In Re the Accounting of Walker

The will of Hugh Corby Fox, deceased, created a trust which named his son — an only child — as the sole life beneficiary. The two trustees nominated by the testator were also authorized “ if in their discretion they so deem it advisable for his good and benefit” — to transfer to the son stated portions of the principal of the trust when he attained the ages of thirty, thirty-five and forty years. In the course of administering the trust the resignations of the two original trustees have led to the present proceeding in which is presented the question now before us: Was the discretionary power…