Question

Step Four: Must the interest vest or fail within a life in being plus 21 years?

Will We Know with Certainty, Within 21 Years of the Death of Our Validating Life, If Our Future Interest Holder(s) Can or Cannot Take?

Answer 1

The subject of the question is the rule against perpetuities in law, which determines the duration of certain property interests.

Step-by-step explanation:

In the context of law, the subject of the question concerns the rule against perpetuities, which is a legal doctrine that restricts the duration of certain property interests. The rule requires that an interest must vest or fail within a life in being plus 21 years.

This means that the future interest holder(s) must be ascertainable and their rights must be certain within 21 years of the death of the validating life. If these conditions are not met, the interest is considered void.

For example, let's say a property is left in a will to 'A for life, then to B's children who reach the age of 30.'

If B is still alive when the will is executed, the interest will not vest or fail within the required timeframe because it depends on the future birth of B's children and the time it takes for them to reach the age of 30. Therefore, the interest would be void under the rule against perpetuities.

This rule has been developed to prevent property interests from being tied up indefinitely and to ensure that future interests are not too uncertain or remote.