Does California have a rule against perpetuities?

The common law Rule against Perpetuities is English in origin and was first promulgated centuries ago. The modern version of the Rule has been altered in California by statute. California has enacted the Uniform Statutory Rule Against Perpetuities, which supersedes the old common law rule.

What is the maximum duration of a trust in California?

90 years
Under the California rule, a trust must terminate after 90 years. This does not replace the common law rule entirely, but rather complements it. The common law rule declares a trust gift valid if it vests within 21 years after the last surviving beneficiary’s death.

What does the rule against perpetuities apply to?

The rule that provides that certain future interests must vest, if at all, within 21 years after the death of a life in being at the time that the interest is created.

Does the rule against perpetuities apply to charitable trusts?

The rule does not apply to charitable or benevolent trusts, as such trusts may continue indefinitely, or, in contemplation of law, perpetually. RULE LIMITING DURATION OF TRUSTS.

What happens if you violate the rule against perpetuities?

Under the cy près doctrine, if the interest does violate the rule against perpetuities, the court may reform the grant in a way that does not violate the rule and reduce any offensive age contingency to 21 years.

How long does an executor have to settle a trust California?

How Long to Distribute Trust Assets? Most Trusts take 12 months to 18 months to settle and distribute assets to the beneficiaries and heirs.

What states still have the rule against perpetuities?

Summary of 50 State Rule Against Perpetuities Laws

State	Citation
Alaska	AK ST §34.27.100 AK ST §34.27.051
Arizona	ARS §33-261 ARS §14-2901(A)(3)
Arkansas	A.C.A. § 18-3-101
California	Cal. Prob. Code §21200

Who can enforce a charitable trust?

the Attorney General of
Charitable trusts are enforced by the Attorney General of the state in which the trust is located.

What happens if charitable trust fails?

The general principle is that if a charitable gift has failed because it cannot be carried out by the trustees of the testator’s will exactly according to his wishes, the trustees may make an application to the Charity Commission1 to apply the gift to another charity whose objects are, as near as possible, to that …

What is the wait and see rule against perpetuities?

Under the common-law rule, if there is a possibility that the future interest will not vest until after the expiration of the life or lives in being, plus twenty-one years, the interest is void. The determination is made at the time the future interest is created.

What is a perpetuity period?

The perpetuity period is the length of a life or lives in being, plus 21 years. A life in being means a life in being at the time of the disposition.

Is there a state rule against perpetuities?

*No rule against perpetuties problem as long as the trustee has the power to sell trust assets.

Is there a law against perpetuities in New Jersey?

New Jersey. No interest created in real or personal property shall be void by reason of any Rule Against Perpetuities, whether the common law Rule or otherwise. The common law Rule Against Perpetuities shall not be in force in this State.

When does a perpetuity interest vest or terminate?

(1) when the interest is created, it is certain to vest or terminate no later than 21 years after the death of an individual then alive; or (2) the interest either vests or terminates within 100 years after its creation.