Virginia Rule Virginia - Va. Code Ann. §§ 55-13.3(C), 55-12.1 --- Perpetual Waiver of Rule Against Perpetuities
Section 55-13.3 of the Virginia Code allows a grantor or testator to waive the rule against perpetuities as it applies to personal property but not other types of property held in trust.
| Possible Draft Language To Waive RAP For Trusts
Notwithstanding any other provision of this agreement, the rule against perpetuities does not apply to this trust or any trusts created thereunder, and the grantor waives the Rule against Perpetuities. The trustee shall have the power to sell, lease, or mortgage property for any period of time beyond the period that is required for an interest created under the trust instrument to vest, so as to be good under the rule against perpetuities; unless sooner terminated under other provisions hereof. For property located in states permitting to opt out of the rule against perpetuities, the grantor opts out of the rule against perpetuity.
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