Definitions for "PERPETUITIES"
An old and complex legal rule designed to keep property from being frozen in trust beyond a certain period of time. The rule against perpetuities causes the trust to terminate automatically at the required time in order to protect the legality of the trust. Generally a Trust can last during the entire lifetime of someone who is alive when the Trust was established and for an additional 21 years. This restriction does not apply to Charitable Trusts. Ohio, Alaska, Delaware and many other states have abolished this rule or enable a trust to opt-out of the rule.