The Rule Against Perpetuities Nets Heirs $100 Million

May 10th, 2011

My property professor skipped the rule against perpetuities. I think I learned it from BarBri. Anyway, apparently it actually matters.

From the ABA Journal:

Remember the rule against perpetuities? It played out in real life concerning a cantankerous Michigan lumber baron’s will, finally putting an end to a $100 million waiting game for his heirs

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, reports the Associated Press. They range in age from 19 to 94 years old. Burt died in 1919.

Thankfully, I managed to pass the Virginia Bar without being tormented with a question like this.