Security-First National Bank v. Henigbaum

VALLÉE, J.

This is a companion case to Estate of Baird, ante, p. 333 [287 P.2d 365], William M. Baird died testate. The decree of distribution in his estate distributed one-fourth of the residue to his widow Margaret and Pacific-Southwest Trust and Savings Bank, now Security-First National Bank of Los Angeles, referred to as the bank, in trust for the life of Margaret, with a power of appointment of the remainder in Margaret and in the event of its nonexercise, to her heirs at law. Margaret died on March 6, 1951. The trust terminated on her death. She exercised the power of appointment as to…