What is the Rule Against Perpetuities?
The Rule Against Perpetuities is a legal doctrine in West Virginia that limits the amount of time property or other assets can be held in trust for future generations. This rule is to prevent property or assets from being held in trust indefinitely. In West Virginia, the rule holds that any trust or interest in an inheritance must vest, or become available, no more than 90 years after the death of the creator of the trust. This can vary depending on the type of interest created, as some interests may vest earlier than the 90-year mark. Additionally, the Rule Against Perpetuities does not apply to certain cases, such as those in which the lifetime of the grantor or the length of any specified term is shorter than the 90-year limit. In addition to the Rule Against Perpetuities, West Virginia also follows the doctrine of worthier title. This rule requires that when an individual dies, their heirs receive the right to the property (or the assets) they owned before they passed away. This means that any interests created in the estate during the person’s lifetime cannot be inherited. Instead, they must be deferred to the next generation. Overall, the purpose of the Rule Against Perpetuities in West Virginia is to ensure that property or assets are not held in trust for an indefinite amount of time. This rule protects the right of heirs to inherit assets and keeps the inheritance process fair for all generations.
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