FUTURE INTERESTS-EFFECT OF LIMITED POWER OF REVOCATION IN DETERMINING VALIDITY OF INTER VIVOS TRUST UNDER RULE AGAINST PERPETUITIES

Authors

Andrew W. Lockton, III S.Ed., University of Michigan Law SchoolFollow

Abstract

Settlor created an inter vivos trust, reserving to himself the income for life plus an absolute, non-cumulative right to withdraw sums not in excess of $1500 per year. The trust was otherwise irrevocable. Measured from the date of the inter vivos transaction, some of the limitations clearly violated the rule against perpetuities; measured from the date of settlor' s death, all limitations would be valid. The trust fund, some twenty years after its creation, amounted to about $32,000. Held, the crucial date was that of creation. Ryan v. Ward, (Md. 1949) 64 A.(2d) 258.

Recommended Citation

Andrew W. Lockton, III S.Ed., FUTURE INTERESTS-EFFECT OF LIMITED POWER OF REVOCATION IN DETERMINING VALIDITY OF INTER VIVOS TRUST UNDER RULE AGAINST PERPETUITIES, 47 Mich. L. Rev. 1226 (1949).
Available at: https://repository.law.umich.edu/mlr/vol47/iss8/22