Trusts (Special Provisions) Amendment (No. 2) Act
Passed
Simplified for You
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.
Vote counts are not published.
The Bermuda Parliament does not publicly record individual vote counts or how each member voted.
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Related Bill
Trusts (Special Provisions) Amendment (No. 2) Act
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