The Washington times., 1932-08-12
REYNOLDS WILL
! FILED IN n. !.
YEAR AGO
CONTINUED from Page 81

Continued from Page 81
share of the estate before he
reached his majority
Under North Carolina law, a
minor cannot make legal docu-
ment of this nature. Under New
York law, person over 18 years
can execute a "teStamentary
disposition.
Settled For S1,OOO,OOO
For this reason, supposedly
Smith Reynolds came to New
York and decided TO acquire a
residence here in the year 1881,
When Smith turned over the
papers to a New York trust com
pany. he had just concluded a
money settlement with his first
wife. Anne Cannon. She re.
ceived $500,O00 and her daughter,
now two years old, received an
equal amount.
The execution of the legal
paper allotting his fortune in the
event of death to his married
sisters, Nancy and Mary, and to
his brother, Richard J. Reynolds,
jr., presumably was taken to pro.
tect this settlement.
1t occurred three months be,
fore he and Libby Holman.
Broadway torch" singer, were
married in Monroe, Mich.
The existence of the "testa-
mentary disposition" was expected
to prove the bone of contention
in any civil action which may
develop in contesting the ulti'
mate distribution Of the $50,
100000 estate of the late r. j.
Reynolds.
The specific battle, according
to legal authorities, will be
fought over the legality of the
New York residence said to have
been established by Smith.
How the Will Reads
The portion of the will bear
ing on the present situation
reads as follows:
"The residue and remainder
of my estate shall be divided
by my executor between my
wife who died since the will
was prObated) and children
living at my death, and the liv-
ing issue of any deceased child.
"ShOuld any of my children
die before he or she shall ar
rive at the age of 28 years, then
/: the share of my estate which
+ would have been payable to
him or her. had he or she ar
Z rived at that age. shall be con-
tinued to be held by said truS-
! teeSf or the use and benefit of
. his or her deviseeS by will the
. time that such child would have
arrived at the age of 28 years
If he or she had lived when the
I said trust shall cease and the
estate shall then become pay
able to such devisees, the truS-
tee, hOweve-, paying in the
meanwhile the income from
said share to them.
REVERTS TO HIS ISSUE
But should any of my chill
dren die before that time with
out having disposed of his or
her share by will but leaving
issue him or her surviving, the
Z share of said deceased child
shall continue to be held by
said trustee for the use and
benefit of his or her children
living at his or her death, pay
ing unto them or applying so
Z much of the net income of the
share of my child so dying as
said trustee may deem neceS-
sary for their support and
maintenance and accumulating
the balance until the time my
child so dying would have ar.
rived at the age of 28 years,
If he or she had lived, when
the trust shall cease and the
/ estate shall then be vested in
his or her children, then sur
viving.
"And should any of my said
children die without having
made a testamentary diSpOsi-
ton of his or her share of my
said estate and without issue
living at the termination of
said trust, this his or her share
shall be held in like trusts for
my surviving children and
the then living issue of my
deceased children"