What is the rule against perpetuities?
The rule against perpetuities is a legal rule that limits a person’s ability to leave property in a will that would continue to be inherited indefinitely. In Michigan, this rule states that any property that is left to a beneficiary must be distributable within 21 years after the death of the person who left the property to them. If the property is not distributed within that time period, it will pass to the person’s legal heirs. This rule is important to understand when creating a will or constructing an inheritance plan. Without this rule, a person could theoretically leave property in a will that would remain in the family indefinitely. This could lead to all sorts of legal wrangling and disputes over who actually owns the property. The rule against perpetuities is an important one to consider in Michigan, as it prevents will makers from leaving property to beneficiaries for long periods of time. It also serves as a reminder that it is important to create a comprehensive plan when it comes to leaving behind property and other assets.
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