MS HB891

Repeals the common law Rule Against Perpetuities for noncharitable trusts that explicitly state a term not exceeding 360 years.

Voids future interests or trusts that suspend the power of alienation for more than 360 years, with separate calculations for revocable trusts, general powers of appointment, and nongeneral or testamentary powers of appointment.

Validates general and nongeneral powers of appointment if irrevocably exercised or terminated within 360 years of creation, with specific rules for successive powers of appointment.

Distributes property interests that become invalid after the 360-year period expires to income beneficiaries, or to charitable organizations if no living beneficiaries remain eligible.

Applies only to trusts created after July 1, 2014, and becomes effective on that date.