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Wills, Trusts & Estates Keyed to Gallanis
Petition of Wolcott
Citation:
56 A.2d 641 (N.H. 1948)Facts
Francis E. Getty died in 1944, leaving a will executed in 1932 that devised $2,500 to his widow, Ada C. Getty, $5,000 each to his two sons, and the residue of his estate in trust. The income from the trust was to be paid to Ada during her lifetime, and on her death the principal was to be paid to his then-living issue or, if none, to his heirs. The will conferred on the trustees broad discretionary powers concerning investment and management of trust assets, including the power to allocate receipts between income and principal and the power “generally to do all things in relation to the trust fund which the testator could have done if living.” The trustees sought authority to invade principal for Ms. Getty . The income amounted to about $2,300 per year and her needs were estimated at $5,800 per year; the trust principal was valued at $107,000. All living issue—the couple’s two sons and an 18-year-old grandson, who was represented by a guardian ad litem—consented to the deviation.
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