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LSDefine

Simple English definitions for legal terms

life in being

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A quick definition of life in being:

Life in being: This means that when someone creates a future interest in an estate, the rule against perpetuities says that the interest can only last as long as there are people alive who were alive when the interest was created. This includes anyone, even if they don't have an interest in the estate. It's different from measuring life, which is when a specific person's life is used to determine the length of the interest.

A more thorough explanation:

Definition: Life in being refers to the concept under the rule against perpetuities that anyone who is alive when a future interest is created, regardless of whether they have an interest in the estate or not. This means that the future interest must vest within the lifetime of a person who is alive at the time the interest is created.

Example: Let's say that John creates a trust that will transfer ownership of his property to his grandchildren 50 years after his death. However, the rule against perpetuities requires that the future interest must vest within the lifetime of a person who is alive at the time the interest is created. Therefore, if John's youngest grandchild is currently 10 years old, the trust would violate the rule against perpetuities because it is possible that the youngest grandchild could live beyond 60 years after John's death, which is the maximum time allowed under the rule.

Explanation: The example illustrates how the concept of life in being applies to the rule against perpetuities. In this case, the future interest in the trust must vest within the lifetime of the youngest grandchild who is alive at the time the interest is created. If there is a possibility that the interest could vest beyond the lifetime of that grandchild, then the trust would violate the rule against perpetuities.

life-hold | life-income period-certain annuity

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19:43
@Dkk: yeah register 1 website and every swinging tom dick and harry calls/emails/texts to 'help with seo'. like bruh, if YOU found it, what i am doing is working
Dkk
19:43
Indeed!
19:48
wasp, i think people are hopeful for a gov who at least attempts to care about the common man
MIAMI A
[] AromaticTroubledDormouse
20:55
How does one know if they are UR1 or UR2?
[] AromaticTroubledDormouse
20:56
CONGRATS MACAQUE!
TY
got a random stanford email and almost had a heart attack
ALSO CONGRATS!
Congrats1!
21:15
Miami A, yall I'm so excited I could cry.
21:15
Feel like I can finally stop holding my breath!! Whew!!!
[] baddestbunny
22:16
every time I get accosted by a strange man who follows me around because my male coworkers were too busy talking to walk me back to my car I get closer to saying we need to bring back traditional gender roles
Dkk
22:32
Nice! @Macaque
Dkk
22:32
@Aromatic, Have to guess.
Dkk
22:33
That sucks @Bunny do you have to go to the hospital?
[] baddestbunny
22:40
I said accosted not assaulted
23:35
guys. my notre dame address just went long is this good or bad
1a2b3c4d26z
23:37
Oooooo me too
23:37
omg is this good or bad
Dkk
23:47
Idk if gender roles are gunna fix that then.
23:49
it looks like most people who applied in october last cycle didn't get a decision until january... does it even mean anything that our addresses went long??
hows ED 2 compared to ED 1?
Dkk
0:10
No idea
windyMagician
0:34
reporting live to say my ndls address also went long
does it mean anything ^
Dkk
2:21
NDLS and Fordham took a very long time last year. It's good info for people to know.
[] baddestbunny
4:29
let’s get after it boys and girls
Dkk
5:21
I gtg to bed soon.
Dkk
5:22
Big day today. Gunna be a crazy one. I will sleep through the first half.
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