Title 15 — Decedents' Estates and Fiduciary Relations
24 chapters · 422 sections in this title.
15 V.I.C. § 1141 Definitions
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(a) As used in this chapter—“testamentary trustee” means a trustee serving under a trust created by a will of a testator domiciled in this jurisdiction at the time of his death whose will has been admitted to probate in this jurisdiction, whether the trustee was appointed by the …
15 V.I.C. § 1161 Testamentary trust inventory
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Within thirty days after it is the duty of the first qualifying testamentary trustee to take possession of the trust property he shall file with the court where the will was admitted to probate, an inventory under oath, showing by items all the trust property which shall have com…
15 V.I.C. § 1162 Intermediate accountings
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(1) Within thirty days after the expiration of the first year after the first qualifying testamentary trustee was under a duty to file his inventory as prescribed in section 1161 of this title the testamentary trustee then in office shall file with the court where the will was ad…
15 V.I.C. § 1163 Final accounting
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Within 30 days after the termination of every testamentary trust the trustee, and in the case of the transfer of the trusteeship due to the death, resignation, removal, dissolution, merger or consolidation of a sole trustee the successor in interest of the old trustee, shall file…
15 V.I.C. § 1164 Distribution accounting
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Within 30 days after the distribution of the trust property by the testamentary trustee he shall file in the court where the final account was filed a distribution account of the trust property which he has distributed and the receipts of the distributees.
15 V.I.C. § 1165 Procedure on intermediate accountings
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(1) Every testamentary trustee who files an intermediate account in court shall within ten days after such filing deliver to each known beneficiary a notice of such filing, and if there is to be no court hearing on the account a summary of the account with an offer to deliver the…
15 V.I.C. § 1166 Service of papers in final accounting
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At least 20 days before the return day of a final accounting the testamentary trustee shall deliver to each beneficiary a copy of the account and a notice of the time and place at which the account will be presented for approval, which date shall not be earlier than 30 days after…
15 V.I.C. § 1167 Vouchers
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When an intermediate or final account is presented for consideration in court the testamentary trustee shall produce in court vouchers for all expenditures of $20 or more, made by the trustee during the accounting period. The vouchers shall be returned to the trustee after the ac…
15 V.I.C. § 1168 Representation
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Any beneficiary who is an infant, of unsound mind or otherwise legally incompetent, and also possible unborn or unascertained beneficiaries may be represented in a testamentary trust accounting by the court, or by competent living members of the class to which they do or would be…
15 V.I.C. § 1169 Court action
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On the return day of an application for a hearing on and approval of an intermediate or final account the testamentary trustee shall file an affidavit proving the timely delivery to the known beneficiaries of the documents required by this chapter or by court order. The procedure…
15 V.I.C. § 1170 Effect of court approval
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The approval by the court of a testamentary trustee's account after due notice and service of papers or representation as provided in this chapter, shall, subject to the right of appeal, relieve the trustee and his sureties from liability to all beneficiaries then known or in bei…
15 V.I.C. § 1191 Inventory by non-testamentary trustee
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Within 30 days after it is the duty of the first qualifying trustee of a non-testamentary trust to take possession of the trust property he shall file in the office of the clerk of the district court in the judicial division where the trust was created a notice of his appointment…
15 V.I.C. § 1192 Accounting by non-testamentary trustee
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Every non-testamentary trustee shall file intermediate, final and distribution accounts with the clerk of the district court in the judicial division where the trust was created, at the same intervals, under the same conditions, and with the same effect as provided in this chapte…
15 V.I.C. § 1211 Duties of court and clerks
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The clerk of the district court shall keep records of all trust inventories and accounts filed with the court and shall, within 30 days after the filing should have occurred, notify the judge of the court of all failures by trustees to file accounts in accordance with this chapte…
15 V.I.C. § 1212 Power of settlor
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The settlor of any trust affected by this chapter may, by provision in the instrument creating the trust if the trust was created by a writing, or by oral statement to the trustee at the time of the creation of the trust if the trust was created orally, or by an amendment of the …
15 V.I.C. § 1213 Power of beneficiary
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Any beneficiary, if of full age and sound mind, may, if acting upon full information, by written instrument delivered to the trustee, excuse the trustee as to such beneficiary from performing any of the duties imposed on him by this chapter or exempt the trustee from liability to…
15 V.I.C. § 1214 Accountability at other times
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(1) Nothing contained in this chapter—(1) shall be construed to abridge the power of any court of competent jurisdiction to require testamentary or nontestamentary trustees to file an inventory, to account, to exhibit the trust property, or to give beneficiaries information or th…
15 V.I.C. § 1215 Enforcement
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Any beneficiary may apply to the court of competent jurisdiction for an order requiring the trustee to perform the duties imposed upon him by this chapter.
15 V.I.C. § 1216 Penalties for violation of chapter
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When a trustee fails to perform any of the duties imposed upon him by this chapter he may be removed, his compensation may be reduced or forfeited, or other civil penalty inflicted, in the discretion of the court.
15 V.I.C. § 1217 Forms of inventories and accounts
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The district court may prescribe forms in which inventories and accounts shall be presented.
15 V.I.C. § 1218 Oaths
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Whenever an oath or affirmation is required of a trustee under this chapter it may be made in the case of a corporate trustee by an officer of such corporate trustee, and in the case of co-trustees acting jointly by any one of the co-trustees.
15 V.I.C. § 1219 Charitable trusts
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This chapter shall apply to charitable trusts. Documents required to be delivered to beneficiaries of such trusts shall be delivered to the United States attorney.
15 V.I.C. § 1220 Uniformity of interpretation
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This chapter shall be so interpreted and construed as to effectuate its general purpose to make uniform the law of those jurisdictions which enact it.