Michael v Callil [1945] HCA 39

R.] OF AUSTRALIA, 509

(HIGH COURT OF AUSTRALIA.] CHAE i a ' F : : - . APPELLANT ;

AND

AND OTHERS . ; é . RESPONDENTS. _ PLarntirrs AND DEFENDANTS,

ON APPEAL FROM THE SUPREME COURT OF VICTORIA.

Trust for conversion—Power to postpone—Residuary personalfly—Wasting H.C. or A. asset—Income or capital—Apportionment—Rule in Howe v. Lord Dartmouth— 1945, _ Assignment to testatrix by beneficiary under another will of right to receive income iad

_ after in the will referred to as "my trust estate ") to her trustees on trust _ to distribute personal effects as directed, and to convert into money such part Latham C.J.

"of the estate as should be required to pay debts, &., and certain legacies "py, Starke

specified. The will then set out the legacies and a specific devise. It directed Wyniima jy? _ the trustees to stand possessed of " the rest and residue of my trust estate"

in trust to convert the same into money and after payment of debts, &c., to

invest the proceeds in securities authorized by law and to accumulate the

"income therefrom during the lifetime of W. (clause 11). It empowered the

- trustees " notwithstanding the directions to accumulate contained in clause 11

_. . . if they in their absolute discretion think fit so to do to advance out

of the income of my residuary trust estate" during the life of W. stipulated

_ maximum weekly sums (amounting in all to £18 a week) for the maintenance

_ benefit and welfare of W.'s wife, a granddaughter and a grandson, and such

_ sum as in their discretion they thought fit for the maintenance and benefit

of W. during his life and directed the trustees to invest all income not so | applied in authorized securities (clause 12). It directed the trustees on

the death of W. to stand possessed "of my residuary trust estate," subject

to the payment of £5 a week to W.'s widow, upon trust for life tenants and