In Re the Estate of Ward

The will of Frederick T. Ward, after revoking former wills, directing payment of debts, &c., and of inheritance taxes out of the general estate, and a cash legacy of $1,000, under “Item 4” bequeathed to his executors $60,000 in trust to invest the same and apply the net income or so much as necessary for the benefit of Frederick L. Ward, testator’s nephew, and his family, with broad discretionary powers, and with ultimate division of the principal after his death.

“Item 5” bequeathed $12,000 to the executors as trustees to invest and pay net income to one Lotten Anderson during her life. There…