Young

Before his death in 1955, Lawrence Kelley owned a lot and building in Berkeley that was leased to Roos Brothers as a clothing store. He devised the property to Robert Southern, Martin Minney, and his wife Holly Kelley (now Holly Jackson) to hold as trustees of four separate trusts, the corpora of which are one undivided 55 per cent interest in the property and three undivided 15 per cent interests therein. Holly is to receive the income of the first trust for life. Three children of the testator are income beneficiaries of the remaining trusts. Upon the death of Holly, all trusts are to terminate and each child is to receive an undivided one-third interest in the entire trust property. 1 The will authorizes a majority of the trustees to act and to sell, lease, or otherwise dispose of any trust property and to invest and reinvest unrestricted by statutory limitations on trust investments. The will contains no instructions as to how trust expenses are to be apportioned between principal and income.

At the time of the testator’s death, the property was appraised at $160,000, of which $75,000 was attributed to the building.

The lease expired at the end of 1960. In April 1959, Roos…