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KNEEDLER ESTATE (03/23/53)

March 23, 1953

KNEEDLER ESTATE


Appeal, No. 31, Jan. T., 1953, from decree of Orphans' Court of Montgomery County, Estate No. 41,217, in Estate of Jacob E. Kneedler, deceased. Decree affirmed.

COUNSEL

Richard K. Wagner, with him Samuel H. High, Jr., and J. Harry Wagner, Jr., for appellants.

S. Lloyd Moore, for appellee.

Frank J. Eustace, Jr., for appellees.

Before Stern, C.j., Stearne, Bell, Chidsey and Arnold, JJ.

Author: Chidsey

[ 373 Pa. Page 285]

OPINION BY MR. JUSTICE CHIDSEY

This is an appeal from a decree of the Orphans' Court of Montgomery County which dismissed exceptions

[ 373 Pa. Page 286]

    to an adjudication sur the second and final account of Land Title Bank and Trust Company and the schedule of distribution in accordance therewith.

The decedent, Jacob E. Kneedler, Jr., died on February 12, 1932, leaving a will and codicil thereto. The pecuniary legacies and trusts established by the will totaled $49,550. The first and final account of the executors and the adjudication thereon showed a balance of principal of $46,065.22, which was composed mainly of unconverted securities. Since there was a deficiency of assets, it was stated in the adjudication that the pecuniary legacies must abate proportionately.

The will established a trust of $30,000, the income from which was to be paid to the decedent's son, Eugene S. Kneedler, for life, and upon his death the principal was to revert to the residuary estate. Certain real estate was also placed in trust for Eugene S. Kneedler for life, and upon his death it was to be sold and the proceeds added to the residuary estate. A trust of $15,000 was established for the decedent's grandson, Robert K. Todd, one of the appellants. The terms of this trust were that the income was to be paid to Robert K. Todd until he reached the age of 30 years, at which time the trust was to terminate and the principal was to be paid over to him. A trust of $500 was also established for the decedent's great-grandson, Eugene G. Kist, the principal of which was to be paid over to him when he reached the age of 21 years.

On June 3, 1935, all of the parties in interest entered into an agreement. At that time the balance of principal for distribution, after adjustment for income and expenses and disposition of specific bequests, was $46,581.02. The agreement set forth the inventory value of the estate, and recited that the balance of principal of the personal estate was insufficient to pay all the legacies and set up the trusts in accordance

[ 373 Pa. Page 287]

    with the will of the testator, and that the parties in interest had agreed to the schedule of distribution attached thereto. With respect to the three trusts the agreement provided: "That the several Trusts directed to be created by the Will of decedent, namely the trust for Eugene S. Kneedler, son, Robert K. Todd, grandson, and Eugene George Kist, the great-grandson, shall be taken, from the Personal Property Principal at the aforesaid values, for the time being, and so remain to and until the values thereof shall, in the discretion of the Trustees, or their successors in Trust, justify and warrant a sale or disposition thereof, and a reinvestment as is authorized by the powers granted to the said Trustees by the Will of the decedent;...". The agreement then continued and provided for the postponement of payment of certain legacies until the termination of the trusts for Eugene S. Kneedler, part payment of other bequests, and payment of income to the cesti qui trustents in proportion to their interests therein. The schedule of distribution attached to the agreement appeared as follows:

"To Mt. Vernon Cemetery Co. In Trust for

     perpetual care of Cemetery lot; Item second

     of Will 150.00

To Charles B. Harding and the Integrity

Trust Co. of Philadelphia In Trust for

     son, Eugene S. Kneedler; Item sixth

     of Will 30,000.00

To Charles B. Harding and the Integrity

Trust Co. of Philadelphia In Trust for

     grandson, Robert K. Todd; Item eighth

     of Will ...


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