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was to be undiminished by estate taxes, which were to be
paid from the residuary trust established under Article
Seventh.
Article Seventh of Mr. de St. Aubin's will directs
that the remainder of his estate be placed in a residuary
trust with decedent as the income beneficiary. The will
provides no guidance regarding the frequency of payments of
income. He granted the trustees discretion to invade the
principal of the residuary trust for decedent's benefit,
up to a total of 50 percent of the value of the corpus.
Decedent held no power of appointment over the residuary
trust. Rather, Article Seventh provides that upon her
death, the remaining principal would be equally divided and
placed in four separate residuary trusts, with the income
therefrom paid to their four children. The trust principal
would eventually devolve to the descendants of the
children.
Article Eleventh of Mr. de St. Aubin's will applies
to the sale of property that forms a part of the estate
principal or a part of the corpus of any trust created
under the will. This article provides as follows:
All profits and losses realized upon the sale of
any real or personal property forming a part of
the principal of my estate or any such trust
shall be added to, or charged against, the
principal thereof. * * *
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