Author: R.F.D. Barlow QC, C.H. Sherrin, R.A. Wallington, S.L. Meadway
As we predicted in the Preface to the First Supplement to the 9th edition of Williams on Wills, the big news in this Second Supplement is the Perpetuities and Accumulations Act 2009, which was brought into force by statutory instrument on 6 April 2010. It applies to wills made on or after that date, and probably also to wills made before that date which are republished by a codicil made on or after that date (unless a contrary intention is expressed). It imposes a mandatory perpetuity period of 125 years, and abolishes the restrictions on the periods (short of the perpetuity period) for which income can be accumulated, save that for charitable trusts accumulation of income is only permitted for 21 years or the life of the settlor.