Contingent Future Interests

Life in Being A “life in being” is any party, living at the time the transfer was made, who has a causal effect on when and whether the future interests will vest or become possessory. Lives in being are usually named expressly in the grant, although they don’t have to be. There is no requirement that they must receive an interest. Example: O grants “To A for life, remainder to A’s children for life, remainder to A’s grandchildren living at death of A’s last child.” Lives in being are A, any of his children who are alive at the time of transfer, and any of his grandchildren who are alive at that time.
Rationale: A has a causal effect because he can have more children, which affects the vesting of the secondary life estate. His children have a causal effect because their very existence affects vesting and they affect the class of grandchildren. Finally, the very existence of the grandchildren affects the vesting of their future interest. Example: O grants “To my children for life, remainder to their grandchildren.” Lives in being are O, any of his children living at the time the grant was made, and any of O’s grandchildren and his children’s grandchildren living at the time of transfer.
Rationale: O has a causal effect because he can have more children. O’s children have an effect both on the vesting of their life estate and on having more children of their own. Their children (O’s grandchildren) have a direct effect on the size of the class of grandchildren. (Note that O’s grandchildren are neither named nor have any interest). Finally, the children’s grandchildren have an effect on the vesting of their future interest.
Time The perpetuities period runs for 21 years after the death of the last life in being. Gestation periods (i.