Denniston v. Pierce

Citations

• 260 Pa. 129
• 103 A. 557
• 1918 Pa. LEXIS 480

Syllabus

<p>Wills — Trusts—Devises—Trustees as beneficiaries — Active trust —Spendthrift trusts — Gonstruction—Intention.</p> <p>1. The contention that a trust cannot be created where the trustee is the sole beneficiary does not apply where the trustees are not the sole beneficiaries. The fact that the trustee may be entitled to a portion of the income does not destroy the trust or disable the trustee from acting as such.</p> <p>2. A testator devised the residue of his estate to three sons, William, Joseph and Andrew, in trust, to manage the property and to spend so much of the income or principal thereof as might be necessary for making improvements and additions to certain real estate, and out of the income to pay his wife $1,000 annually during her lifetime, and, if in any year the income -should not amount to such sum, the trustees or a majority of them should have the right to pay to her out of the principal such amount as should with the income equal $1,000; and upon the further trust to pay’for the education of Andrew and for his maintenance and support during his education annually such amount as might be necessary for that purpose in the opinion of the other sons, and when Andrew should complete his education then to pay him $1,000 out of the principal as soon as the same could be conveniently realized. Testator further directed that the trust should not terminate during the lifetime of the wife and that after her death it might be terminated at any time by the joint action of any two of the trustees or by the survivor, in case two of the trustees should have died. Testator directed that upon the termination of the trust the residue of his estate then unexpended and undivided should be divided among his three sons equally, their heirs and assigns, the child or children of any deceased child to take the share which the parent if living would have taken “provided, however, that until the trust shall have been terminated neither of my sons shall have the power to sell,