Carl Muscatt died on May 10, 1942, a resident of Red Bank, Monmouth County, New Jersey, leaving a last will and testament dated April 29, 1942, which was duly probated by the Surrogate of Monmouth County on May 25, 1942, who issued letters testamentary and of trusteeship to plaintiffs.
Paragraph Seventh of decedent's said last will and testament provided as follows:
"SEVENTH: All of the rest, residue and remainder of my estate, together with the net proceeds of the liquidation of the businesses of The Muscatt Mfg. Co., Inc. and The Lewis-David Corporation, I direct my Executors to pay over, distribute and divide as follows:
(a) The sum of Five Thousand Dollars to my Trustees hereinafter named, or the survivors or survivor of them, in trust, to hold said sum, together with all accumulations of income therefrom, for the duration of the present war, or during the life of my daughter, Estelle Schaffer, and twenty-one years thereafter, and at the expiration of the present war, or of the foregoing period, whichever shall sooner occur, to pay said sum and all accumulations of income therefrom to my brother, Leon Muszkatblit, of Poland, and to his children,
Alice Muszkatblit and Roman Muszkatblit, or the survivors or survivor of them, but if all of them be then deceased, to pay the said sum with the accumulations of income therefrom to my daughter, Estelle Schaffer, and my son-in-law, Nathan Schaffer, or the survivor of them, to be held by them, or the survivor of them, for the benefit of my grandchildren under and pursuant to the terms of the trust set up for them in article Seventh, paragraph (c), section (3) hereof."
"(c) To divide the balance of my estate and of the net proceeds from the liquidation of the businesses of The Muscatt Mfg. Co., Inc. and The Lewis-David Corporation into four equal shares and to pay over and distribute the same as follows:
(3) Two shares to my daughter, Estelle Schaffer, and my son-in-law, Nathan Schaffer, or the survivor of them, to have and to hold the same upon the following trust:
(a) To invest and reinvest the same in United States Government Bonds and to collect the interest therefrom.
(b) To expend the net income therefrom for the maintenance, education and support of my grandchildren, the children of my daughter, Estelle Schaffer, until the youngest shall attain the age of twenty-one years, and upon said grandchild attaining the age of twenty-one years to pay over and divide the principal of the trust fund to and among my said grandchildren in equal shares.
(c) Should any of my grandchildren die before receiving the share of the principal to which he or she shall be entitled, then his or her share shall be distributed to and among my remaining grandchildren, share and share alike.
(d) Should all of my grandchildren die before receiving the principal of the trust fund, then said Trustees, or the survivor of them, shall pay the balance of the trust fund ...