Future Interests - Trusts - Time for Ascertainment of Heirs After Life Estate In Trust With Unexercised Power of Appointment and No Gift in Default
The testator set up a testamentary trust for the benefit of his wife for life and gave her a general testamentary power to appoint the remainder in fee. No gift in default was provided. The life beneficiary died without exercising the power. On petition by the trustee for directions for the final distribution- of the trust property, the trial court held that the property went to those who were the heirs of the testator at the time of his death. On appeal, held, reversed, two judges dissenting. The trustees took full title to the trust property and no interest in this property remained in the testator's estate undisposed of by the will. When the life beneficiary died without exercising the power of appointment, the trust property reinvested in the testator's estate by virtue of a :resulting trust and descended to those who were the heirs of the testator at the time of the death of the life beneficiary. Butler v. Citizens & Southern National Bank, 211 Ga. 414, 86 S. E. (2d) 520 (1955).