[28 NJSuper Page 537] Plaintiffs herein seek the construction of the will of F. Wallis Armstrong in connection with the following propounded question: May the trustee reimburse
Georgie R. Armstrong, the widow of the testator, to the extent of $43,000 for monies expended by her for the purchase or construction of a residence?
The facts in connection herewith are as follows:
F. Wallis Armstrong, late of the township of Moorestown, County of Burlington and State of New Jersey, died February 8, 1949, leaving a last will and testament which provided, in part, as follows:
"(a) My Trustees shall pay out of the net income from the whole of my residuary estate, all taxes, water rent, mortgage interest, if any, insurance premiums and generally all carrying charges and all costs incident to keeping in good order and repair and adequately insured the real estate occupied by me as my residence, including my lands, farm lands, buildings and appurtenances situate in the Township of Moorestown and Cinnaminson, Burlington County, New Jersey and at Nantucket, Nantucket County, Massachusetts, and any and all real estate acquired in lieu thereof under the terms hereinafter set forth in Subsection (b) of this Section THIRD.
(b) Subject to the provisions hereinabove set forth in Subsection (a), my Trustees shall hold as a separate trust for the benefit of my wife, Georgie R. Armstrong, all real estate occupied by me as my residences, including my lands, farm lands, buildings and appurtenances, situate in the Township of Moorestown and Cinnaminson, Burlington County, New Jersey, and at Nantucket, Nantucket County, Massachusetts, together with one-half of the balance of the principal of this my residuary Trust and thereupon:
1. My Trustees shall permit my wife, Georgie R. Armstrong, to occupy all or any part of the real estate described in Subsection (b) of this Section THIRD, free of all rent, for such time during her life as she may wish so to do, and if my wife should at any time desire any part or all of said real estate to be sold and should, in writing, request my Trustees to sell the same, my Trustees may sell and convey such real estate under the powers hereinafter conferred upon my Trustees (my wife joining in such conveyance to show her consent), and my Trustees shall, if my wife should so desire, purchase out of the proceeds of such sale any other real estate selected by her, with the approval of my Trustees, to be held under the provisions of this Paragraph 1, in lieu of the real estate sold as aforesaid; and my wife shall have the successive right to request my Trustees to sell any real estate occupied by her under the terms hereof and to purchase any other real estate for her use, and she shall have the right to occupy free of all rent, all real estate so successively purchased. In the event, by reason of any casualty, any payments are received on any insurance policies on any of said real estate, such payments may be used
to repair, restore or improve any real estate held or to be held by my Trustees under the terms of this Trust, or may be added to the principal of this Trust as my said wife may direct."
" FIFTH: My Executors and Trustees, in their respective capacities, shall have, in addition to the powers vested in fiduciaries by law, the following powers:
(a) To retain any investments and property being a part of my estate at my death for such length of time as my Executors or Trustees may deem proper, without liability by reason of such retention.
(b) To make such investments and reinvestments of principal and any accumulated income and in such proportions without limitation to what are known as legal investments as my Executors or Trustees in their sole discretion may consider proper, including but not being limited to holding cash balances and tangible personal property, investments in preferred and common stocks of corporations and investments in any common trust fund operated by any corporation ...