O'Neil

In the year 1909 Emma Dreier, widow of August Dreier, transferred to a trustee 125 shares of the capital stock of August Dreier, Limited, a corporation organized under the laws of the territory of Hawaii. At that time there were living her son, Emile, then an incompetent, ‘and the latter’s wife and minor son, Caroline and Edward, respectively. The deed of trust first provided that out of the income of the trust property, after deducting administration expenses, there should be paid to Caroline, Emile’s wife, the sum of $50 per month during the term of her life. The remainder of the income was provided to be paid, first, for the maintenance of Emile; and, second, for the “support, maintenance, education and advancement” of Edward, the grandson of the donor. It was further provided that any excess of income not needed for the purposes stated should be added to the principal and allowed to accumulate as a part thereof. The amount to be applied to the maintenance of Emile was to be received and expended by the donor. Further conditions were then *599 stated as follows: “Upon the death of the said Emile Dreier and of the said Caroline Dreier, this trust shall cease and the entire trust…