The bill proposes the adoption of the Virgin Islands Uniform Principal and Income Act, aligning the Virgin Islands with other U.S. jurisdictions by providing statutory standards for determining principal and income in trusts and estates. This act aims to provide clarity and uniformity in trust and estate accounting, benefiting trust settlors, trustees, executors, beneficiaries, and practitioners. It allows for flexibility by permitting the override of default rules with specific trust or will provisions.
documents/EFTA00812635.pdf
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