From ABA Journal: Perpetuities Rule Finally Ends $100M Waiting Game for Lumber Baron’s Heirs, 92 Years After His Death (Martha Neil)
The rule against perpetuities, which prevents estate distributions from dragging on endlessly by requiring a property interest conveyed in a will to vest, if at all, within 21 years of the death of individuals already in existence at the time of the testator's death, recently settled a deadlock over a Michigan lumber baron's will.
Martha Neil reports in the ABA Journal:
"Not allowed to collect their share of Wellington Burt's fortune until 21 years after the death of his youngest grandchild in existence when the patriarch cashed in his chips, the 12 great-, great-great- and great-great-great-grandchildren among Burt's surviving descendants are expected to see his trust open by the end of the month, the Associated Press reported. The heirs range in age from 19 to 94 years old.
Burt died in 1919."
Read the full story by Martha Neil here:
http://www.abajournal.com/news/article/perpetuities_rule_finally_ends_100m_waiting_game/
