In re Estate of Ladd

Appeal from a decree of distribution. By his will, which was executed February 24, 1878, the testator gave one half of his estate to his wife, and made the following provisions respecting the other half:—

“ Clause Fourth. The remainder of my property shall remain, as hereinafter provided, in the hands of my executors, and be held or sold, and the proceeds reinvested or loaned by my executors, in their discretion, and the net income thereof, to an amount not exceeding twenty-four hundred dollars in United States gold coin, per annum, payable in quarterly installments, shall be divided equally between my beloved parents, Horace Comstock Ladd and Sarah Ann Ladd, and the remainder of the income shall be paid to my wife, Elizabeth.

“ Clause Fifth. Upon the death of either of my parents, one half of said property placed and to remain in the hands of my executors under the fourth clause of this will, shall be given to my wife, Elizabeth, to be held by her absolutely and free from all trusts, and the net income of the remainder of such property, to an amount not exceeding twelve hundred dollars in United States gold coin, per annum, payable in quarterly installments, shall be paid to my…