Georgia should resist the urge to join the parade of states that have overturned the Rule Against Perpetuities. We do not neet the dynasty trust in Georgia. The repeal of perpetuities laws ignores the reasons for the Rule Against Perpetuities and uncritically assumes that preserving family wealth in perpetuity is a desirable social goal. The Rule is still needed to prevent persons long removed from the current scene from tying up wealth without restriction and from unduly influencing the behavior of those living in the present. For background purposes, this Article reviews the legislative history of Georgia's Rule Against Perpetuities from 1863 to the present time, including the effect of enactment of the Uniform Statutory Rule Against Perpetuities (USRAP) in 1990. Uses of the GST exemption of dynasty trusts are described and their pros and cons considered and evaluated. Finally, this Article examines the contemporary policies served by the Rule, and the effect of perpetual dynasty trusts on society.
Verner F. Chaffin,
Georgia's Proposed Dynasty Trust: Giving the Dead Too Much Control?
Available at: http://digitalcommons.law.uga.edu/fac_artchop/163