Estate of Ford

Citations

• 185 Pa. 420
• 39 A. 1106
• 1898 Pa. LEXIS 733

Syllabus

<p>Will — Trusts and trustees — Family settlement — Devastavit.</p> <p>Testator gave his residuary estate to his children. Shortly before his death he orally stated that it was his intention that his children should have only the income of their shares for life. One of the sons was named an executor and trustee of the will. After testator’s death all of the children united in an agreement reciting the oral statement made by testator, and declaring that they held their respective shares in trust for themselves for life, and from their respective deaths for their respective children. Many years afterwards the executor and trustee misappropriated a very-large amount of the funds of testator’s estate. Held, (1) that the agreement was avalid one, based upon sufficient consideration; (2) that the limitations to the children of testator’s children under the agreement were to be regarded as if the written will had expressed them in terms; (3) that the children of the defaulting trustee could not be compelled to make good the devastavit out of their share.</p>