Padfield v. Padfield

Citations

• 72 Ill. 322

Syllabus

<p>1. Trust—executory, not enforced in equity. Although a court of chancery will not lend its aid to complete a voluntary agreement establishing a trust, nor hold it binding and obligatory while it is executory, yet, if it is executed, although voluntary and without consideration, it will be sustained and enforced in all its provisions.</p> <p>2. Same—whether executed or executory. In determining whether a trust is an executed or only an executory one, the intention of the parties at the time of creating it, is an important and controlling element, and equity, dis. carding unmeaning and useless forms, will look to the substance of the act done, and the intention with which it was done, and carry out that intention.</p> <p>3. Executed trust—cun not be changed by will. Where a party places property in the hands of a trustee for the use of his children, to be disposed of as directed by a will executed by him at the same time, the trust will be executed in accordance with such will, notwithstanding the will may be revoked and another one executed. The right of the party to make another will is not affected by such trust, but the right to dispose of or change the terms of an executed trust by will, does not exist.</p> <p>4. A father transferred to his son a large amount of notes and other securities, and took from him an agreement to pay $2000 per annum for his father’s support during his life, and to pay to certain parties named two-thirds of the proceeds of such notes and securities, upon the death of the father, for the use of a brother and sister named, ■which amount, so paid to such trustees, they were to dispose of as directed by the last will and testament of the father. At the same time, and as part of the same transaction, the father executed his last will and testament, and it and the son’s agreement were all placed in the hands of one of the trustees named, for safe keeping. It appeared, from oral testimony, that the intention of the father at the time was, to