Trust and Probate Model Laws

Trusts are contracts, and contract law is the same in the USVI as in the states.

Probate varies from state to state in some details, but follows the same general process (with timelines vastly different from one state to the next!)

Probate in the USVI is similar to elsewhere as far as the general process. The main difference seems to be that the process can drag on for many decades in cases of estates with large holdings, leaving the heirs waiting for an inheritance that may never come in their lifetimes. The judges that oversee probate have not been given a directive/order to wrap up old probate estates and are hesitant to close them when possible heirs have still not been located somewhere out there in the world. As the years go by and families have babies, the heir pool is increased, complicating the problem. (This is especially common with the estates of old island families, as the judges are hesitant to order property sold for unpaid taxes so they can then distribute the balance to the known heirs... even though the heirs would like them to.) This is a prime reason why Trusts are so important for anyone with real estate holdings, especially if you have real estate in more than one state or territory. Many people are unaware that a decedent's real estate will have to be probated in each and every other state/territory in which it is located before probate can even begin in the decedent's home state/territory. It is great to have diversified holdings, but it can be a nightmare for your heirs even if you have a Will but not a Trust. With a Trust, no probate is necessary and the probate judges never get into the mix.

Alexandra - Thank you very much, this is just the info I was looking for.

Max