Rule against Perpetuities

"Rule against Perpetuities." The Rule against Perpetuities is a legal doctrine that restricts the duration of certain types of property interests. The purpose of the rule is to prevent the creation of future interests that could potentially tie up property indefinitely.

In essence, the rule states that a property interest is valid only if it vests, or takes effect, within a certain time period after the death of an identifiable person living at the time the interest was created. This time period is typically referred to as the "measuring life" or "lives in being" plus a fixed period known as the "wait and see" period.

The exact application of the Rule against Perpetuities can vary depending on the jurisdiction and the specific legal system. The rule aims to balance the property owner's desire for control and the public interest in ensuring that property remains reasonably available for future generations.

It's worth noting that the Rule against Perpetuities can be complex and has led to considerable legal debate and interpretation over the years. It is always advisable to consult with a qualified legal professional who can provide accurate and jurisdiction-specific information on this topic.