Grave concerns

The entail was one of the few instruments that allowed pre-industrial testators to organize long-term strategies with respect to asset management: it allowed them to decide which goods descendants could alienate, and also after how many generations restrictions would be lifted. This article looks into the somewhat neglected topic of entailment in merchant towns, and thus contributes to our understanding of the goals urban testators set with respect to asset management, both for themselves and their descendants. Evidence from Amsterdam suggests that many testators were inclied to create long-term strategies once improvements had been made to the institutional framework surrounding the entail. Our analysis indicates that they were particularly looking for ways to prevent descendants from squandering patrimonial goods, but without reducing liquidity. This 'intergenerational agency problem' was solved by allowing groups of descendants to file requests to have entails cancelled.