New Cook Islands Legislation: Fine Tuning the Law Howard Rosen, Esq. & Patricia Donlevy-Rosen, Esq. November 15, 1996 No Comments on New Cook Islands Legislation: Fine Tuning the Law The new law abolishes the common law “rule against perpetuities”. This means that a “dynasty” trust can now be established in the Cook Islands. Thus, you can establish a trust in the Cook Islands which will continue indefinitely.