Planning for Life

To Issue or Children -- An "Issue" of Interpretation

Posted by Alison Blum on September 11, 2018

By Alison Blum


In 1960, Elizabeth S. Payson executed a will leaving her estate first in trust for her husband and then in trust for the benefit of her daughter, also named Elizabeth. (For purposes of clarity, we''ll refer to the mother as Ms. Payson and the daughter as Elizabeth.) The will directed that after Elizabeth’s death, the net income from a trust should be distributed to Elizabeth’s children (Ms. Payson's grandchildren), until the youngest of these children turned 21. After Elizabeth’s children reached the age of 21, the principal of the trust was to be distributed to Elizabeth’s issue in equal shares.

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Topics: trusts, will, issue

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