Folsom's Estate, In re

• Decision Date: 08 July 1959
• Citation: 6 N.Y.2d 886,190 N.Y.S.2d 381,160 N.E.2d 857
• Parties: , 160 N.E.2d 857 In re FOLSOM'S ESTATE. Application for the Issuance of Letters of Trusteeship under the Last Will and Testament of Charles Stuart Folsom, Deceased. T. Francis Reidy et al., Petitioners-Appellants-Respondents, Sarah Stitt Day, et al., Respondents-Appellants, Colby Merrill Austin, et al., Appellants- Respondents, Attorney General of the State of New York and The Kensico Cemetery, Respondents.
• Court: New York Court of Appeals Court of Appeals

Page 381

190 N.Y.S.2d 381

6 N.Y.2d 886, 160 N.E.2d 857

In re FOLSOM'S ESTATE Application for the Issuance of Letters of Trusteeship under the Last Will and Testament of Charles Stuart Folsom, Deceased T. Francis Reidy et al., Petitioners-Appellants-Respondents Sarah Stitt Day, et al., Respondents-Appellants, Colby Merrill Austin, et al., Appellants- Respondents, Attorney General of the State of New York and The Kensico Cemetery Respondents.

Court of Appeals of New York.

July 8, 1959.

Appeal from Supreme Court, Appellate Division, Second Department, 6 A.D.2d 691, 174 N.Y.S.2d 116.

Proceeding in the matter of the application for issuance of letters of trusteeship under the last will and testament of the deceased testator, and for construction of certain provisions of the will. The testator's will reflected a testamentary plan to devote income from residue of estate to 17 persons for their respective lives. Such persons consisted of friends, relatives, and employees. The trust created for each beneficiary terminated on his death, and remainders were bequeathed to foundation, which was to honor testator's wife, and which was to be a corporation to be formed by trustees. The stated purpose of the foundation was to provide a perpetual fund, income from which was to be devoted to education of selected group of men to prepare them for their life work. The will directed that every person benefitting under the will should be required to attend a memorial service on July 20 of each year at grave of testator's deceased wife, unless excused by trustees, or unless incapacitated due to sickness, old age, or absence from the United States. On failure of any beneficiary to attend memorial service or, in the alternative, to visit the grave once a year, trustees were directed to terminate payment of any future benefits to such beneficiary. The will also provided that payments by foundation were to terminate on beneficiary entering theological or divinity school, the ministry, priesthood, or missionary field, or any religious or theological occupation or calling, or on marriage prior to 30 years of age, unless a majority of the trustees should first give written consent to the marriage. The will directed trustees to establish trusts for designated employees, and principal of each trust was to be determined by mathematical formula based on annual wage and number of years of employment of each beneficiary, and trustees were directed to pay income out of each such trust fund in monthly installments for and during terms of his or her natural life. The widow bequeathed to trustees principal and accrued income for the purpose of the foundation and directed the trustees to effect organization of the foundation, which was empowered to take and hold property absolutely or in trust and administer, invest, and re-invest the property and devote the income to the objects and purposes of the foundation. The will provided for a governing body of three directors or trustees, who were named therein, and provided that such body should be a self-perpetuating body, and by codicil the testator renamed one of the three as one of the directors and trustees and named two other persons as directors and trustees of the foundation. The will provided that the trustees should each be paid and receive in full for all services performed by them either as trustees, officers, or directors, a sum equal to the annual income commissions of trustees as provided by law, but...