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Future Interests-Powers Of Appointment-Exclusive And Nonexclusive Powers And The Doctrine Of Illusory Appointments, John Houck S.Ed
Future Interests-Powers Of Appointment-Exclusive And Nonexclusive Powers And The Doctrine Of Illusory Appointments, John Houck S.Ed
Michigan Law Review
Testatrix, after making certain specific bequests, devised the residue of her estate to her son George for life. The will stated that upon the death of George, the property should pass to his widow and descendants, "provided, however, that [George] may devise his interest to his widow, his descendants or my descendants." The will further provided that if George should die leaving no widow or descendants, and without having made a testamentary disposition, the property was to pass one-half to George's brother and his descendants, and one-half to a sister. George died without having married and left a will which …
Future Interests-Creation Of A Power By Exercise Of General Testamentary Power Held Valid, William R. Hewitt S.Ed.
Future Interests-Creation Of A Power By Exercise Of General Testamentary Power Held Valid, William R. Hewitt S.Ed.
Michigan Law Review
H in his will created a trust which provided for a life estate for his wife W. The trustee was directed to distribute the corpus of this trust after W's death "to such person or persons as she [W] may limit, nominate, and appoint by her last will and testament." At her death, W's will provided that part of the property over which she had a power of appointment was to continue in trust for S for life, with the power in S to dispose of the corpus absolutely by her last will. S, …
Trusts-Possible Extension Of The Tentative Trust Doctrine
Trusts-Possible Extension Of The Tentative Trust Doctrine
Michigan Law Review
The settlor established a trust for the plaintiff, his daughter, appointing a trust company as trustee. The trust deed expressed the purpose of adding to the estate, but no additional property was delivered to the trustee. Later the settlor rented a deposit box from the trust company in the name of the plaintiff by himself as agent and informed its officers that he was creating another estate for the plaintiff for her use later in life, that he would manage the estate, and that he did not want plaintiff to know about the box. From time to time he placed …
Gifts-Necessity Of Acceptance
Michigan Law Review
The deceased was president of a water company and held stock in it. After his death the widow claimed part of this stock as a gift from her husband. A written assignment of the stock claimed, signed by the deceased, was introduced in the evidence to substantiate her claim. There was also evidence that the deceased had informed others that he had transferred most of his stock to his wife. But there was no proof that the wife knew of the transfer until after the death of her husband. Held, that an unconditional acceptance on the part of the …
Life Tenant And Remainderman-Income From Corporate Shares In Trust-Extraordinary Cash Or Stock Dividends
Michigan Law Review
A testator devises a block of corporate shares in trust,--the income to go to a life tenant for life, remainder to another as remainderman. So long as dividends are paid regularly, and in cash, distribution is a simple matter for the trustee. Dividends declared after the testator's death and before the death of the life tenant, are income and go to the life tenant; the rule operates regardless of when the profits which justify the declared dividends were earned. A real problem arises, however, when the corporation allows a surplus to accumulate for some time and then declares an extraordinary …