Wickman v. McGraw

MANN, Chief Judge.

“The most fundamental duty owed by the trustee to the beneficiaries of the trust is the duty of loyalty.” 2 Scott, Trusts (3d ed) § 170.

Carl Robert Wickman died in 1960. His widow and attorney were named executors of his will and trustees of a testamentary trust. The will left one-third of the estate to the widow and two-thirds to the trust, the widow being entitled to the trust income for life, and the sons to the remainder.

In 1963 the trustees qualified. In 1964 the probate estate was closed and the assets distributed. In 1969 the court, on its own motion, ordered the…