What is the rule against perpetuities?
The rule against perpetuities is a legal principle that limits the time period during which people can control the ownership of property after their death. In California, the rule requires that any interest in real estate or personal property must vest or become irrevocable within the lifetime of the person making the transfer, plus an additional 21-year period. This rule is meant to ensure that individuals are not able to continue to control their property long after they have passed away, and that the transfer of property can only be valid for a certain period of time after the transferor’s death. When a will or trust is created, the property associated with it must vest within the lifetime of the transferor plus twenty-one years, or it will be considered invalid. This rule applies to both real estate and personal property, and also applies to beneficiaries and other designated persons. The rule against perpetuities was put in place to ensure people don’t try to control the ownership of property after their death, which could lead to unfair outcomes for their heirs and other beneficiaries.
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