What is the Rule Against Perpetuities?
The Rule Against Perpetuities (RAP) is a rule of inheritance law in Washington that states that a person cannot create an interest in property that extends beyond a certain amount of time. Essentially, it means that a person cannot create an inheritance or trust that lasts forever. In Washington, the Rule Against Perpetuities states that any property interest or trust created must vest within 90 years of the creation of the interest. If the property interest or trust does not vest within 90 years, it is considered invalid and the property or trust will pass to the estate and not to the intended beneficiary. The purpose of the Rule Against Perpetuities is to prevent people from tying up their property indefinitely. This would mean that no one would be able to do anything with the property until the trust was executed. The RAP ensures that property owners are able to make their own decisions about who they want to inherit their property. The Rule Against Perpetuities applies even if all of the conditions of the trust are fulfilled. If the trust has not vested within 90 years, the court will declare it invalid. For this reason, it is important to make sure that all trusts are set up correctly so that they can vest within the time limit.
Related FAQs
How can a trust be terminated?What are the taxation implications of a trust?
What are the possible consequences of a breach of fiduciary duty?
What is the process of probate administration?
What is the difference between a trust and a guardianship?
What is an estate freeze?
What is the difference between succession and inheritance?
What is an upgrade/downgrade provision?
What is the meaning of an executor?
What is the perpetuity period?
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