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.
Related FAQs
What are the options for distributing trust assets after the death of a beneficiary?What is the doctrine of contra proferentem?
What is the difference between legal title and equitable title?
What is the perpetuity period?
What is the difference between a trust and a corporation?
What is the process of probate administration?
What are the different types of powers of attorney?
What is a no-contest clause in a will?
What is the purpose of trust administration?
What is the Rule Against Perpetuities?
Related Blog Posts
Understanding the Basics of Inheritance Laws: A Guide to Successfully Navigating State and Federal Statutes - July 31, 2023How to Ensure Your Estate Plan Reflects Your Wishes Through Inheritance Laws - August 7, 2023
Protect Your Rights as a Beneficiary: Understanding Your Legal Rights After Beneficiary Inheritance - August 14, 2023
Comprehending the Duties and Responsibilities of Executors of Estates: How to Properly Administer an Estate and Fulfill Inheritance Law Requirements - August 21, 2023
Maximizing the Benefits of Inheritance Law for Family Heirs of Estates - August 28, 2023