This Act concerns survival of actions upon the death of a person for the benefit of his or her estate. The Act also concerns actions in tort against estate of deceased person.
This Act regulates certain aspects of trusts, i.e. a legal relationship created, either inter-vivos or on death in which assets are placed under the control of a trustee for the benefit of a beneficiary or for a specified purpose. Matters regulated include: governing law; capacity to create trusts; and jurisdiction of the Supreme Court. One Part of the Act is dedicated to special purpose trusts, i.e. trust created for a non-charitable purpose or purposes. No interest in land in Bermuda shall be held, directly or indirectly, in a purpose trust.
This Act amends the Trusts (Special Provisions) Act 1989 by adding a new section (2A) concerning the legal effect of the reservation by the settlor to himself or grant to any other person in a trust instrument of any limited beneficial interest in the trust property or any or all of the powers specified in the new section. Those powers concern modification, transfer, etc. of trusts, trust instruments or trust property. A trust instrument may provide that the reservation or grant of any of such powers shall not impose a fiduciary duty on the holder of such powers.
This Act regulates inheritance by will of real estate and other property. The Act concerns, among other things: the drafting and interpretation of wills; the capacity to make wills; property disposable by will; validity of wills; and devise of real estate to more than one person.
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