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Full-Text Articles in Law
Trusts - Power Of Settlor-Beneficiary To Terminate Spendthrift Trust, Roy L. Rogers
Trusts - Power Of Settlor-Beneficiary To Terminate Spendthrift Trust, Roy L. Rogers
Michigan Law Review
The plaintiff established a trust fund, the income from which was to be paid to herself for life, remainder as she should appoint by will or in default of appointment to her next of kin. The trust instrument contained spendthrift provisions, and an express provision against revocation. Subsequently the value of the corpus declined, income dwindled to practically nothing, and plaintiff became practically destitute. Held, the trust, failing to accomplish its purpose, may be terminated. Rehr v. Fidelity-Philadelphia Trust Co., 37 Pa. D. & C. 324 (1939).
Trusts-Liability Of Life Tenant And Remainderman For Carrying Charges On Unproductive Property, James D. Ritchie
Trusts-Liability Of Life Tenant And Remainderman For Carrying Charges On Unproductive Property, James D. Ritchie
Michigan Law Review
Testator put certain property, highly productive at the time of his death, in trust, income to his grandaughter for life, remainder over. Subsequently part of the property became unproductive, so that if the income from the rest should have fallen below three per cent and taxes were paid from income, the life tenant would have received nothing. The will authorized the trustee to sell when expedient; although using due diligence, the trustee had not yet sold. In a contest between the life tenant and remainderman, held, taxes accrued since the property became unproductive are payable from principal, not income. …
Joint Tenancy - Right To Transfer By One Party - Right Of Survivorship, John H. Pickering
Joint Tenancy - Right To Transfer By One Party - Right Of Survivorship, John H. Pickering
Michigan Law Review
In two recent cases the Supreme Court of Michigan has had occasion to pass upon the doctrine of survivorship in joint tenancies. In one case the deed ran to father and son as joint tenants and contained a covenant that neither would sell without the written consent of the other. The father conveyed his interest without the son's consent and died. The court held that the deed created a joint tenancy, that since the restrictive covenant was void as a restraint on alienation and repugnant to the grant, the joint tenancy was severed by the father's conveyance, and therefore the …
Wills- Partial Intestacy-Effect Of Attempt To Disinherit An Heir Or To Limit His Share, James D. Ritchie
Wills- Partial Intestacy-Effect Of Attempt To Disinherit An Heir Or To Limit His Share, James D. Ritchie
Michigan Law Review
Where testator bequeathed to one of his brothers "the sum of five dollars, this amount to be in full for any and all bequests I would leave him as a brother or heir," and certain property passed by intestate succession because of a void residuary clause, held, the share of the brother, an heir, was restricted to five dollars. LaMere v. Jackson, 288 Mich. 99, 284 N. W. 659 (1939).
Executors And Administrators - Effect Of Testamentary Provisions On Executors' Fees, Michigan Law Review
Executors And Administrators - Effect Of Testamentary Provisions On Executors' Fees, Michigan Law Review
Michigan Law Review
At the early English law an executor was entitled to the surplus of the personal estate after the payment of debts and legacies, but this practice nowhere prevails today. At common law the office of executor was regarded as honorary, to be performed without compensation unless the will expressly provided for compensation. It is doubtful if the common-law rule ever obtained in this country, where from a very early time it has been universally considered that executors are normally entitled to reasonable compensation not only to reward them for their time, labor and trouble, but also for the responsibility incurred …