lives in being

lives in being

Persons who will be alive at the time a transfer of real estate takes place.Under highly technical and infrequently encountered rules of real estate having to do with something called the Rule Against Perpetuties, certain time limits start to run by reference to lives in being. If a gift of real estate is made in a will, then the time limit is measured by the persons alive at the time the will is effective—when the testator dies—not when the will is first signed.

The Complete Real Estate Encyclopedia by Denise L. Evans, JD & O. William Evans, JD. Copyright © 2007 by The McGraw-Hill Companies, Inc.