header-logo header-logo

Perpetuity: a life or lives in being?

07 June 2024 / Mark Pawlowski
Issue: 8074 / Categories: Features , Procedure & practice , Wills & Probate
printer mail-detail
176247
Mark Pawlowski explores some unusual aspects of the perpetuity rule

Most law students (even legal practitioners) approach the rule against perpetuities with a sense of intense unease and even foreboding. The subject is perceived as a labyrinth of technicality, complexity and difficult concepts. Much of the difficulty, however, in seeking to understand the subject lies in the fact that the rule against perpetuities is, in a sense, misnamed. It is this which causes confusion.

In reality, there are two separate rules. First, there is the rule against remoteness of vesting, which is aimed at preventing contingent interests vesting too late or at too remote a date. Secondly, there is the rule against perpetual duration (sometimes also referred to as the rule against inalienability), which is concerned with non-charitable (ie, private) purpose trusts which last too long. Here, the aim is to prevent trust assets being tied up for ever without any benefit to human individuals.

It should be noted that the Perpetuities and Accumulations Act 2009, which introduced

If you are not a subscriber, subscribe now to read this content
If you are already a subscriber sign in
...or Register for two weeks' free access to subscriber content

MOVERS & SHAKERS

Freeths—Ruth Clare

Freeths—Ruth Clare

National real estate team bolstered by partner hire in Manchester

Farrer & Co—Claire Gordon

Farrer & Co—Claire Gordon

Partner appointed head of family team

mfg Solicitors—Neil Harrison

mfg Solicitors—Neil Harrison

Firm strengthens agriculture and rural affairs team with partner return

NEWS
Conveyancing lawyers have enjoyed a rapid win after campaigning against UK Finance’s decision to charge for access to the Mortgage Lenders’ Handbook
The Crown Prosecution Service (CPS) has launched a recruitment drive for talented early career and more senior barristers and solicitors
Regulators differed in the clarity and consistency of their post-Mazur advice and guidance, according to an interim report by the Legal Services Board (LSB)
The dangers of uncritical artificial intelligence (AI) use in legal practice are no longer hypothetical. In this week's NLJ, Dr Charanjit Singh of Holborn Chambers examines cases where lawyers relied on ‘hallucinated’ citations — entirely fictitious authorities generated by AI tools
The Solicitors Act 1974 may still underpin legal regulation, but its age is increasingly showing. Writing in NLJ this week, Victoria Morrison-Hughes of the Association of Costs Lawyers argues that the Act is ‘out of step with modern consumer law’ and actively deters fairness
back-to-top-scroll