Rule against perpetuities

The rule against perpetuities is a rule in property law which prohibits a contingent grant or will from vesting outside a certain period of time. If there is a possibility of the estate vesting outside of the period, regardless how remote, the whole interest is void, and is stricken from a grant. The rule is concerned with the utility of unused property and tries to prevent people from tying up assets for too long a period of time—a concept often referred to as control by the "dead hand". That is, the purpose is to "limit the testator's power to earmark gifts for remote descendants".{{fn|1}} Some argue the rule also prevents the concentration of wealth in society.

Related Topics:
Property law - Contingent - Will

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