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What is Georgia's uniform statutory rule against perpetuities?
What is the rule against perpetuities?
How long does a nonvested property interest last in Georgia?
What happens if a deed violates the rule against perpetuities?
Jun 29, 2021 · O.C.G.A. § 44-6-200 through § 44-6-206 is Georgia’s “Uniform Statutory Rule Against Perpetuities.” Currently, a non-vested interest in property, including interests in trusts, must vest within 360 years. Specifically, O.C.G.A. § 44-6-201 provides: (a) A nonvested property interest is invalid unless:
Nov 8, 2022 · The rule against perpetuities stipulates that a will, estate plan or other legal document intending to transfer property ownership more than twenty-one years after the death of the primary recipient is void. In other words, the rule prevents a grantor from legally guaranteeing that their grandchildren, great-grandchildren or other heirs far in ...
May 9, 2024 · The Rule Against Perpetuities is an old legal rule that limits how long a trust can last. It originated in English common law but became a part of the American legal framework. It dictates that a trust (or any other form of property ownership) cannot last forever — it has to end at some point.
Rule against perpetuities where estate is limited on alternative contingencies, one within and one beyond the period allowed by the rule, 98 A.L.R.2d 807. Modern status of presumption against possibility of issue being extinct, 98 A.L.R.2d 1285.
Feb 10, 2020 · The rule against perpetuities (“Rule”) “precludes the creation of any future interest in property which does not necessarily vest within twenty-one years after a life or lives presently in being, plus the period of gestation, where gestation is, in fact, taking place.”
Georgia has updated its trust code. The revisions address minor or unborn beneficiaries, nonjudicial settlement agreements, noncharitable trusts, uneconomic trusts, modifications, directed trusts, virtual representation, trustee’s powers, decanting, and the Uniform Statutory Rule Against Perpetuities.
The Act amends several aspects of trust law, including updating the application of the Uniform Statutory Rule Against Perpetuities in Georgia by extending the time within which a nonvested property interest or power of appointment must vest from 90 to 360 years.
