What is the perpetuity period?
The perpetuity period is the maximum amount of time that property can be held by an individual or family without being subject to reversion rights. In West Virginia, the perpetuity period is set by a statute known as the "Rule Against Perpetuities." This law states that all property in West Virginia must be distributed within 21 years after the death of the last living person currently owning an interest in the property. After the 21-year period ends, any property that has not been disposed of by that time reverts to the state. In certain cases, the statute of the Rule Against Perpetuities may be modified. For example, if the property is held in trust, the perpetuity period may be increased by a court to a maximum of ninety-nine years. Additionally, if the property is held in a family limited partnership, the perpetuity period may be increased to ninety-nine years. In West Virginia, it is important to understand the Rule Against Perpetuities in order to ensure that property is distributed according to the wishes of the deceased. Knowing the maximum amount of time that property can be held without being subject to reversion rights is critical to ensuring that property is transferred to the intended beneficiaries.
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