Hays's Estate

Citations

• 234 Pa. 70
• 82 A. 1102
• 1912 Pa. LEXIS 612

Syllabus

<p>Wills — Construction—•Life estate — Power to sell stocks — Trusts ancl trustees.</p> <p>Testator gave to his wife the residue of his estate for life, and authorized her to sell certain shares of stock specifically described, and to dispose of the proceeds thereof as she might desire. After the death of the wife, appraisers chosen by his two daughters were to divide all of his estate “which there shall then be in two equal parts,” and allot one share to each daughter, which shares the daughters were to hold for life, subject, however, to coverture and spendthrift trusts, with power of appointment to their children, with remainder over in case of death without children to the survivor, for life, and in case of death of the survivor without children to the persons entitled under the intestate laws. Testator further provided that after his widow’s death either of the daughters might exercise the same power of sale as given to the widow “as to any of said property left to her share; and may in the same manner receive and dispose of the proceeds thereof.” The widow died without having sold the shares of stock. No division of the estate was made or demanded between the two daughters, and one .of the daughters died after the mother’s death without having exercised a power of sale. Held, that the executor of the deceased daughter took no title or interest in the shares of stock, inasmuch as the deceased daughter had no interest in them, but only in their proceeds, if she had chosen to exercise her option to sell.</p>