Ingersoll's Estate

Citations

• 167 Pa. 536
• 36 W.N.C. 251
• 31 A. 858
• 1895 Pa. LEXIS 945

Syllabus

<p>Will — Trusts and trustees — Power of appointment.</p> <p>Testator gave to trustees one fourth of his estate in trust for two grandsons during their minority, with cross remainders in case of the death of either during minority, without issue, and remainder over if both so died, but on the arrival of each at twenty-one his estate was to go to him in severalty. In a subsequent clause of his will he gave his daughter power to revoke the devises and bequests to the grandsons, and to appoint trusts for either or both, first, deferring the time for the receiving of the principal, or secondly, reducing the estate to one for life without right of anticipation or subjection to creditors, and lastly, with or without testamentary power of appointment, “ and with remainders to the persons who would be entitled if the child as to whose estate this power is exercised died owner of the same.” Held, (1) that it was not the intention of the testator that the estates of his grandsons should be fettered beyond their respective lives; (2) and that the daughter while having power to revoke the devise, and to declare a spendthrift trust for life for oue of the nephews, had no power to declare that the estate of this nephew upon passing to the other should be held under a spendthrift trust.</p> <p>In the above case testator authorized his trustees “to sell and convey .all or any part of my estate or property which they may hold under this will, and to receive and receipt for the purchase money, and from time to time call in and change any investments,” and with the consent of the cestui que trust “purchase real estate, and sell and convey the same.” He also directed that they should not be restricted to such securities as trustees are restricted to by law. The daughter by deed gave to the same trustees “ power to retain all investments legal or otherwise, and to invest and change investments whenever they shall think advisable without being restricted to what are known as legal securi