On a sleepy summer day, with no fanfare and little public attention, New Jersey quietly undid a doctrine that’sbedeviled law students and lawyers for hundreds of years: the rule against perpetuities.
Not that New Jersey was on the vanguard of reform. When the Trust Modernization Act of 1999 was signedinto law on July 8, the state joined others that have amended their laws to permit the creation of trusts that can last – atleast theoretically – for eternity.
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