Rule Against Perpetuities

Anyone who has taken any property law is probably familiar with the "rule against perpetuities," which is basically the most frustrating and strange rule to apply in property/estate and wills law. Seriously, I never ever want to be an estates and will lawyer. I wouldn't want to mess up someone's conveyance!

The rule is as follows: "No interest is good unless it must vest, if at all, no later than 21 years after the death of some life in being at the creation of the interest."

Now what does that mean?

If someone could tell me, I'd really appreciate it before my final on Wednesday. :-)

In lay-man's terms, this is what I think it means: when wills and deeds are written, and they create "future interests" in people (e.g. after Bertha dies, Bertha's grandchildren get your house), certain parts of the wills and deeds are invalid. They are invalid when the so-called "future interests" cannot "vest" within twenty-one years of the death of everyone alive at the time of the conveyance. In other words, if we don't know who Bertha's grandchildren will be in 21 years after everyone alive at the time of the deed dies (so you die and Bertha dies and all Bertha's then alive children), then none of Bertha's grandchildren get your house.

The real problems come along when you stick in grandchildren, widows, and probated wills. Yah. Anyways, now do you see why I never ever want to practice wills and estates?