Industrial Trust Co. v. Monaghan

Seitz, Vice-Chancellor:

The issue is whether the power granted in the will to the trustee to invade trust corpus could be transferred to the successor trustee.

Thomas M. Monaghan, hereinafter called the “testator,” died on July 14, 1935, leaving a will dated May 7, 1931. By his will the testator left a business known as the M. Monaghan Estate to his cousin James E. Cassidy. He gave to his nephews Francis T. Monaghan and William J. Monaghan a business known as John J. Monaghan Company. Next, he left all of his real estate to his wife Mary E. Monaghan for her life and at her death it passed…