I am dealing with a Settlement in a Deed of Variation in 1974 in which life interests have been appointed for grandchildren (all middle-aged adults). The perpetuity date in the deed is stated to be 50 years commencing with 22nd October 1974. Lewin on Trusts (17th ed. 2000) states “There is no point in specifying a shorter period than 80 years” but gives no authority. Does anyone have authority for this?
Do members also agree with my understanding that on the death of the life tenant, the capital must vest in ascertained beneficiaries (his children) absolutely? in this scenario, do the great-grandchildren have a vested reversionary interest now which they could sell on the market when they reach 18?
Ashby de la Zouch