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Wills and Estate Planning Forum Sheds Light on Importance of Planning for the Future
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By [Name], Financial Literacy Education Program, MONEY MATTERS BVI
A recent forum on Wills and Estate Planning organized by MONEY MATTERS BVI brought together industry experts to discuss the importance of making a will and the role it plays in settling estate debt.
Event Highlights
- The event was held at [Location] and covered topics such as:
- Rights of deceased creditors, particularly banks
- Role of executors and administrators in settling estate debts
- Gifting money, property, and residue before and after death
- Role of the courts in intestate estates
- One panelist highlighted the importance of planning for one’s assets, stating that “if you don’t plan for what will happen to your assets, the laws in the BVI will take over…but if you prepare a will, then you are in control. If you don’t have anything in writing, you are not in control!”
About MONEY MATTERS BVI
MONEY MATTERS BVI is the financial literacy education program at the Financial Services Commission (FSC), which aims to ensure that residents of the British Virgin Islands obtain basic financial knowledge, skills, and attitudes that will assist them in reaching their long- and short-term financial goals.
For more information on Wills and Estate Planning and the work of MONEY MATTERS BVI, please visit our Facebook page @moneymattersbvi or email [email address].
Recent Changes to Financial Services Regulatory Legislation
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The Financial Services Commission (FSC) has made changes to several financial services regulatory legislation, including:
- Company Management Act
- Financing and Money Services Act
- Banks and Trust Companies Act
- Securities and Investments Business Act
- Insurance Act
Key Updates
- Clarification of definitions of controlling interest and significant interest
- Enhancements to the Company Management Act regarding applications for licenses
- Retention of definitions related to disposal and acquisition of significant interest, controlling interest, and related activities
Public Statements
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The FSC has issued several public statements during the third quarter of 2023, warning persons and businesses against solicitation by purported BVI licensed financial services providers.
Access Public Statements
All Commission-issued Public Statements can be viewed on our website. For more information on upcoming holidays and closures in Hong Kong and BVI, please visit our website at www.bvifsc.vg.
Contact Us
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For more information on MONEY MATTERS BVI or the FSC, please visit our website or email us at [email address].