Bowers's Estate
Bowers's Estate
Opinion of the Court
Opinion by
Jacob Bowers, a widower, with one child, a daughter named Mary, died July 6, 1915, leaving a will dated March 4,1913; testator gave all his property in'trust, to place “the money” at interest, lease the real estate, and pay over the entire net income, each year, to Mary Bowers, during her life; he further provided that, if at any time this daughter should ask the trustees to sell real estate, they should do so, and pay her, out of the proceeds, such sum as she might in writing request, her receipt therefor to be a sufficient release.
When testator’s will was made, he possessed certain personal property, a farm and another piece of real estate; on April 1, 1915, he sold this farm and invested the proceeds in securities valued at $14,839.29, which he owned at the time of his death. Letters testamentary were granted to Mary Bowers and the People’s Trust Company of Lancaster, whose account showed a balance of $16,102.27, which was awarded to these executors as trustees under the will.
July 26,1917, the trustees filed an account, showing a balance of principal amounting to $16,025.42; thereupon, Mary Bowers presented a petition to the Orphans’ Court, setting forth that, under the provisions of her father’s will, she had requested payment to her of the net purchase-price of the farm sold by decedent during his life, and praying an award accordingly. The trust company answered, denying petitioner’s right to the desired award; but, upon the adjudication of the trustees’ account, the court below directed them to pay her- the sum of $14,839.29, as principal derived from the sale of the farm; exceptions to this order were dismissed, and the daughter’s cotrustee appealed.
Decree reversed, costs to be paid out of the estate.
Reference
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- Status
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- Syllabus
- Wills — Construction—Gift of realty for life with power to consume — Power in devisee to direct sale and demand proceeds — Sale of realty by testator — Ademption—Intention. A testator owning real and personal property, bequeathed all his estate in trust, to place the “money” at interest, lease the real estate and pay over the entire net income annually to his only daughter, during her life, and provided that if at any time she should ask the trustees to sell the real estate they should do so and pay her, out of the proceeds, such sum as she might in writing request, her receipt therefor to be a sufficient release. The will further provided that at her death “whatever estate remains” is to go to certain collateral legatees. Before his death testator converted his real estate into securities. Held, the securities passed under the will as personal estate and an award thereof to the daughter at her request could not be made, her only interest therein being for life.