Wills of the Rich and Famous
Heathcliff Andrew Ledger (April 4, 1979 – January 22, 2008)
LAST WILL AND TESTAMENT
HEATH ANDREW LEDGER
I, HEATH ANDREW LEDGER DECLARE this to be my will.
1. I REVOKE all earlier wills and codicils.
2. Inthis Will unless otherwise required by the context or subject matter: "Duties" means all death, estate, succession or other duties or truces payable in respect of my death or the passing of property under .this Will, but .does not include any tax imposed by the Income Tax Act 1986, as amended, substituted, or re-enacted from time to time or any other Act imposing a true upon incomes; "Residuary Estate has the meaning ascribed to it by Clause 5; "Trustee" means the executor or executors of this Will and the trustee or trustees for the ' · time being of any trusts arising under it.
3. I APPOINT ROBERT JOHN COLLINS Company Director of 215 Roberts Road, Subiaco in the State of Western Australia and WILLIAM MARK DYSON Chartered i . Accountant of 359 Marine Terrace, Geraldton in the said State to be the Joint Executors and Trustees of this my Will.
4. I DIRECT that any joint loan by myself and any other person to the Ledger Investment Trust be allocated at the sole discretion of my Trustees. i. '
5. ; My Trustee shall hold all my property not otherwise disposed of by this Will ON i TRUST:
(a) to pay my debts and testamentary.and .excutorship expeiµ;es;
(b) to pay all Duties; and
(c) as to fifty percent (50%) of my estate to divide it between my sisters KATHERINE ANNE LEDGER, ASHLEIGH KIRSTEN BELL and OLIVIA JANE LEDGER in equal shares PROVIDED THAT if any of them are under the age of eighteen (18) years I direct my Trustee to hold their respective entitlement under this Will in trust until they reach the age of eighteen (18).
I further instruct my Trustee at his sole discretion to apply from the Corpus or Income of my sd sisters' respective entitlements to their education and well being during their minority, including but not limited to education fees, books and a motor vehicle if my Trustee considers it necessary for the purpose of attending a place of education or employment. If one of my said sisters should predecease me then the remaining sisters shall be entitled to the share that the deceased sister would ·otherwise have taken hereunder.
(d) to hold the. remainder of my estate ("Residuary Estate") and to divide it between my parents KIM FRANCIS LEDGER and SALLY ANNE BELL in equal shares, and if one parent should predecease the other or die before me then the remaining parent shall be entitled to the equal share that the other parent would otherwise have taken hereunder.
6. Except to the extent inconsistent with the terms and provisions in this Will, the powers conferred on my Trustee by the Trustee's Act 1962-1978 as amended from time to time are in augmentation of the powers conferred by this Will.
7. My Trustee will have the following powers in connection with my estate:
(a) to retain the identity of any asset, to sell any asset at any, time, and to distribute the assets in specie;
(b) until the absolute vesting of any share or interest in a beneficiary under this Will to apply from time to time the whole or any part of the income from that share or interest with recourse if necessary to the capital of that share or interest for or towards the. proper maintenance, education, advancement, benefit or support of that beneficiary and to make payments for that purpose to the beneficiary or to the parent, guardian or carer of that beneficiary without being responsible to see to the application of those payments; and TESTATOR
(c) without limitation and as if my Trustee were beneficially entitled to my Residuary Estate to invest, change or retain investments including unsecured interest free loans or any non-income producing asset.
|James Gandolfini (September 18, 1961 – June 19, 2013)
James John Gandolfini, Jr. was an American actor who rose to fame in The Sopranos as a crime boss who struggled to balance his life as a family man with a career in the mafia. He received high praise for his role as Tony Soprano, winning three Emmy Awards, plus many others. For more information about James Gandolfini, please see his biography in Wikipedia.
LAST WILL AND TESTAMENT
I, JAMES GANDOLFINI, a resident of the City, County and State of New York, and a citizen of the United States of America, being of full age, sound mind, memory and understanding, do hereby make, publish and declare this to be my Last Will and Testament, hereby revoking all Last Wills and Testaments and Codicils thereto attached, heretofore made by me.
FIRST: I direct that all of my just debts, funeral expenses, last illness expenses, if any, and the cost of administration of my estate be paid out of the assets of my estate as soon after my demise as may be practicable. Such debts shall not include obligations secured by mortgages on real property and loans secured by a cooperative apartment.
SECOND: I direct that all inheritance, estate, transfer, succession and other death taxes and duties (including any interest or penalties thereon) imposed by any jurisdiction whatsoever by reason of my death (exclusive of any tax imposed as a result of any generation-skipping transfer under the Internal Revenue Code of 1986 as amended or a corresponding provision of state law) upon or with respect to any property includible in my estate for the purpose of any such taxes or duties, whether such property passes under or outside, or has passed outside the provisions of this Will or any Codicil hereto, be paid from the principal of my residuary estate without apportionment.
THIRD: A) I give all my clothing and jewelry to my son, MICHAEL GANDOLFINI, to be his absolutely, if he survives me, and which property he may distribute, in his sole determination, and if he does not survive me, then to my wife, DEBORAH LIN, to be hers absolutely, if she survives me, and which property she may distribute, in her sole determination, and if she does not survive me, to my Executors to be divided as my Executors shall determine, which determination shall be conclusive and binding upon all persons interested in my estate.
B) I give all my other tangible personal property (other than currency) to my wife, DEBORAH LIN, to be hers absolutely, if she survives me, and which property she may distribute, in her sole determination, and, if she does not survive me, then to my Executors to be divided as my Executors shall determine, which determination shall be conclusive and binding upon all persons interested in my estate.
FOURTH: I devise and bequeath the following:
FIFTH: I direct my Executors to and I give and grant to the Trust which I have created for the benefit of my beloved son, Michael GANDOLFINI, a first option to purchase all my right, title and interest in Condominium Unit No. 5C, together with Parking Space Number 9, located at 429 Greenwich Street, New York, New York at its fair market value. In .the event that said trust does not purchase from my estate Condominium Unit No. 5C, together with Parking Space Number 9, located at 429 Greenwich Street, New York, New York then the same shall be a part of my residuary estate and be disposed of in accordance with the provisions hereinafter contained in this my, Last Will and Testament, regarding the disposition of my residuary estate.
SIXTH: I have provided for my wife, DEBORAH LIN, as set forth in Articles Third and Eighth (B) herein. I have also made other provisions for DEBORAH LIN and therefore, I am not making any further provisions for her under this, my Last Will and Testament.
SEVENTH: I give, devise and bequeath to my Trustees, hereinafter named, IN TRUST NEVERTHELESS, all of my right, title and interest in and to the house and land which I own in Italy. My Trustees shall hold the same for the benefit of my son, Michael Gandolfini and my daughter Liliana Ruth Gandolfini. The interest of my son, Michael Gandolfini in this Trust shall be fifty (50%) percent and the interest of my daughter, Liliana Ruth Gandolfinl shall be fifty (50%) percent. Upon both beneficiaries of this trust reaching the age of twenty-five (25) said property shall be transferred to them in such percentages. It is my hope and desire that they will continue to own said property and keep it in our family for as long as possible.
EIGHTH: A) I give, devise and bequeath all the rest, residue and remainder of my estate, of whatsoever nature and wheresoever situate, including any lapsed legacies, bequests and devises, (sometimes referred to herein as my "residuary estate")as follows:
I) Thirty Percent (30%) to my sister, LETA GANDOLFINI;
NINTH: I have in mind my beloved son, MICHAEL GANDOLFINI, but I am not providing for him other than as set forth in this my Last Will and Testament because I have made other provisions for him.
TENTH: Whenever, pursuant to the provisions of this, my Will, any share of my estate or any income therefrom shall be payable or distributable to any beneficiary who is under twenty-one (21) years of age, the same shall absolutely vest in and belong to such beneficiary, but payment thereof may be deferred, and I authorize my Trustees, in their sole and uncontrolled discretion, to hold the same and to retain the custody and control thereof, and to administer the same on the beneficiary's behalf, and to accumulate the income therefrom, If any, with all the investment and other powers hereinafter granted to them as Trustees, and I direct that they shall apply so much of the income and principal thereof as in their discretion they may deem advisable and proper from time to time for the support, education and maintenance of such beneficiary, and upon such beneficiary's attaining the age of twenty-one (21) years, to pay over to such beneficiary whatever principal and income may then remain in their hands, or in the event such beneficiary shall die prior to attaining the age of twenty-one (21) years, then to the estate of such beneficiary.
ELEVENTH: Any income or corpus to be applied for the use and benefit of a beneficiary under the age of twenty-one (21) years, under the provisions of this Will, may be so applied by the Executors and Trustees either directly or by making payment, without bond, to such beneficiary, or to a guardian of the person or of the property of such beneficiary, or to any head of any household with whom such beneficiary resides, for the use of such beneficiary, in which event the receipt of such beneficiary, parent, guardian or person, as the case may be, shall be a complete discharge to the Executors or Trustees making such payment; such person need not be legally appointed the guardian of such beneficiary, nor shall such beneficiary, guardian or person be obligated to give any accounting for the·disposition of said income or corpus except on the written request of the Executors or Trustees hereunder.
TWELEIH: No principal or income payable or to become payable under any trust created by this Will shall be subject to anticipation or assignment by any beneficiary thereof, or to attachment by or to the interference or control of any creditor of any such beneficiary, or to be taken or reached by any legal or equitable process in satisfaction of any debt or liability of such beneficiary prior to its actual receipt by the beneficiary.
THIRTEENTH: In addition to, and not in limitation of, the powers and discretions elsewhere herein granted and conferred by law, I give and grant to my Executors and Trustees, in the administration of my estate and the Powers-in-Trust hereunder and, insofar as pertinent, in the administration of accumulated income held hereunder, the following powers and discretions:
FOURTEENTH: A) I hereby nominate, constitute and appoint my wife, DEBORAH LIN, my sister, LETA GANDOLFINI, and my attorney and friend, ROGER S. HABER, as Co-Executors of this, my Last Will and Testament. In the event that DEBORAH LIN or LETA GANDOLFINI or RQGER S. HABER shall predecease me, fail to qualify, resign or to act as Executor for any reason whatsoever, then I direct that the Co-Executors or sole remaining Co-Executor may continue to act as such without the necessity of appointing substitute or successor Co-Executors in the others place and stead. I direct that my Co-Executors, whether acting together or singly or in any combination, shall not be required to furnish any bond or other security for the faithful performance of their duties in any jurisdiction whatsoever, any law to the contrary notwithstanding.
FIFTEENTH: In the event that the mother of a minor child of mine, predeceases me or cannot serve as guardian of such child for any reason whatsoever, then I appoint my sister, LETA GANDOLFINI, as Guardian of my minor children. In the event the mother of a minor child of mine and LETA GANDOLFINI, both predecease me or cannot serve as guardian of such child for any reason whatsoever, I hereby appoint my sister, JOHANNA ANTONACCI, as substitute or successor Guardian hereunder. I direct that my Guardian and my substitute or successor Guardian shall not be required to furnish any bond or other security for the faithful performance of her duties in any jurisdiction whatsoever, any law to the contrary notwithstanding.
SIXTEENTH: No person dealing with my Executors, Trustees or Guardians shall be required to see to the application of any property paid or delivered to them, or to inquire into the expediency or propriety of any transaction, or the authority of my Executors or Trustees or Guardians to enter into and consummate the same upon such terms as they may deem advisable.
SEVENTEENTH: If any beneficiary or beneficiaries under this Will, and I, or any person upon whose death such beneficiary or beneficiaries would have otherwise become entitled to receive any income or principal hereunder should die in a common accident or disaster, or as a result of a common accident or disaster, or under such circumstances that it is doubtful who died first, then all of the provisions of this Will shall take effect in like manner as if such beneficiary or beneficiaries had predeceased me or such other person, as the case may be.
IN WITNESS WHEREOF, I have subscribed and sealed and do publish and declare these presents as and for my Last Will and Testament in the presence of the witnesses attesting the same the 19th day of December in the year Two Thousand and Twelve.
____________________________________ residing at __________________________________
____________________________________ residing at __________________________________
The above instrument, consisting of fifteen (15) pages, of which this is the fifteenth (15th) page, was, at the date thereof, subscribed, sealed, published and declared by the Testator, JAMES GANDOLFINI, as and for his Last Will and Testament in the presence of us and each of us, who, at his request, in his presence and in the presence of each other, have hereunto subscribed our names as witnesses thereto the 19th day of December in the year Two Thousand and Twelve.
State of )
Each of the undersigned, individually and severally, being duly sworn, deposes and says:
Sworn to before me this 19th
Dated December 19, 2012.
If you've been looking for Paul Newman's last will and testament on line, we now have it and you can see it right here. We'll also have the first codicil to his will on-line in a few days.
As most of you know, Paul Newman was an accomplished actor and auto racing enthusiast. But, he was also a co-founder of Newman's Own, a food company that donated all post-tax profits and royalties to charity. One beneficiary of his philanthropy is the Hole in the Wall Gang Camp, a residential summer camp for seriously ill children located in Ashford, Connecticut. Newman co-founded the camp in 1988. It's name comes from his film Butch Cassidy and the Sundance Kid (1969).
Looking for other wills of the rich and famous? Please tell us about it in a comment below.
We've had many requests for George Steinbrenner's last will and testament since his death on July 13th of this year. We did manage to get a copy of his will from the Tampa, Florida probate court some time ago, but it took a while to get it up on our site. Now, we've got it up and you can see George Steinbrenner's will in its entirety.
For those who want to take the long route, his will is in our Estate Planning Section under Last Will and Testament, then Famous Wills | Wills of the Rich and Famous. When you're there, take a look at all the other wills of the rich and famous that are displayed. There's a lot to be learned from the way these people planned their estates.
By the way, George also left a first codicil to his last will and testament, which is also posted in our Famous Wills | Wills of the Rich and Famous section. And, if you'd like a copy of the actual signed will and the actual signed codicil, just send us an email.
|Babe Ruth (1895 - 1948)
Babe Ruth was known as the “Sultan of Swat.” His Will is interesting because it references a living trust that he established during his lifetime and because it gifted certain property to the Babe Ruth Foundation, which he established. For more information about Babe Ruth, please see his biography in Wikipedia.
LAST WILL AND TESTAMENT
GEORGE HERMAN RUTH
I, GEORGE HERMAN RUTH, being of sound and disposing mind, memory and understanding, but mindful of the uncertainty of life, do hereby make, declare and publish this to be my Last Will and Testament, hereby revoking all other wills and codicils thereto be me at any time heretofore made.
FIRST: I direct my Executors hereinafter named to pay all my just debts and funeral expenses as soon after my death as may be practicable.
SECOND: I give and bequeath to my wife, CLARA MAE RUTH, if she shall survive me, all my household furniture, automobiles with the appurtenances thereto, paintings, works of art, books, china, glassware, silverware, linens, household furnishings and equipment of any kind, clothing, jewelry, articles of personal wear and adornment and personal effects, excepting however, souvenirs, mementoes, pictures, scrap-books, manuscripts, letters, athletic equipment and other personal property pertaining to baseball. In the event that my wife, Clara Mae Ruth shall not survive me, I direct my Executors hereinafter named to divide the said property between my daughters, DOROTHY RUTH SULLIVAN and JULIA RUTH FLANDERS, as my said daughters may agree, or in the event they are unable to agree, to divide the said property between my said daughters as my Executors hereinafter named may, in their absolute discretion determine. The determination of my Executors as to the relative values of such property for the purpose of dividing the same and in the making of such distribution shall be final, conclusive and binding upon all persons interested herein.
THIRD: I give and bequeath to my Executors hereinafter named or either of them who may qualify, all my souvenirs, mementoes, pictures, scrap-books, manuscripts, letters, athletic equipment and other personal property pertaining to baseball, and I request but do not direct my said Executors to divide the same among such persons, corporations and organizations as I may from time to time request or in such manner as they in their sole and uncontrolled discretion may deem proper and fitting.
FOURTH: I give and bequeath to my wife, CLARA MAE RUTH, if she shall survive me, to my daughter, DOROTHY RUTH SULLIVAN, if she shall survive me, and to my daughter, JULIA RUTH FLANDERS, if she shall survive me, each the sum of Five Thousand ($5,000.) Dollars.
FIFTH: I give and bequeath to my sister, MARY H. MOBERLY, now residing in Baltimore, Maryland, if she shall survive me, the sum of Ten Thousand ($10,000.) Dollars.
SIXTH: I give and bequeath to FRANK DELANEY, providing he is in my employ at the time of my death, and to MARY REITH, providing she is in my employ at the time of my death, each the sum of Five Hundred ($500.) Dollars.
SEVENTH: Under the provisions of a certain Indenture or Trust Agreement made and executed by and between me and the President and Directors of The Manhattan Company of 40 Wall Street, Borough of Manhattan, City of New York, dated the 26th day of April, 1927, I reserved the right to designate in and by my last will and testament a new beneficiary to whom the income or principal of the trust fund which is the subject of the said Trust Agreement, shall be paid after my death in the place and stead of my daughter, Dorothy Ruth Sullivan, and my next of kin. Pursuant to such reserved right and in the exercise thereof, I hereby declare and direct that the income and principal of the said trust shall be paid after my death as follows:
A. The income of the said trust fund shall be paid to my wife, CLARA MAE RUTH, during the term of said trust or the life of my said wife, CLARA MAE RUTH, whichever may be the shorter period. After the death of my wife, CLARA MAE RUTH, the income of the said trust during the remainder of the term thereof shall be divided equally between my daughters, DOROTHY RUTH SULLIVAN and JULIA RUTH FLANDERS. If JULIA RUTH FLANDERS shal be deceased, the income which she would have received had she been alive, shall be paid to her issue per stirpes and not per capita, or if there be no issue of said JULIA RUTH FLANDERS then living, all of the income of the said trust shall be paid to my daughter, DOROTHY RUTH SULLIVAN.
B. Upon the termination of the said trust during the lifetime of my wife, CLARA MAE RUTH, I direct the Trustee thereof to purchase from an insuranc ecompany authorized to do business in the State of New York, a refund annuity which will pay to my wife, CLARA MAE RUTH, during her lifetime, in equal monthly installments the annual amount of Six Thousand ($6,000.) Dollars, and I further direct the Trustee of the said trust to divide the remainder of the principal of the said trust fund, including any refund payable upon the annuity hereinbefore required to be purchased for the benefit of my wife, CLARA MAE RUTH, into two (2) equal parts; and
(1) To pay one of such equal parts to the issue then living of my daughter, DOROTHY RUTH SULLIVAN, or if she shall leave no issue then surviving, among such persons and in such manner as she may be her last will and testament direct; and
(2) To pay the other of such equal parts to my daughter, JULIA RUTH FLANDERS, if she be then living, or if she be not living, to her issue then surviving, or if she shall leave no issue then surviving, among such persons and in such manner as she may by her last will and testament direct.
EIGHTH: All the rest, residue and remainder of my property and estate, real, personal and mixed, of whatsoever kind, nature or description and wheresoever situate, of which I may die seized and/or possessed or over which I may have any power of disposition or to which I or my estate may be entitled, I give devise and bequeath to my Trustees hereinafter named IN TRUST NEVERTHELESS for the following uses and purposes:
A. To collect and receive the rents, income and profits thereof and to pay the same to my wife, CLARA MAE RUTH, as long as she shall live. B. Upon the death of my wife, CLARA MAE RUTH, or upon my death, if she shall predecease me, I direct my Trustees to pay over, transfer, convey and deliver the principal then remaining in the said trust as follows:
(1) Ten percent (10%) thereof to THE BABE RUTH FOUNDATION, INC., a corporation organized under the Membership Corporations Law of the State of New York and dedicated to the interests of the kids of America. (2) Forty-five percent (45%) thereof to my daughter, DOROTHY RUTH SULLIVAN, if she be then alive, or if she be not then alive, to her then surviving issue per stirpes and not per capita, or if she leave no issue then surviving, to such persons and in such manner as she may by her last will and testament direct. (3) Forty-five percent (45%) thereof to my daughter, JULIA RUTH FLANDERS, if she be then alive, or if she be not then alive, to her then surviving issue per stirpes and not per capita, or if she leave no issue then surviving, to such persons and in such manner as she by her last will and testament direct.
NINTH: I nominate, constitute and appoint J. PAUL CAREY, II and MELVYN GORDON LOWENSTEIN, and the survivor of them, as Executors of and Trustees under this my Last Will and Testament. Within ninety (90) days from the date upon which one of the above named Executors or Trustees shall first act as sole Executor or sole Trustee of this my Last Will and testament, I direct him, by an instrument in writing duly signed and acknowledged and suitable for recording in the State of New York, to appoint a bank or a trust company which has conducted active business operations in the State of New York for at least 25 years, or which is the successor to a bank or trust company organized under the laws of the State of New York or the United States of America more than 25 years prior to the date of such appointment, to be and become a co-Executor and/or a co-Trustee. In the event that such sole acting Executor or sole acting Trustee shall not have appointed a bank or a trust company as co-Executor or Co-Trustee hereunder, as hereinabove directed and within the period hereinabove specified, then I nominate, constitute and appoint THE CHASE NATIONAL BANK OF THE CITY OF NEW YORK, as co-Executor and co-Trustee of this my Last Will and Testament.
TENTH: I direct that if and when any part of the principal or income of any share or portion of my estate shall become payable to any beneficiary who is an infant, such principal or income shall absolutely vest in and belong to such infant, but payment thereof may be deferred, and I authorize my Executors and Trustees, as the case may be, in their sole and uncontrolled discretion, to hold the share of such infant and to retain the custody and control thereof and to administer the same and invest and reinvest such share or portion and the accumulated income therefrom, if any, with all the powers granted in this my Last Will and Testament to the Executors and Trustees, and my Executors and Trustees are further directed to apply such part of the income and principal thereof as in their discretion they may deem necessary and proper for the maintenance, support and education of such infant during minority, and upon such infant attaining majority, to pay over to such infant whatever part of such principal and income and any accumulated income thereon which may then remain in the hands of my said Executors or Trustees, as the case may be. Such application of principal or income, in the discretion of my said Executors or Trustees may be made wholly or in part by said Executors or Trustees paying directly the expenses for the maintenance, support and education of such infant, or by paying such principal or income to such infant or to an adult person of my Executors' or Trustees' selection deemed by them to be the most likely person to make proper application of such principal or income for the infant's benefit; the receipt of the person to whom such payment is made to be a sufficient voucher and discharge to my said Executors or Trustees, as the case may be, for all payments so made by them.
ELEVENTH: In addition to the powers conferred upon my Executors and Trustees by law, or herein elsewhere conferred upon them, I hereby authorize and empower them and successors (a) to retain any investments which I may have at the time of my death, and to invest and reinvest any trusts funds coming into their hands in any stocks, bonds, securities or other property, real or personal, which they in their discretion deem advisable, whether such investments be authorized by the laws of any state or jurisdiction or not, and to hold the same as long as they may deem advisable, with full power to sell and reinvest, and to change securities and investments as they deem best; (b) for the purpose of partitioning or distributing the funds of my estate, and for any other purpose whatsoever, to grant, bargain, sell, convey, mortgage, lease, exchange, or otherwise dispose of, as and when they or their successors may deem expedient, any and all property, real, personal or mixed, of which I may be seized or possessed or in or to which I may be in any manner interested or entitled at the time of my death, or of which they may be seized or possessed, entitled to or interested in, as my Executors or Trustees, and upon such disposition thereof, to execute, acknowledge and deliver all necessary and proper deeds or instruments of conveyance for the vesting in the purchases, mortgagee, lessee, or other transferee thereof, the title thereto, in fee or otherwise, and I hereby direct that upon any such disposition thereof, my Executors or Trustees, or the successors of any of them, may take the consideration agreed upon, wholly or partly, in cash, stocks, bonds, notes or any securities which they or their successors shall determine upon, and I expressly direct that no purchases, mortgagee, lessee, or other transferee thereof shall be bound to see to the application of money or other thing of value paid or given therefor; (c) whenever my Executors or Trustees, or the successors of any of them, are required, or shall determine to divide the principal of my estate held by them into shares, so to divide the same without converting it into money, but in their discretion by apportioning the property held, whether the same shall be producing income or not, to such different parts or shares, in such manner as they shall deem fairly and equitably to bring about the division directed or determined upon, the judgment of my said Executors or Trustees concerning the priority of any allotment or distribution of property hereunder shall be final and binding upon all persons interested in my estate, and the determination of my Executors or Trustees as to the value of any such property shall be presumptively correct and shall be final and binding upon all persons in interest, unless clear and convincing proof is adduced showing gross error on the part of my said Executors or Trustees; (d) to consent to and participate in the reorganization, consolidation, merger or other capital readjustment of any corporation, the stocks, bonds or other securities of which they may hold, and to do all things whatsoever necessary, advisable or expedient to enable them to secure the benefits of such reorganization, consolidation, merger or other capital readjustment, including particularly the sale or purchase of any rights incident thereto, and the payment of any amounts necessary. Investments made through the exercise of any such rights, or the proceeds received at the sale thereof, shall be considered principal.
I also further authorize my Executors or Trustees, as the case may be, to vote upon and give proxies to vote upon, any stocks or bonds of corporations that may be owned by me at the time of my death or subsequently acquired by them, upon any question that may lawfully be submitted to the vote of the stockholders or bondholders of such corporation, and in their discretion to subject any such stocks to voting trust agreements, and to accept voting trust certificates in exchange therefor. It is my will and intention that in dealing with the affairs and securities of any corporation in which I shall be interested at the time of my death, either as creditor or stockholder, or with the affairs and securities of any corporation in which my Executors or Trustees, as the case may be, may at any time be interested on behalf of my estate, as creditors or stockholders, my said Executors or Trustees, as the case may be, shall have and may exercise all of the powers that might lawfully be exercised by an individual owning said stock or obligation and acting in his own right and interest.
The Trustees shall be authorized to hold such sum or sums uninvested as they shall see fit.
The Trustees may hold the trust estate or any part thereof as an undivided whole, without separation as between the trusts hereby created, but no such holding shall defer the vesting of any estate in possession, or otherwise, according to the terms hereof.
The Trustees are hereby authorized and empowered to employ such person or persons to assist them in the management and administration of the estate, in an advisory capacity or otherwise, as they shall deem in their sole discretion to be for the best interests of the trust estate and to fix and pay the compensation therefor.
I direct that my Executors and Trustees shall not be required to lay apart any portion of the income or any of the said trust funds for the purpose of keeping the principal thereof intact, or for the purpose of making good any amount paid in premiums on the purchase of securities.
Ref: Last Will and Testament of Babe Ruth.