Shelton v. McHaney

119 S.W.2d 951, 343 Mo. 119
CourtSupreme Court of Missouri
DecidedSeptember 28, 1938
StatusPublished
Cited by16 cases

This text of 119 S.W.2d 951 (Shelton v. McHaney) is published on Counsel Stack Legal Research, covering Supreme Court of Missouri primary law. Counsel Stack provides free access to over 12 million legal documents including statutes, case law, regulations, and constitutions.

Bluebook
Shelton v. McHaney, 119 S.W.2d 951, 343 Mo. 119 (Mo. 1938).

Opinion

BOHLING, C.

In this proceeding the cestuis que trustent under the will of William Frank Shelton, Jr. (known to the record as Frank) seek the removal of the trustees. Testator was twice married. His first wife was Edith Shelton. They had one child, William Frank Shelton, III. His second wife was Ruby Shelton. They had two children, Frank Joseph and Mariam Claire Shelton. By his last will and testament, Mr. Shelton, appointed Hal H. McHaney, A. J. Langdon, Jr., and Lee Shelton trustees of his residuary estate' and contemplated the final distribution of his estate in equal parts to Ruby, William Frank, III, Frank Joseph and Miriam Claire Shelton. The decree was for the defendants.

Testator died December 22, 1929. Substantially all of testator’s assets, embracing considerable real and personal property, were devised and bequeathed as folloivs (provisions of no consequence to the instant issues being omitted) :

“Seven. I give, devise and bequeath all the rest, residue and remainder of my estate, real or personal, and wheresoever situate, which I may own or have the right to dispose of at the time of my decease, unto my brother Lee Shelton of Kennett, Missouri, Hal H. McHaney of Kennett, Missouri, and A. J. Langdon, Jr., of Hornersville, Missouri, as trustees, to have and to hold the same in trust, nevertheless, for the joint use and benefit of my wife Ruby Shelton, my son William Frank Shelton, III, my son Frank Joseph Shelton and my daughter, Miriam Claire Shelton, with the powers and authority and subject to the terms, conditions and provisions hereinafter set forth.

“The trustees named, and their successors, during the continuance of said trust, shall hold and manage the property held in trust with power to pay taxes and other charges against the property, and all legal and proper expenses incident to its care and protection, and such other expenses as may be connected with the execution of this trust; to sell, assign, convey or otherwise transfer any part of said property upon such terms or conditions as said trustees, or their successors, may deem advisable for the best interest of my estate; . . . to receive, and receipt for, the proceeds of any such sale, transfer, hypothecation or encumbrance; to invest, or reinvest, the same in such manner as said trustees, or their successors, may deem best; to receive and receipt for, any and all income that may be de[127]*127rived from said property, or the investment or reinvestment' of the proceeds thereof; ... to continue any business arrangements, or contracts, which I may have with others, or to which said property or any part thereof may be subject, as long as,' in the opinion of said trustees or their successors, the continuance thereof would be advantageous to the interest of said trust estate; to lease or rent any part of the real or personal property belonging to said trust estate upon such terms or conditions as they, or their successors, may approve; to make or carry out any agreement with any person, or persons, for the sale, division or distribution of any property said trustees, or their successors, may hold or own in common with such other person, or persons, provided, however, said trustees, or their successors, shall divide the property owned jointly by me with my brother Lee Shelton in kind as nearly as same in their opinion is practicable, and in the event said property cannot be divided equally in kind, said trustees shall make contribution from the principal or income of my estate, or shall accept contribution from my brother Lee Shelton sufficient to equalize said division of said joint property in kind. . . .

“I further request and direct my said trustees, or their successors, to make or procure a division of my property, held jointly with my brother Lee Shelton, prior to the expiration of five (5) years following my demise.

“A sufficient amount of the income derived from the trust estate, hereby created, during the first five (5) years after my demise, after deducting all taxes and expenses of administration, including reasonable fees for the services of the trustees herein named, provided the aggregate of such fees shall not exceed in any one year ten percent (10%) of the net income from my said estate during such year, together with such part of the principal of my estate as in the absolute discretion of the trustees herein named may be necessary and/or advisable, shall be used by said trustees for the support, maintenance, education and care of the beneficiaries of this trust, during such five (5) year period, and same shall be paifl to them from time to time in convenient amounts.

“Eight. At the end of said five (5) year period, the said trust estate shall be divided into four (4) parts, equal in amount and value, by the within named trustees, or their successors, and one part shall ■ be paid over and delivered to my wife, Ruby Shelton, to have and to hold as her absolute property in fee simple.

“Nine. The remaining three parts of said trust estate ah all remain in the hands of my trustees, or their successors, for the separate use and benefit of each of William Frank Shelton, III, Frank Joseph Shelton and Mariam Claire Shelton,.until such time,.or times, as hereinafter provided/ ... . ' ' "

[By paragraphs “ (a),” “ (b) ” and “ (c) ” of Clause “Nine,” the [128]*128trust estates of William Frank, III, Frank Joseph and Miriam Claire Shelton are continued under practically like conditions and are made to terminate and vest in fee upon said respective beneficiaries attaining the age of thirty years.]

“Fifteen. The general purpose and intention in creating the . trust provided for .herein, whereby the trustees are given broad, general powers and are substituted in my place ..and stead as nearly as practicable, has been done by me with the desire that during the first five (5) year period after my demise said trustees shall do everything possible, by careful management, to protect my estate from waste, which often occurs in the administration and distribution of estates, to the end that my estate may be gotten into the best possible condition for division among my beneficiaries by the end of such five (5) year period, as provided herein, and, also, for the proper care, maintenance, education and support of my beneficiaries in the way I deem best during the periods their said property is entrusted as provided herein, -and, also, to the end that said estates will be better preserved for their ultimate enjoyment, use and benefit. ...

“Seventeen. This will has been carefully planned by me and it is my deliberate judgment that all of its provisions are wise and just and that the plan as a whole will prove beneficial and satisfactory to my wife and. family. . . .

“Eighteen. I hereby nominate .and appoint Lee Shelton and Hal H. McHaney of Eennett, Missouri, and A. J. Langdon, Jr., of Hornersville, Missouri, executors of this my will and trustees of each trust hereby and herein created, and I direct that no bond or other security be required of them to qualify them to act as such executors or trustees in the State of Missouri, or any other State. . . . ”

Many of the issues presented here are factual rather than legal. Plaintiffs’ abstract places emphasis upon testimony favorable to plaintiffs while minimizing some of the testimony favorable to defendants; and defendants have filed an additional abstract. Defendants, having prevailed below, are entitled to have the full effect of that testimony favorable to their judgment considered upon review.

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Cite This Page — Counsel Stack

Bluebook (online)
119 S.W.2d 951, 343 Mo. 119, Counsel Stack Legal Research, https://law.counselstack.com/opinion/shelton-v-mchaney-mo-1938.