130 Misc. 337 | N.Y. Sur. Ct. | 1927
The trustees of the trusts created by the will of testatrix, and the codicil thereto, are accounting in two of the thirteen trust estates, because of the death of Helen R. B. Sears, who was the beneficiary of one of the trusts which are thus terminated, and one of two beneficiaries of the other trust. The remainderman of all the thirteen trusts is Dartmouth College.
A question is presented as to whether or not the gift of all the
I think this ruling of the Court of Appeals is ample authority to control the present case. Moreover, this rule is manifestly the most just and most practical, as we will see at a glance when we inquire where the. contentions of the next of kin lead us. ■ They contend that as to the trusts which have already terminated the valuation of the remainders given to Dartmouth College should be predicated upon actual values at the time of death of life tenants; and m the other hand they urge that the rule laid down in the Durand case, above cited, be adopted in determining the value of the remainders in the eleven other trusts. Needless to say such procedure would be inconsistent and unfair. Moreover, the rule we are adopting (Matter of Durand, supra) not only meets the exigencies of the administration of estates, by making it possible to determine in the early stages what the amount of the bequests to charitable, educational and other similar institutions are, and
The next of kin rely for support of their contention on Matter of Seymour (239 N. Y. 259) and Matter of Blumenthal (124 Misc. 850). As pointed out in Matter of Shiman (N. Y. L. J. April 6, 1927) these cases so relied on are not in conflict with the Durand and Hollis Cases (supra), but were decided on the peculiar facts presented therein. Under the method of computation adopted, the remainder interests of Dartmouth College in this estate will not exceed one-half of the estate after the payment of debts, and' the bequest to the college, therefore, is entirely valid.
As to the minor questions presented, concerning the disposition to be 'made of the payments of accrued income and other amounts payable to the estate of Helen K B. Sears, the disposition suggested in the brief submitted on behalf of the executor of that estate appears to be correct and will be adopted by the court.
Submit decrees on notice settling the accounts accordingly.