Last Will & Testament of Sigmund Freud, September 23, 1939

I, SIGMUND FREUD of 39 Elsworthy Road Hampstead in the County of London HEREBY REVOKE all former Wills and Codi­cils made by me and DECLARE that this is my last Will.

1. I APPOINT DR. MARTIN FREUD of Mount Royal W. 1 and ERNST FREUD of 32 St. John’s Wood Terrace N.W. 8 and ANNA FREUD of 39 Elsworthy Road N.W. 3 to be EXECUTORS AND TRUSTEES of this my Will.
2. I BEQUEATH the following specific legacies free of legacy duty (a) TO my daughter Anna my Collection of Antiques as defined by the Catalogue (b) TO my daughter Anna my Collection of Books on Psy­chology and Psycho-Analysis
3. I DEVISE AND BEQUEATH all copyrights and interests in copyrights to which I am entitled to my trustees UPON TRUST to retain same and to pay the whole of the net royalties and profits or of moneys in the nature of royalties or profits whether the same be payable by virtue of any agreement made by my trustees or virtue of any agreement made by me in my lifetime to all the issue of my children who shall be living at my death and attain the age of twenty­ one years or (being female) marry under that age other than Ernst Halberstadt son of my daughter Sophie and if more than one in equal shares as tenants in common I DIRECT that my Trustees shall have the fullest powers to sell and deal with such copyrights and interests in copyrights including power to grant licenses or rights (whether exclusive or not) of printing publishing selling or performing the subject mat­ter of any such copyright and that any such sale or dealing may be made wholly or partly in consideration of royalties to be paid to my Trustees AND I DECLARE that my Trustees may join with other persons interested in any such copyright in any such sale or dealing as aforesaid
4. I BEQUEATH an annuity free of all duty to my Sister-in­ law Minna Bernays of Three hundred pounds during her life by equal quarterly payments the first whereof shall be made three months after my death and I DIRECT my Trustees · to appropriate in their names investments of _any nature hereinafter authorized of an amount sufficient at the date of such appropriation to answer out of the income thereof for . such annuity and I DECLARE that such income shall be the primary fund for answering the said annuity and the capital of the said investments shall form a secondary· fund for answering the same in the event of the income proving insufficient and further that after any such appropriation shall have been made my residuary estate or the income thereof , shall no longer be liable to provide for the annuity in respect of which such appropriation shall have been made AND I DECLARE that the balance (if any) of the appropriated fund not required in any year for answering the annuity shall be part of the income of my residuary estate and shall be distributed accordingly
5. I DEVISE all my real estate and I BEQUEATH all the residue of my personal estate to my Trustees and I DIRECT my Trustees to sell call in and convert into money all such parts of my real estate and residue of my personal Estate as shall not consist of investments of the nature hereinafter authorized
6. OUT of the clear moneys to arise from such sale calling in and conversion as aforesaid and out of such investments as aforesaid my Trustees shall pay or provide for my debts funeral and testamentary expenses and annuity and any du­ ties payable thereon and on the said legacies and subject thereto my ‘Trustees shall invest · in manner hereinafter authorized the residue of the said .clear moneys and stand possessed of such investments and of the residue of such investments as aforesaid which formed part of my real Es­tate and residue of my personal Estate at the time of my death and of all parts of such Estate for the time being unsold (hereinafter called “my residuary Trust Fund”) upon the following trusts: (a) UPON TRUST to pay the income thereof to my Wife Martha during her life and after her death (b) UPON TRUST as to both capital and income for all and every my children or my child (if only one) living at my death who being sons or son have attained or shall attain the age of twenty one years or being daughters or a daughter have attained or attain that age or previously marry and if more than one in equal shares as tenants in common (c) PROVIDED NEVERTHELESS that Ernst Halberstadt being issue of my daughter Sophie who has died previously to the execution hereof shall if living at my death stand in the place of my said daughter Sophie and take the same share of my residuary Trust Fund which my Daughter Sophie would have taken if she had survived me and had attained a vested interest (d) PROVIDED FURTHER that in case any child of mine shall die during my life time leaving issue living at my death who being male attain the age of twenty one years or being female attain that age or previously marry such issue shall stand in the place of such deceased child and take per stirpes and equally between them if more than one the share of my Residuary ‘!rust Fund which such deceased child would have taken if he or she had survived me and taken a vested interest
7. I HEREBY DECLARE that notwithstanding the trusts hereinbefore declared in favor of my children it shall be lawful for my Trustees upon the written request of my Wife at any time or times to raise any sum or sums (not exceeding two thousand five hundred pounds in any one year and not exceeding Fifteen thousand pounds in all) out of the capital of my Residuary Trust Fund to pay such sum or sums to my Wife for her absolute benefit in addition to the income of my Residuary Trust Fund hereinbefore given her
8. I RELEASE each of my children from any legal liability to pay any debt which may be due from him or her to me at the date of my death but each of my children shall bring into hotchpot against the capital of his or her share such sum and such sum only as I may have debited subsequent-to the date hereof against him or in the case of a daughter against her or against her husband in my private ledger
9. I DECLARE that my Trustees may postpone the sale calling in and conversion of any part of my real or personal estate for such period as they may in their absolute discretion deem fit without being liable to account notwithstanding that it may be of a wasting speculative or reversionary na­ture and that pending such sale calling in and conversion the income (including the net rents and profits of real estate and chattels real after payment of rates taxes rent costs of insur­ance repairs and other outgoings properly attributable in the opinion of my Trustees to income) of property actually producing income shall be applied as from my death as income and on the other hand on such sale calling in and conversion or on the falling in of any reversionary property no part of the proceeds of such sale calling in or conversion or of such property shall be paid or applied as past income
10. I DECLARE that all moneys liable to be so required to be invested under this my Will may be invested in any one or more of the following modes of investment (a) ANY investments from time to time sanctioned by Law for the investment of Trust Funds (b) ANY Public Stocks or Funds or Government-Securities of Great Britain or of any British Dominion or of any Foreign Government or State (c) FREEHOLD or Leasehold Securities (the latter having not less that Forty Five Years unexpired at the date of such investment) in Great Britain (d) STOCKS Shares or Securities the capital whereof or a minimum rate of interest or dividend thereon is guaranteed by the British Government (e) STOCKS Bonds Mortgages or Securities (by whatsoever name they may be called) of any Public Municipal or Local Body or Authority situate in Great Britain or in any British Dominion or in any foreign state (f) SUCH Stocks or Securities quoted on the London Stock Exchange as shall be certified in writing by one Member of that Exchange to fall in the opinion of such Member within the description of gilt edged securities (g) STOCKS Bonds Debentures Debenture Stocks or Mort­ gages or Securities (by whatsoever name they may be called) or any Railway Shipping Canal Dock Harbour Gas Water Electric Light or Power or Wireless Company Transport Grain-Elevator or Oil Company or other Public Utility Company or any Banking or Insurance Company Incorpo­rated by Royal Charter or by Special Act of the Parliament at Westminster or of the Legislature or Government of any British Dominion or of any Foreign State or of the United States of America or incorporated under any General Act of any such Parliament Legislature or Government as aforesaid all such investments paying interest or dividends at the date of investment (h) THE guaranteed· or preference stock or. shares of any such Company as aforesaid which has in each of the years· immediately prior to the date of investment paid a dividend at the rate of- at least Five Pounds per centum per annum upon its Ordinary Stock or Shares of which fact a letter purporting to be signed by the Secretary of the Company or by a Member of the London Stock Exchange or by the Secretary or Manager or Branch Manager of a Joint Stock Bank shall be sufficient evidence (i) THE guaranteed or preference or preferred Stock or Shares of any such Company as aforesaid which has in each of the three years immediately prior to the date of invest­ment paid a dividend at the rate of at least five per centum per annum on such stock or shares of which fact a letter purporting to be signed by the Secretary of the Company or by a Member of the London Stock Exchange or by the Secretary or Manager or Branch Manager of a Joint Stock Bank shall be sufficient evidence (j) THE Ordinary Stock of any Railway Company as is men­tioned in Section 1 (1) (g) or (h) of the 1rustee Act 1925 (k) THE Ordinary Stock or Shares of any such Company as is mentioned in (g) above upon which Stock or Shares there has in each of the Three years immediately prior to the date of investment been paid a dividend at the rate of at least five per centum per annum of which fact a letter purporting to be signed by the Secretary of the Company or by a Member of the London Stock Exchange or by the Secretary or Man­ ager or Branch Manager of a Joint Stock Bank shall be sufficient evidence (l) ANY share capital or loan capital of any Company regis­tered in England under the Companies Acts and having a capital paid up or credited as paid up of not less than two hundred thousand pounds (m) GOLD Silver or other metals provided not more than twenty per cent of my Residuary 1rust Fund is so invested
11. 11. I negative the rule known as the Rules in Howe v. Earl Dartmouth and Allhusen v. Whitten in all their branches
12. NO 1rustees of this Will shall be liable for any loss not attributable (a) to his own dishonesty (b) to the willful commission by him of an act known by him to be a breach of trust and in particular he shall not be bound to take any proceedings against a Co-1rustee for any breach or alleged breach of trust committed by such Co- Trustee
13. THE Statutory Power of Appointment of New Trustees of

this my Will shall be exercisable by my said Wife during her life

IN WITNESS whereof I have to this my last Will set my hand this day of One thousand nine hundred and thirty eight.

SIGNED by the above named SIGMUND FREUD as his last Will in the presence of us both being present at the same time who at his request in his presence and in the presence of each other have hereunto subscribed our names as Witnesses.