Trusts (Special Provisions) Amendment (No. 2) Act

What this bill does

This bill gives people who create trusts more freedom to decide who counts as their "children" for trust purposes. Currently, the Children Act 1998 has rules about who is considered a child, but this bill allows trust creators to override those rules if they clearly state their intentions in the trust document.

If passed (voted YES)

• Trust creators can define "children" differently than what's in the Children Act if they clearly express this intention in their trust documents
• Some people who would normally be considered children under the Children Act might not be included as trust beneficiaries if the trust creator specifically excludes them
• Trust creators will have more control over how their wealth is distributed to family members through trusts

If rejected (voted NO)

• The current Children Act definitions will continue to apply to all trusts without exception
• Trust creators cannot override the legal definition of "children" even if they want to exclude certain individuals
• The existing rules about who qualifies as a child beneficiary in trusts will remain unchanged

Who it affects

This primarily affects wealthy individuals and families who create trusts in Bermuda, especially those with complex family situations who may want to exclude certain children or include only specific children as beneficiaries.