Hallowell Trust

Opinion by

Mb. Justice Jones,

An inter vivos trust was created in 1935 by H. T. Hallowell (settlor) by transferring to his son, H. T. Hallowell, Jr., as trustee, 1,000 shares of Standard Pressed Steel Company common stock. In the trust agreement, the settlor directed that: the trustee “shall hold the said shares of stock and any stock dividends paid thereon intact”;1 the net income to be paid to settlor’s wife during her life; upon the life tenant’s death, one-half of the trust fund be distributed to settlor’s son 2 and the other one-half be held in trust for settlor’s daughter. Settlor died in…