Neeb's Estate

Citations

• 263 Pa. 197
• 106 A. 317
• 1919 Pa. LEXIS 398

Syllabus

<p>Wills — Trust and trustees — Accumulation of income — Act of April 18,1858 — Trust fund for education of legatees — Vested interest — Contingent interest.</p> <p>1. One of two legatees upon reaching the age of twenty-one is not entitled to demand a distribution of the income of a trust fund upon tbe theory that the bequest creating it provides for an accumulation of income in violation of the Act of April 18, 1853, P. L. 503, where the will directed the trustees to invest a certain portion of the residue of the estate and to pay from time to time such portions of said income and profits as they in their judgment may deem necessary and advisable to pay for the purpose of aiding the two children of the testator’s deceased sister “in getting as good an education as said children may desire to get, each until it receives its share under this my will,” and providing further that no portion of the income shall ever be paid to the father of said children, and that whatever portions of the income and profits are not paid for aiding in educating the children shall be added to the principal and that at the death of the father of said children and when the children have reached the age of twenty-five years, the trust fund shall be equally divided between them, and providing that in case of the death of either of the children before being entitled to its share, the share of such deceased child should be paid to its surviving children and not leaving children, then over to nieces and nephews of testator.</p> <p>2. Such a bequest is not an unlawful accumulation during the minority of any one of the children because under the will any portion or all of the income may be paid for the education of either one of the children if necessary. Although there may be an unlawful accumulation of income after both of the children have arrived at the age of twenty-one years, until that time the accumulations may be paid to the person entitled thereto as if such accumulation had not been dir