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The rule against perpetuities serves a number of purposes. First, English courts have long recognized that allowing owners to attach long-lasting contingencies to their property harms the ability of future generations to freely buy and sell the property, since few people would be willing to buy property that had unresolved issues regarding its ownership hanging over it.
The rule against perpetuities is an example of how older property laws can influence how families transfer and inherit property rights. Well-meaning grantors create wills defining their wishes …
The reforms introduced a statutory limitation on how long income could be accumulated before it must be distributed. In 2009, many of the Act's principles were further reformed by the Perpetuities and Accumulations Act 2009, which introduced a single, simplified perpetuity period of 125 years, replacing the earlier rules. [1]
The Perpetuities and Accumulations Act 2009 (c. 18) is an Act of the Parliament of the United Kingdom that reforms the rule against perpetuities. The Act resulted from a Law Commission report published in 1998. [3] It abolishes the rule against perpetuities in most non-trust contexts, such as easements. [3]
A further limitation is the rule against perpetuities in many states and countries which prohibits long-running pre-19th-century style successions of life tenancies and may result in the premature and compensation-entitling termination of such successive life interests. In England and Wales this is fixed at one lifetime, or 80 years whichever ...
Under the common law such restraints are void as against the public policy of allowing landowners to freely dispose of their property. Perhaps the ultimate restraint on alienation was the fee tail , a form of ownership which required that property be passed down in the same family from generation to generation, which has also been widely abolished.
Definitions; rules of interpretation; jurisdiction and venue: 2 Intestacy, Wills, and Donative Transfers: Intestate succession of property; procedures for making, interpretation, and revocation of wills (includes Statutory rule against perpetuities and Uniform Simultaneous Death Act) 3 Probate of Wills and Administration
Annuities allow individuals to pay upfront or over time to receive a consistent income stream. Because they provide predictable income, annuities are a popular approach to securing retirement income.