier jurisdiction of choice for corporate domicile. However one of the realities that comes with this distinction is that there will always be a need for members and shareholders to make provision for the succession planning for their shareholding. So if you have a BVI Company incorporation and desire to have a BVI Last Will and Testament in place you need look no further. Wills BVI can offer you the services to assist you with drafting your BVI Will.
We have a panel of experts made up of qualified BVI legal practitioners, whom we will appoint to assist you with drafting your BVI Will. The BVI lawyer will then deal with you directly once payment has been received and the required due diligence has been provided.
If you have any initial questions please reach out to us and we can see how we can assist you.
Why Make a BVI Will for your BVI Company
Who should make a BVI Will:
Every individual should make a Will, irrespective of their personal wealth.
Advantages of making a “BVI Specific” Will:
The three main advantages of creating a ‘BVI specific’ Will are:
Testamentary freedom – Having a Will affords an individual the opportunity to dictate who should benefit from their estate and in what proportions (barring of course any forced heirship rules that may “override” their freedom of choice). Where a person does not leave a Will directing who their estate should pass to, the law of ‘intestacy’ dictates who should benefit (often conflicting with an individual’s wishes).
Executors and trustees – executors will be appointed to administer your estate and trustees to act in any testamentary trusts (often trusted individuals or entities).
Speed of obtaining probate – For non-BVI domiciled individuals who hold foreign assets, having a separate BVI Will to cover BVI assets (only) will typically expedite and simplify the administration of the BVI estate, as the executors of the BVI Will can apply for probate in the BVI immediately following death, removing the often time consuming need to apply for probate in the home jurisdiction and then having to reseal this probate in the BVI. Indeed, probate could simultaneously be sought in both the deceased’s ‘home’ jurisdiction and in the BVI, significantly hastening the administration of the deceased’s assets.
Shareholders of Companies
Corporate vehicles in the BVI have become increasingly popular as a means of conducting, protecting and preserving varied business interests, however it is important to remember that unlike a company, shareholders do not have perpetual existence, therefore shareholdings must be considered as part of the wider estate planning process.
As a matter of BVI domestic law and for the purpose of title and jurisdiction, shares in a BVI company are deemed BVI situs assets and consequently only a BVI court may deal with the same. Similarly, all real estate situated in the BVI are BVI situs property, therefore, careful consideration must be made when planning for the inheritance of such shares or real estate, particularly in regard to the workability under BVI law.
