What is the perpetuity period?
In Massachusetts, the perpetuity period is the period of time over which an inheritance or an estate may remain unchanged. This period is normally established by the grantor, the person making a will or trust. The perpetuity period is often referred to as the "lives in being" period. The lives in being are the people alive at the time the grantor creates the trust or will, and the perpetuity period continues until the death of the last of those lives in being. In Massachusetts, the perpetuity period is generally limited by the rule against perpetuities, which states that no interest in property can be validly given, sold, or disposed of that is limited to the lives of persons in being, plus 21 years. This means that the longest period of time an inheritance or an estate can remain in its current state is 21 years after the deaths of all the people alive when the trust or will was set up. However, there are some important exceptions to this rule. For example, there are certain specific trusts that do not need to comply with the rule against perpetuities, and there is a special provision for charitable trusts that permits a longer period of time. Additionally, the state legislature can create additional exceptions with an act or statute. Ultimately, the perpetuity period in Massachusetts is quite limited, but there may be exceptions in certain cases. Understanding the perpetuity period and relevant exceptions is important for those involved in the making or administering of a will or trust.
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