Wills made before 6 April 2010

It was the rule that income generated by the assets of an estate could not be accumulated indefinitely.

The permitted periods during which income could be accumulated were set down by LPA 1925, s. 164, and Perpetuities and Accumulations Act 1964 (PAA 1964), s. 13. They were:

(a)the life of the settlor (which is obviously not applicable in the case of the administration of estates);

(b)21 years from the death of the testator;

(c)the minority of any person living at the date of the grant;

(d)the minority of any person who would, but for the direction to accumulate, be entitled to the income under the instrument;9

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