Should Alberta Abolish Perpetuities Law?

 Legal News: Alberta, News  Comments Off on Should Alberta Abolish Perpetuities Law?
Mar 242017
 

Alberta Law Reform InstituteThe Alberta Law Reform Institute (ALRI) has published its latest report on the Rule Against Perpetuities. Details can be found at www.alri.ualberta.ca.


What is the Rule Against Perpetuities?

The Rule Against Perpetuities (RAP) is an ancient and complex set of legal rules designed to prevent people from indefinitely tying up land and assets via successive contingent interests of title so that future generations cannot sell, mortgage or enjoy full use of the property. In 1972, Alberta reformed the worst excesses of the rule against perpetuities in our current Perpetuities Act, seeking a reasonable balance between competing interests.

ALRI Recommends Abolishing Perpetuities Law

Following public consultation, the Alberta Law Reform Institute has now released Final Report 110, Abolition of Perpetuities recommending the abolition of perpetuities law in Alberta. The modern availability of court variation of trusts and other interests is a sufficient legal mechanism to balance competing interests in this area. Other provinces have abolished perpetuities law without any apparent major problems.

ALRI invites you to review the Final Report here.