... will vest. Alternatively, the rule against excessive accumulations limits the period during which income under a trust can be accumulated to 21 years and so the trust instrument may specify 'lives in being plus twenty-one years'. Therefore, under the Act, there are two possible perpetuity periods: a specified period of up to 80 years, or a life (or lives) in being plus 21 years. Before the Act, the rule against perpetuities was made up of two parts: a) the perpetuity period was 'lives in being plus a period of 21 years; and b) if a future interest in property was not certain to vest within that period, the trust was deemed void from the outset. So to be valid, it had to be certain that a gift would vest within the perpetuity period. Yet where created after 15th July 1964, that interest will only be void where it must vest ...

See this essay or coursework document in full right now