In re the Accounting of Panish

The testator by paragraph Fourth of his will dated March 28, 1951 provided for a statutory trust for his widow—“ an amount equivalent to her intestate share ”. Upon termination of the trust, the trustees are directed to pay over the then principal and “ any unpaid income ” to testator’s three children by a prior marriage. The decree appealed from by the executor and legatee children holds that the widow validly exercised her right of election and is entitled to take outright her intestate share since under the language of the will she is not assured of the entire undiminished income of the…