DUNCAN, Justice. This Declaratory Judgment action seeks a construction of the last will and testament of James T. Clay who died a resident of Fayette County in February, 1932.
The Security Trust Company qualified as trustee and executor under the will, and on January 5, 1952, filed this action in the Fayette Circuit Court. The Bourbon Agricultural Bank and Trust Company, executor under the will of Laura Clay Macey, deceased, Matthew D. Clay, Neal McClure Clay and Charles Wylie, executor under the will of John I. Macey were named defendants. From the construction adopted by the Chancellor, Matthew D. Clay and Neal McClure Clay appeal.
The will under consideration is as follows:
'I, James T. Clay, of Lexington, Fayette County, Kentucky, do hereby make this my last will and testament.
' First I desire my just debts and funeral expenses be paid.
' Second I bequeath to Mrs. Gussie P. Rion, of Latonia, Kentucky, the sum of Ten Thousand ($10,000).
' Third All the balance of my estate of whatsoever nature and kind I give to my sister Laura Clay Macey, which is to be held by my Trustee hereinafter named during her life, and the income therefrom is to be paid to her in monthly installments. I desire my Trustee to consult with my said sister in making change of investments of the said fund. At the death of my said sister, Laura Clay Macey, I direct my Trustee to hold the said estate until my nephew John Ireland Macey, the only child of Laura Clay Macey, arrives at the age of thirty-five years, and direct that the income shall be paid to him in monthly installments until the said fund is turned over to him.
'I hereby give my Executor and Trustee power to sell and transfer any securities that it may hold for my estate and re-invest the proceeds in such securities or real estate as it may think proper. In the event that my Executor and Trustee should purchase any real estate, it shall have the right to sell the same for re-investment.
' Fourth I hereby nominate and appoint the Security Trust Company, Lexington, Kentucky, my Executor and Trustee.
'Witness my hand this 21st day of January, 1932.
At the time of testator's death he was survived by his sister, Laura Clay Macey, two half-brothers, Matthew D. Clay and Neal McClure Clay, and his nephews, John I. Macey (John Ireland Macey), the son of Laura Clay Macey.
John I. Macey predeceased his mother, Laura Clay Macey and died in 1944 before he attained the age of 35. Laura Clay Macey died on February 8, 1951.
The property in question, now being held by the Security Trust Company in trust, consists entirely of personalty and ...