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Articles 1 - 30 of 31
Full-Text Articles in Estates and Trusts
A New Trust Code For New York, Renee R. Roth, William P. Lapiana
A New Trust Code For New York, Renee R. Roth, William P. Lapiana
Other Publications
No abstract provided.
Of Piketty And Perpetuities: Dynastic Wealth In The Twenty-First Century (And Beyond), Eric Kades
Of Piketty And Perpetuities: Dynastic Wealth In The Twenty-First Century (And Beyond), Eric Kades
Eric A. Kades
For the first time since independence, in a nation founded in large part on the rejection of a fixed nobility determined by birth and perpetuated by inheritance, America is paving the way for the creation of dynastic family wealth. Abolition of the Rule Against Perpetuities in over half the states along with sharp reductions in, and likely elimination of, the federal estate tax mean that there soon will be no obstacles to creating large pools of dynastic wealth insuring lavish incomes to heirs for generations without end. The timing of these legal changes could hardly be worse. Marshaling innovative economic …
Of Piketty And Perpetuities: Dynastic Wealth In The Twenty-First Century (And Beyond), Eric Kades
Of Piketty And Perpetuities: Dynastic Wealth In The Twenty-First Century (And Beyond), Eric Kades
Faculty Publications
For the first time since independence, in a nation founded in large part on the rejection of a fixed nobility determined by birth and perpetuated by inheritance, America is paving the way for the creation of dynastic family wealth. Abolition of the Rule Against Perpetuities in over half the states along with sharp reductions in, and likely elimination of, the federal estate tax mean that there soon will be no obstacles to creating large pools of dynastic wealth insuring lavish incomes to heirs for generations without end. The timing of these legal changes could hardly be worse. Marshaling innovative economic …
Hb 121 - Property, Wills, Trusts, And Estates, Colt Burnett, Ben Dell'orto
Hb 121 - Property, Wills, Trusts, And Estates, Colt Burnett, Ben Dell'orto
Georgia State University Law Review
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. The Act also allows for modifications of a trust without judicial approval in some cases. Many passages are simplified, including the calculation of compensation for a trustee, which can now be modified through different procedures. Finally, the Act codifies the role of trust directors.
The Game Is Afoot!: The Significance Of Donative Transfers In The Sherlock Holmes Canon, Stephen R. Alton
The Game Is Afoot!: The Significance Of Donative Transfers In The Sherlock Holmes Canon, Stephen R. Alton
Stephen Alton
This article presents a recently discovered and previously unpublished manuscript written by John H. Watson, M.D., and annotated by Professor Stephen Alton. Dr. Watson’s manuscript records an extended conversation that took place between the good doctor and his great friend, the renowned consulting detective Mr. Sherlock Holmes, regarding issues of gratuitous transfers of property – issues involving inheritances, wills, and trusts – that have arisen in some of the great cases solved by Mr. Holmes. This felicitous discovery confirms something that Professor Alton has long known: these gratuitous transfer issues permeate many of these adventures. Often, the action in the …
Trusts & Estates Law—Trust Protectors—Increasing Trust Flexibility And Security While Decreasing Uncertainty Of Liabilities For Doing So: How Amending Ark. Code Ann. § 28-73-808 To Better Conform With The Modern Trend Of Clarifying Trust Protection Could Effectively End The Fiduciary Guessing Game In Arkansas, J. Andy Marshall
University of Arkansas at Little Rock Law Review
No abstract provided.
Repulsed By Rap? Renewal Options Are Singing A Different Tune: An Analysis Of Bleecker Street Tenants Corp. V. Bleeker Jones, Llc, Jonathan M. Vecchi
Repulsed By Rap? Renewal Options Are Singing A Different Tune: An Analysis Of Bleecker Street Tenants Corp. V. Bleeker Jones, Llc, Jonathan M. Vecchi
Touro Law Review
No abstract provided.
Who Is Afraid Of Perpetual Trusts?, Bridget J. Crawford
Who Is Afraid Of Perpetual Trusts?, Bridget J. Crawford
Michigan Law Review First Impressions
Throw a stone into a room full of law professors, and it is virtually impossible to hit someone who will defend perpetual trusts. Yet since 1995, eighteen states have repealed their rules against perpetuities, and there are now twenty-one states that permit trusts to last forever. Many academics have responded with a virtual pile-on, calling the repeals a "race to the bottom" at best and "loony" at worst. Lawrence Waggoner, Professor Emeritus at the University of Michigan School of Law and Reporter for the Restatement (Third) of Property: Wills and Other Donative Transfers, has made another contribution to the scrum. …
The Game Is Afoot!: The Significance Of Donative Transfers In The Sherlock Holmes Canon, Stephen R. Alton
The Game Is Afoot!: The Significance Of Donative Transfers In The Sherlock Holmes Canon, Stephen R. Alton
Faculty Scholarship
This article presents a recently discovered and previously unpublished manuscript written by John H. Watson, M.D., and annotated by Professor Stephen Alton. Dr. Watson’s manuscript records an extended conversation that took place between the good doctor and his great friend, the renowned consulting detective Mr. Sherlock Holmes, regarding issues of gratuitous transfers of property – issues involving inheritances, wills, and trusts – that have arisen in some of the great cases solved by Mr. Holmes. This felicitous discovery confirms something that Professor Alton has long known: these gratuitous transfer issues permeate many of these adventures. Often, the action in the …
Colorado Revisits The Rule Against Perpetuities, Wayne M. Gazur
Colorado Revisits The Rule Against Perpetuities, Wayne M. Gazur
Publications
The 2006 Colorado General Assembly passed legislation adopting a 1000-year limitation applicable to interests in trust, practically eliminating the Rule Against Perpetuities ("RAP"). This article discusses the legislation's impact on the RAP in trust and non-trust situations.
The Rise Of The Perpetual Trust, Jesse Dukeminier, James E. Krier
The Rise Of The Perpetual Trust, Jesse Dukeminier, James E. Krier
Articles
For more than two centuries, the Rule against Perpetuities has served as the chief means of limiting a transferor's power to tie up property by way of successive contingent interests. But recently, at least seventeen jurisdictions in the United States have enacted statutes abolishing the Rule in the case of perpetual (or near-perpetual) trusts. The prime mover behind this important development has been the federal Generation-Skipping Transfer Tax. This Article traces the gradual decline of the common law Rule against Perpetuities, considers the dynamics behind the recent wave of state legislation, examines the problems that might result from the rise …
The Uniform Statutory Rule Against Perpetuities: The Rationale Of The 90-Year Waiting Period, Lawrence W. Waggoner
The Uniform Statutory Rule Against Perpetuities: The Rationale Of The 90-Year Waiting Period, Lawrence W. Waggoner
Articles
The Uniform Law Commissioners promulgated the Uniform Statutory Rule Against Perpetuities in 1986. The perpetuity-reform efforts of the American Law Institute in the Restatement (Second) inspired the Uniform Act. The Restatement and the Uniform Act employ the so-called wait-and-see approach to perpetuity reform. Wait-and-see is a two-step strategy. Step One preserves the validating side of the common-law Rule Against Perpetuities (the common-law Rule): By satisfying the common-law Rule, a nonvested future interest in property is valid at the moment of its creation. Step Two is a salvage strategy for future interests that would have been invalid at common law: Rather …
The Uniform Statutory Rule Against Perpetuities: Oregon Joins Up, Lawrence W. Waggoner
The Uniform Statutory Rule Against Perpetuities: Oregon Joins Up, Lawrence W. Waggoner
Articles
Uniform perpetuity reform is on the march, and Oregon has joined the parade. On January 1, 1990, the Uniform Statutory Rule Against Perpetuities (Uniform Act) became effective in Oregon. Although promulgated only three years ago, the Uniform Act has been enacted in over twenty percent of the states and appears to be on its way toward enactment in several others. Prior to the adoption of the Uniform Act, Oregon followed the common-law Rule Against Perpetuities (common-law Rule). Noted for its unjust consequences, the common-law Rule disregards actual events and invalidates a contingent (nonvested) future interest merely on the grounds of …
Wait-And-See: The New American Uniform Act On Perpetuities, Lawrence W. Waggoner
Wait-And-See: The New American Uniform Act On Perpetuities, Lawrence W. Waggoner
Articles
The wait-and-see version of perpetuity reform has gained a new champion in the United States. The National Conference of Commissioners on Uniform State Laws-the body responsible for promulgating uniform legislation, such as the Uniform Commercial Code, for recommended enactment by the federal states-recently approved a Uniform Statutory Rule Against Perpetuities. Shortly thereafter, the Uniform Act was endorsed by the House of Delegates of the American Bar Association, the Board of Regents of the American College of Probate Counsel, and the Board of Governors of the American College of Real Estate Lawyers.
Perpetuities: A Perspective On Wait-And-See, Lawrence W. Waggoner
Perpetuities: A Perspective On Wait-And-See, Lawrence W. Waggoner
Articles
Professor Dukeminier and I agree on most of the important points concerning perpetuity law and perpetuity reform. We agree that the Rule Against Perpetuities still serves a socially useful function of limiting dead hand control, and should not be abolished. We also agree that the common law Rule is needlessly harsh and should be softened. Finally, we agree on the type of reform that is most desirable-waitand- see. Our only disagreeihent-concerns the best method of marking off the wait-and-see perpetuity pe]iqod-the period of time during which dispositions that would have been invalid under the common law Rule are to be …
A Rejoinder By Professor Waggoner, Lawrence W. Waggoner
A Rejoinder By Professor Waggoner, Lawrence W. Waggoner
Articles
Since the patience of the reader and the space in this issue of the Law Review are nearing their limits, I wish to publish only two points in response to what Professor Dukeminier has written.. These points further support my position that Dukeminier's proposed statute would lead almost anyone to conclude that A, not X, is the causal relationship measuring life in Example 1 of my article.1 By implication, these points, along with the others made in my article, corroborate my overall thesis: Professor Dukeminier's proposed one-sentence statute2 cannot be counted a responsible way of identifying the measuring lives for …
Perpetuity Reform, Lawrence W. Waggoner
Perpetuity Reform, Lawrence W. Waggoner
Articles
After years of debate, perpetuity reform is still controversial. To be sure, there is agreement among virtually all of the commentators and experts in the field that the Rule Against Perpetuities is in need of reform. The disagreement, on the surface, centers on the methods of reform to be employed. At least three basic methods have been advanced: (1) specific statutory repair of discrete problem areas; (2) reformation; and (3) wait-and-see. Each method has its sponsors, and each has in one form or another been adopted as part of the law of a few states. These methods are not mutually …
The Emergence Of A General Reformation Doctrine For Wills, Lawrence W. Waggoner, John H. Langbein
The Emergence Of A General Reformation Doctrine For Wills, Lawrence W. Waggoner, John H. Langbein
Articles
In this article, which both summarizes and updates an extensively footnoted article published last year ("Reformation of Wills on the Ground of Mistake: Change of Direction in American Law?" 130 University of Pennsylvania Law Rmiew 521 (1982)), we report on this new case law and discuss the analytic framework that we think it suggests and requires.
In Re Lattouf's Will And The Presumption Of Lifetime Fertility In Perpetuity Law, Lawrence W. Waggoner
In Re Lattouf's Will And The Presumption Of Lifetime Fertility In Perpetuity Law, Lawrence W. Waggoner
Articles
Adoption of children is an ever-present complication of class gifts and the Rule Against Perpetuities. Given this fac any effort to find the presumption of lifetime fertility rebuttable is largely illusory. The author demonstrates that the gift in In Re Lattouf's Will could have been sustained even in face of an irrebuttable presumption.
Reformation Of Wills On The Ground Of Mistake: Change Of Direction In American Law?, John H. Langbein, Lawrence W. Waggoner
Reformation Of Wills On The Ground Of Mistake: Change Of Direction In American Law?, John H. Langbein, Lawrence W. Waggoner
Articles
Although it has been "axiomatic" that our courts do not entertain suits to reform wills on the ground of mistake, appellate courts in California, New Jersey, and New York have decided cases within the last five years that may presage the abandonment of the ancient "no-reformation" rule. The new cases do not purport to make this fundamental doctrinal change, although the California Court of Appeal in Estate of Taff and the New Jersey Supreme Court in Engle v. Siegel did expressly disclaim a related rule, sometimes called the "plain meaning" rule. That rule, which hereafter we will call the "no-extrinsic-evidence …
Section 6104(D) Of The Pennsylvania Rule Against Perpetuities: The Validity And Effect Of The Retroactive Application Of Property And Probate Law Reform, Leonard Levin
Villanova Law Review
No abstract provided.
Testamentary Option To Purchase Realty Can Be Exercised Under Anti-Lapse Statute By Heirs Of Beneficiary--Tuecke V. Tuecke, Michigan Law Review
Testamentary Option To Purchase Realty Can Be Exercised Under Anti-Lapse Statute By Heirs Of Beneficiary--Tuecke V. Tuecke, Michigan Law Review
Michigan Law Review
Testator devised his farm to his son and two daughters. The son, who predeceased his father, was bequeathed an option to purchase the daughters' two-thirds interest in the farm for a specified amount. Over the objection of the daughters, the heirs of the son sought to exercise the option under an anti-lapse statute. The trial court concluded that the son's heirs had inherited the right to purchase. On appeal to the Supreme Court of Iowa, held,affirmed. An option to purchase is a valuable property right inheritable under an anti-lapse statute.
Trusts-Termination-Proof Of Impossibilty Of Issue, Charles F. Niemeth
Trusts-Termination-Proof Of Impossibilty Of Issue, Charles F. Niemeth
Michigan Law Review
The surviving trustee of a testamentary trust petitioned the probate court for authority to terminate and distribute the trust in accordance with a compromise agreement between all interested persons apart from the possible issue of one beneficiary. Undisputed medical testimony was received that neither the beneficiary nor his wife were capable of procreation. On a question of law certified to the New Hampshire Supreme Court, held, remanded with instructions to terminate and distribute the corpus of the trust. Termination of a trust in prejudice of the interests of possible future issue is permissible when the possibility of such issue …
Future Interests-Rule Against Perpetuities--Cy Pres Applied To Modify An Interest Violating The Rules, T. K. Carroll
Future Interests-Rule Against Perpetuities--Cy Pres Applied To Modify An Interest Violating The Rules, T. K. Carroll
Michigan Law Review
Testator's will created a trust for his grandchildren which was to terminate "when my youngest grandchild (whether now living or hereafter born) shall become twenty-five years of age." As it would be possible for the youngest grandchild to become twenty-five beyond the period permitted by the Rule Against Perpetuities, the chancellor held the class gift invalid. The state supreme court reversed, and ruled that since the trust allowed payment of income to the beneficiary as needed, the interests vested upon the death of the testator. On suggestion of error, held, overruled, judgment modified and corrected. The interests may be …
Defeasance As A Restrictive Device In Michigan, William F. Fratcher
Defeasance As A Restrictive Device In Michigan, William F. Fratcher
Michigan Law Review
Quite apart from any question of their validity, the imposition of use restrictions by means of a prohibition was not practicable before the development of equitable remedies because the common law afforded no method of enforcing such a prohibition. One who conveyed land in violation of a prohibition on alienation might attempt to enforce the prohibition by attacking the validity of his own conveyance but one who violated a prohibition on use had neither motive nor method for challenging his own acts. Hence attempts to restrict use by common law devices are necessarily confined to penalty restraints and to limitations …
Restraints On Alienation Of Legal Interests In Michigan Property: Ii, William F. Fratcher
Restraints On Alienation Of Legal Interests In Michigan Property: Ii, William F. Fratcher
Michigan Law Review
"Estate for life" is a generic term embracing interests in land of several types. The duration of such an estate may be measured by the life of the tenant himself, by the life of some other person, by the joint lives of a group of persons (i.e., the life of the member of the group who first dies), or by the life of the survivor of a group of persons. In the last two cases the tenant himself may or may not be a member of the group. When the duration of the estate is measured by the life of …
Rules Against Perpetuities And Gifts To Charity, Robert G. Wolfe
Rules Against Perpetuities And Gifts To Charity, Robert G. Wolfe
Indiana Law Journal
No abstract provided.
Perpetuity Statutes, Edwin C. Goddard
Perpetuity Statutes, Edwin C. Goddard
Articles
THE common law of perpetuities is one of the most interesting examples of almost pure judicial legislation. De Donis, The Statutes of Uses and of Wills, but gave wider scope to the development by the courts of rules of law to thwart the attempt of the great landowners to tie up their landed estates in their families in perpetuity. One body of rules to this end limited restraints upon alienation, another the creation of future interests vesting at too remote a period. Restriction of restraints upon alienation, and the rule against perpetuities, these two were developed for the same end, …
Application Of The Rule Against Perpetuities To Options To Purchase Real Estate, W. F. K.
Application Of The Rule Against Perpetuities To Options To Purchase Real Estate, W. F. K.
West Virginia Law Review
No abstract provided.
How To Beat The Rule Against Perpetuities, John R. Rood
How To Beat The Rule Against Perpetuities, John R. Rood
Articles
Many people seem to think that the lawyer's problem is not so much to know what the law is as to know how to get all they want while obeying the law to the letter. In the case of perpetuities the history of nearly a thousand years of our law shows an almost unbroken series of disastrous failures of the best-laid schemes to violate the public policy of freedom of alienation.