Long-awaited Cayman Trust Bill to be Released Later this Year?

As promised by the Cayman Islands Government, the island’s trust legislation will be updated. Preparation for bringing the new Bill into national law later this year has provoked the release of a draft trust amendment Bill to be distributed to service providers and industry practitioners on the island. New procedures in the Bill include judicial power to reverse any mistakes made by trustees; as well as additional flexibility with powers to diverge and amend trusts.