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Estates and Trusts

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Articles 241 - 270 of 283

Full-Text Articles in Common Law

Future Interests-Rule As To Remoteness Of Vesting In California, Howard W. Haftel S. Ed. May 1949

Future Interests-Rule As To Remoteness Of Vesting In California, Howard W. Haftel S. Ed.

Michigan Law Review

T devised the income of a trust to his unmarried daughter for life. If at her death there were living issue of the daughter, the income was to be distributed to such issue until 24 years after T's death. The trust was then to terminate, unless issue, who had been living at T's death, should survive the 24-year period, in which event the income was to continue to be distributed until the death of such issue. It was further provided, "if my said daughter survives me, but at the time of her death leaves no issue of hers …


Future Interests-Worthier Title Doctrine, David H. Armstrong S. Ed. May 1949

Future Interests-Worthier Title Doctrine, David H. Armstrong S. Ed.

Michigan Law Review

Plaintiff created an irrevocable trust of $75,000, reserving the income to himself for life and directing distribution of the corpus upon his death to his heirs according to the California laws of succession in existence at his death. Later he sued to terminate the trust on the theory that since the worthier title doctrine prevented creation of a remainder in his heirs, he was sole beneficiary. The intermediate California appellate court held that the worthier title doctrine was inapplicable because of a California statute changing the word "heirs" from one of limitation to one of purchase. Therefore, the outstanding remainder …


Illegal Conditions And Limitations: Effect Of Illegality, Olin L. Browder, Jr Apr 1949

Illegal Conditions And Limitations: Effect Of Illegality, Olin L. Browder, Jr

Michigan Law Review

IN earlier articles the writer undertook to explore that miscellaneous and somewhat neglected field of law in which public policy is held to nullify the efforts of persons to impose certain types of conditions and limitations on dispositions of their property.' Such provisions most commonly take the form either of conditions subsequent or executory limitations, but occasionally appear as conditions precedent or special limitations. Unlike provisions which run afoul of the rule against perpetuities or the rules against restraints on alienation, the provisions in question usually prescribe conduct on the part of beneficiaries which is not directly related to the …


Future Interests - Powers Of Appointment- Effect Of Bankruptcy Of Donee Of General Testamentary Power, Albert B. Perlin, Jr. Jan 1949

Future Interests - Powers Of Appointment- Effect Of Bankruptcy Of Donee Of General Testamentary Power, Albert B. Perlin, Jr.

Michigan Law Review

By her will, X established a spendthrift trust, appointing Y and a trust company as co-trustees. In addition to receiving the income from the trust during his life, Y was given a general testamentary power to appoint the corpus; in default of appointment the corpus was to be divided equally among Y's issue. After X's death Y filed a voluntary petition in bankruptcy, listing the above interest as that of a beneficiary of a spendthrift trust, "value none." Before Y's death the trustee in bankruptcy purported to sell to plaintiff, who was not a creditor of Y …


Wills-Bequests Of Annuities-Right Of Legatee To Receive Principal In Lieu Of Annuity, Daniel W. Reddin Iii S.Ed. Nov 1948

Wills-Bequests Of Annuities-Right Of Legatee To Receive Principal In Lieu Of Annuity, Daniel W. Reddin Iii S.Ed.

Michigan Law Review

Decedent left a will in which she made a bequest of $3000, $1000 to be paid in cash and the balance to be invested by her executor in annuities to be purchased from certain specified companies. In his final report, which was upheld by the district court, the executor expressed his belief that the legatee had the right under this will to elect either to receive the entire bequest in cash or to have the designated part invested in the specified annuities, and stated that since the legatee had elected to receive the cash, the entire $3000 would be distributed …


Future Interests - Statute Abolishing The Rule In Shelley's Case Applied To The Worthier Title Doctrine, Joseph W. Morris May 1948

Future Interests - Statute Abolishing The Rule In Shelley's Case Applied To The Worthier Title Doctrine, Joseph W. Morris

Michigan Law Review

Plaintiff set up an irrevocable trust of $75,000 to pay the income to himself for life, and upon his death to distribute the remainder of the trust to his heirs at law according to the laws of succession of the State of California in existence at his death. He later brought suit to terminate the trust on the theory that the worthier title doctrine prevented the creation of a remainder in his heirs at law, and that as sole beneficiary of the trust, he was entitled to termination. Held, the worthier title doctrine was inapplicable because of a statute …


Witnesses-Dead Man Statutes-Competence Of Spouse Of Party Or Interested Person-Effect Of Divorce, James E. Tobin S.Ed. Mar 1948

Witnesses-Dead Man Statutes-Competence Of Spouse Of Party Or Interested Person-Effect Of Divorce, James E. Tobin S.Ed.

Michigan Law Review

The "Dead Man" statutes, enacted in various forms in almost every state, generally forbid a party or person interested to testify in an action involving a decedent's estate. As is well known, these statutes are the lone survival of the common law rule disqualifying parties and persons interested as witnesses in all actions, a rule which has otherwise been universally repudiated because of the realization that pecuniary interest does not necessarily raise any large probability of falsehood and that, even if it did, the risks of admitting such testimony can easily be minimized and are far outweighed by the advantages …


Wills-Validity Of A Statutory Compromise Of A Will Contest Which Alters Or Reduces Possible Interests Created Under The Will, John M. Veale S.Ed. Feb 1948

Wills-Validity Of A Statutory Compromise Of A Will Contest Which Alters Or Reduces Possible Interests Created Under The Will, John M. Veale S.Ed.

Michigan Law Review

Testator's will created a trust of realty and personalty worth about nine million dollars. Small life annuities, subject to spendthrift provisions, were given to various heirs, with remainder on the death of the survivor of two grandsons to T's "legal heirs." Several years after T's death the heirs filed a bill to construe the will, claiming that it gave them vested remainders in the trust estate. Pending decision, all the present heirs executed an agreement to compromise the controversy which provided for immediate distribution to themselves of six million dollars from the corpus. The agreement was submitted to …


Powers-Execution By A General Residuary Clause, John E. Grosboll S.Ed. Dec 1947

Powers-Execution By A General Residuary Clause, John E. Grosboll S.Ed.

Michigan Law Review

Testatrix was given a general testamentary power of appointment over the corpus of a trust by her deceased husband's will. His will further directed that "a general residuary clause in her will shall not be deemed to be an exercise of said power of appointment." Plaintiff was named as a taker in default of appointment. The testatrix died eight years later leaving a will which expressly provided that it was exercising the power of appointment. One paragraph of her will gave several specific bequests from the said trust estate; the paragraph following provided: "All the rest, residue and remainder of …


Descent And Distribution-Necessity Of Administration Of Decedents' Estates-Effect Of Statutes Which Change The Devolution Of Personal Property, Neal Seegert S.Ed. May 1947

Descent And Distribution-Necessity Of Administration Of Decedents' Estates-Effect Of Statutes Which Change The Devolution Of Personal Property, Neal Seegert S.Ed.

Michigan Law Review

It is almost an axiom of the common law that upon the death of a person the title to his personal property vests in his personal representative. On the other hand it is equally axiomatic that title to real property descends directly to the heirs or devisees, subject to the control of the personal representative and the probate court for purposes of satisfying the debts of the decedent in the absence of sufficient personalty. A number of jurisdictions, however, have by statute altered the common-law doctrine and have provided that title to both personalty and realty passes directly to the …


Deeds--Co-Tenancy--Conveyance By Grantor To Himself And Wife, John F. O'Connor S.Ed. Mar 1947

Deeds--Co-Tenancy--Conveyance By Grantor To Himself And Wife, John F. O'Connor S.Ed.

Michigan Law Review

Decedent executed a deed conveying to himself and wife "as joint tenants and not as tenants in common with the right of survivorship." After decedent's death, the surviving spouse, plaintiff in this action for specific performance, entered into a contract to sell the land described in the conveyance to defendants who declined to accept a deed from the plaintiff. Defense, that the conveyance executed by decedent did not create a joint tenancy, therefore plaintiff did not have full title to convey. Held, the deed created a joint tenancy with the right of survivorship in the wife, the surviving wife …


Wills--Construction-Lapse-"Heirs" As Substitutionary, Ira M. Price, Ii Jan 1947

Wills--Construction-Lapse-"Heirs" As Substitutionary, Ira M. Price, Ii

Michigan Law Review

Testator in his will bequeathed one half of his estate "share and share alike" to his three brothers, naming them, "being to each a one-third part thereof, to them and their heirs forever." Two of the brothers were to testator's knowledge dead at the time he made his will, and the third brother predeceased the testator. In proceedings brought for a construction of the will, held, that the residuary legacies to the brothers did not lapse, but the legacies vested in the respective heirs of deceased brothers. In re Britt's Estate, (Wis. 1946) 23 N.W. (2d) 498.


Co-Tenancy-Conveyance By Grantor To Himself And Another, Shubrick T. Kothe Jun 1946

Co-Tenancy-Conveyance By Grantor To Himself And Another, Shubrick T. Kothe

Michigan Law Review

Decedent, owning land and personal property thereon, executed a deed purporting to convey to herself and her son a life estate in the property "as joint tenants during their joint lives and an absolute fee forever in the remainder to the survivor of them. . . " Held, the deed created a tenancy in common in both of them during their lives and an estate in fee to the survivor. Hass v. Hass, (Wis. 1946) 21 N.W. (2d) 398.


Trusts And Estates-Trends In The Law: 1941-1945 (A Service For Returning Veterans), Lewis M. Simes Apr 1946

Trusts And Estates-Trends In The Law: 1941-1945 (A Service For Returning Veterans), Lewis M. Simes

Michigan Law Review

In every generation there are some judicial decisions so revolutionary that any summary of developments in the law, regardless of its author or of its brevity, would include them. Such cases as Erie Railroad v. Tompkins and Williams v. North Carolina will fall into this category no matter who lines up the materials. But such avulsive changes rarely if ever occur in the law of Trusts and Estates; and it is anybody's guess to determine the significant aspects of the day-to-day accretions which actually take place. Thus, the writer has no illusions that he is singling out the trends as …


The Function Of Will Contests, Lewis M. Simes Feb 1946

The Function Of Will Contests, Lewis M. Simes

Michigan Law Review

To anyone steeped in the doctrines of the common law there is something anomalous about the will contest. First, the will is duly admitted to probate in a proceeding which is almost universally conceded to be judicial. Then at a subsequent time a so-called contest is brought by the heir, in which the precise proposition determined on the probate is retried. In most jurisdictions the heir is not bound to make any sort of a showing to entitle him to contest. He need not allege newly discovered evidence. He need not submit any evidence of · fraud or mistake. Indeed, …


Joint Tenancy-Effect Of Word "Jointly"-Parol Evidence As To Intent Jun 1945

Joint Tenancy-Effect Of Word "Jointly"-Parol Evidence As To Intent

Michigan Law Review

The common law rule was well settled that a conveyance to two or more, not husband and wife, made them joint tenants, not tenants in common, unless language was used to show an intent that they were not to be joint tenants. The reason for such a rule having passed, the modern rule is to the opposite effect-two or more conveyees, with certain exceptions, are presumptively tenants in common. The Illinois statute, for example, declares that "no estate in joint tenancy in any lands ... shall be held or claimed under any grant . . . unless the premises therein …


Future Interests-Worthier Title Doctrine Applied To Remainder To Next Of Kin Where The Subject Matter Is Personalty, Margaret Groefsema S.Ed. Apr 1945

Future Interests-Worthier Title Doctrine Applied To Remainder To Next Of Kin Where The Subject Matter Is Personalty, Margaret Groefsema S.Ed.

Michigan Law Review

The trustee bank petitioned for instructions as to the proper disposition of the remainder of a trust of personal property, the principal of which amounted to some $29,000 upon the life beneficiary's death in 1942. The donor had provided for a life estate in the income, the principal to go to the settler's statutory next of kin under the laws of intestacy of the state of Massachusetts in default of the exercise by the settler of a reserved power of appointment. The court, having held that a will which Nicolls, the settler, had executed in favor of various friends of …


Trusts - Accumulation Of Income, James L. Mccrystal Aug 1942

Trusts - Accumulation Of Income, James L. Mccrystal

Michigan Law Review

Testator left his estate in trust until twenty-one years after the death of two nieces, the trust income to be used first to pay several annuities and the remainder "to be re-invested by the trustee for the increase and benefit of this trust fund." At the expiration of twenty-one years after the death of both nieces the trust was to terminate and the estate to be distributed. The lower court held that, while the trust did not violate the rule against perpetuities nor the District of Columbia statute as to the suspension of the power of alienation, the trust income …


Revocation Of Wills By Subsequent Change In The Condition Or Circumstances Of The Testator, Elizabeth Durfee Jan 1942

Revocation Of Wills By Subsequent Change In The Condition Or Circumstances Of The Testator, Elizabeth Durfee

Michigan Law Review

Among the oldest rules in the law of wills are those by which a will is held to be revoked by implication by certain changes in the circumstances of the testator. The purpose of this paper is to investigate these rules. Special reference will be made to statutes, both those which deal generally with the subject and those which provide specifically for the effect of particular events, such as marriage; no attempt will be made, however to analyze the latter type of statute exhaustively. By way of introduction, a brief historical survey of the doctrine should be made.


Executors And Administrators - Effect Of Testamentary Provisions On Executors' Fees, Michigan Law Review Jan 1940

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 …


The Widow's Right Of Election In The Estate Of Her Husband, Elbridge D. Phelps Jan 1939

The Widow's Right Of Election In The Estate Of Her Husband, Elbridge D. Phelps

Michigan Law Review

Reference has already been made to the difficulties arising when the widow has elected to take under the will, and for some reason or other, intestate property also remains to be disposed. Further difficulty arises in those cases where the widow elects to take against the will and yet claims to share in intestate property. Shall her claim be allowed under those circumstances?


The Widow's Right Of Election In The Estate Of Her Husband, Elbridge D. Phelps Dec 1938

The Widow's Right Of Election In The Estate Of Her Husband, Elbridge D. Phelps

Michigan Law Review

Before launching into the discussion proper, and in order to avoid confusion and misunderstanding later on, it is deemed wise at once to mark out boundaries within which it is proposed to confine the treatment of the subject here involved. Accordingly, in that which follows, attention will be centered largely on the necessity for election by a widow under modern statutes which allow her to take against her husband's will, and on the effects of her election or non-election upon her interest in her husband's estate. In so far as a surviving husband has identical rights, they will be adverted …


Restricted Testation In New Zealand, Australia And Canada, Joseph Dainow May 1938

Restricted Testation In New Zealand, Australia And Canada, Joseph Dainow

Michigan Law Review

One of the long accepted differences between the common law and the civil law has been the freedom of testamentary disposition of the former as contrasted with the limitations of the latter. Thus, while the continental testator was limited in the amount of property that he could leave away from the members of his immediate family, the Englishman could cut them all off without a penny. In other common-law countries the same liberty was continued; but recent years have witnessed important departures.


Trusts-Restated And Rewritten, Harry W. Vanneman Jun 1936

Trusts-Restated And Rewritten, Harry W. Vanneman

Michigan Law Review

Two books were published during the past year which are of the greatest importance to those of the legal profession who are interested in the law of trusts. Professor Bogert's seven volumes appeared first, followed shortly by The Restatement of the Law of Trusts by the American Law Institute, of which Professor Scott, of the Harvard Law School, was the reporter. Professor Bogert, of the University of Chicago Law School, was a member of the Institute's Committee on Trusts. Since 1927, therefore, when the Institute began work on the Restatement of Trusts, Professor Bogert apparently has been working …


Trusts - Constructive Trusts - Breach Of Fiduciary Relation Between Husband And Wife With Respect To Oral Agreement Concerning Land Nov 1935

Trusts - Constructive Trusts - Breach Of Fiduciary Relation Between Husband And Wife With Respect To Oral Agreement Concerning Land

Michigan Law Review

In her last illness, Mrs. Jackson desired to transfer realty to her married daughter, plaintiff herein. To prevent creditors of the daughter's husband from reaching the property, Mrs. Jackson conveyed the land to her husband, Mr. Jackson, with the parol understanding that "he would see that Cora got it." Jackson failed to transfer the land and upon his death it passed under an ante-nuptial settlement to defendant, his second wife. In an action to recover the land, the court stated that defendant was in the position of a bona fide purchaser for value, and held that the statute of frauds …


Transfer Of Future Interests, W. Lewis Roberts Jan 1932

Transfer Of Future Interests, W. Lewis Roberts

Michigan Law Review

In considering to what extent future interests are transferable in this country it is proposed to limit the investigation to those future interests known as contingent remainders, executory devises, and defeasible vested remainders. It has not been deemed necessary to consider vested remainders as they have long been treated by the law in much the same way as present estates have been as far as alienation is concerned.


Husband And Wife As Statutory Heirs, Paul L. Sayre Jan 1929

Husband And Wife As Statutory Heirs, Paul L. Sayre

Articles by Maurer Faculty

No abstract provided.


Common Law Trusts As Business Enterprises, Robert C. Brown May 1928

Common Law Trusts As Business Enterprises, Robert C. Brown

Indiana Law Journal

No abstract provided.


Recent Important Decisions, Michigan Law Review May 1922

Recent Important Decisions, Michigan Law Review

Michigan Law Review

Assignments- Assignment of an Expectancy - Joseph and James were two of six children. A contract witnessed "that Joseph Snyder has sold to James Snyder one undivided sixth of the real estate owned by the mother, Susan Snyder; to secure said interest to James after her death, the mother unites in the conveyance of said interest The said Joseph warrants and defends the interest from all claims." The contract was signed by Joseph and by the mother. Held, Joseph had no estate which he could convey, and the contract, though made with the consent of the mother, was unenforceable either …


Wills - Revocation By Judicial Legislation, Edwin C. Goddard Jan 1919

Wills - Revocation By Judicial Legislation, Edwin C. Goddard

Articles

Wills and their revocation as we know them are peculiarly the result of the actions and reactions of our common and statute law. We are sufficiently familiar with statutes, declaratory of the common law, in derogation thereof, and creating entirely new principles of law. We also know law the result of no legislative act. Whatever may or may not be admitted about court-made law, we see the undoubted fact that the great body of our law is the outgrowth of decisions applying to new conditions principles of law found in analogous cases, whereby the common law is able to adapt …