Reforms to Isle of Man trust law are being introduced under the
Trusts (Amendment) Act 2015 (the "Act")
expected to become operational on June 16 2015.
The reforms deal with three particular areas of Isle of Man
trust law:-
- 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).
- Abolition of the rule against
perpetuities going forward.
- 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.
