I, Franklin D. Roosevelt, residing in the Town of Hyde
Park, County of Dutchess, State of New York, do hereby
make, publish and declare this to be my Last Will and Testament,
hereby revoking all other wills and codicils at any time
heretofore made by me.
First: I direct my Executors hereinafter named to pay
and discharge all my just debts and funeral expenses as
soon after my death as may be practicable.
Second: I direct that all transfer, estate and
inheritance taxes and death duties and demands applicable
to or payable on account of all gifts, devises and bequests
made in and by the terms of this my Last Will and Testament
be held chargeable to and payable out of the assets of my
residuary estate and not chargeable to or payable by or
collectible from the persons to whom or for whose benefit
such gifts, devises and bequests are made.
Third: I direct that my Executors hereinafter named
erect a simple stone over the grave of my wife and myself
to be located in the garden of my property in the Town of
Hyde
Park, County of Dutchess and State of New York, preferably
in accordance with directions left by me in a separate
memorandum, the cost thereof to be paid by my Executors out
of my residuary estate.
Fourth: I give and bequeath to the Rector, Wardens and
Vestby of ST. James Church, Hyde Park, Dutchess County, New
York, of which I am Senior Warden, the sum of Five Thousand
Dollars ($5,000.00), to be added to the Cemetery Fund and
used for the upkeep of the Roosevelt family burial lots,
the grave of my wife and myself, and for general cemetery
upkeep purposes.
Fifth: I give, devise and bequeath to Georgia Warm
Springs Foundation, a New York membership corporation, all
of the real estate located in Meriwether County, State of
Georgia, owned by me at the time of my death, with all the
buildings and improvements thereon,
together with all personal property located thereon or
therein or appurtenant thereto.
Sixth: I give and bequeath to each of the persons who
are my employees or servants at the time of my death and
whose salaries or wages are at that time being paid by me
personally the sum of One Hundred Dollars ($100.00).
SEVENTH: (A) If my wife, ANNA ELEANOR ROOSEVELT, shall
survive me, I direct that she shall have the right to use
during her lifetime, at such place or places as she may
wish, all or any part of the jewelry, books, paintings,
pictures, works of art, statuary, silver, plate, china,
glass, ornaments, rugs, tapestry, automobiles and boats and
their equipment, household furniture and equipment and
other tangible personal property of a similar kind or
nature which I may own at the time of my death and wherever
located, except such personal property bequeathed to
Georgia Warm Springs Foundation under Article Fifth of this
Will; Provided, However, that my said wife shall select the
articles of personal property to be used by her as
aforesaid and shall notify my Executors in writing of the
articles so selected by her within six (6) months after my
death. Upon the receipt of such written notifi-
cation by my Executors, my said wife may take possession of
the articles of personal property so selected by her, and
my Executors shall have no further obligation or
responsibility with respect to the personal property so
selected, and I give and bequeath the remainder interest
therein to my Trustees hereinafter named to dispose of in
the manner hereinafter provided in Paragraph (F) of this
Article Seventh.
No bond or other security shall be required of my said
wife with respect to the personal property so selected or
the use thereof by her, and my Trustees shall not be
responsible or accountable for the proper use or
preservation of such property.
(B) The articles of personal property not selected by
my said wife as aforesaid, or, if my said wife shall not
survive me, then all of said personal property described in
Paragraph (A) of this Article SEVENTH may be selected by my
children living at the time of my death and by my Executors for the issue then living of any deceased child or children of mine in the manner, shares and proportions
hereinafter provided in Paragraph (C) of this Article
Seventh, and I give and bequeath to my said children and,
subject to the provisions of Paragraph (C) of this Article
Seventh, to the said issue of any deceased child or
children of mine all of the personal property so selected.
(C) Each child of mine and my Executors for the issue
collectively of each deceased child of mine, if any, shall
have the right to select any or all of the personal
property hereinabove referred to in Paragraph (B) of this
Article Seventh, provided, however, that the aggregate
value of the articles of personal property selected by each
such child and the aggregate value of the articles of
personal property selected by my Executors for the issue
collectively of each deceased child of mine shall not
exceed one fifth (1/5th) of the total value of the personal
property hereinabove referred to in Paragraph (B) of this
Article Seventh as appraised for the purpose of fixing the
New York State estate tax.
Such selections shall be made by the unanimous
agreement of my children, or, if there be any deceased
child or children of mine leaving issue surviving, then by
the unanimous agreement of my children and my Executors
within three (3) months after my death, if my said wife
shall not survive me, or, in ease my wife shall survive me,
within three (3) months after the expiration of the time
within which my said wife is to make her selection as
provided in Paragraph (A) of this Article Seventh, or
within three (3) months after notification by my Executors
by registered mail that such selection by my said wife has
been made, whichever
period shall first expire.
My Executors are hereby authorized to enter into such
agreement as aforesaid with my children for and on behalf
of the issue of any deceased child or children of mine, and
in making such agreement my Executors shall represent such
issue and stand in their place and stead for all purposes
germane hereto, whether such issue or any of them be under
or over the age of twenty-one (21) years, and such
agreement shall be absolutely and irrevocably binding upon
all such issue; but no right or title in or to any such
personal property shall vest in any of such issue whether or not such issue or any of them be under
or over the age of twenty-one (21) years unless and until
said Executors shall have made the division and delivery
thereof provided for in the next to the last paragraph of
this Paragraph (C).
If my children, or if there be any deceased child or
children of mine leaving issue surviving, then if my
children and Executors cannot within the period of time
herein provided reach a unanimous agreement as to the
articles of said personal property to be selected as
aforesaid, then such selections shall be made by my
children and by my Executors for the issue collectively of
any deceased child or children of mine in the order of the
seniority of my children, starting with the oldest child,
the issue collectively of any deceased child of mine to
take the place of his, her or their parent in the order of
selection. Such selection shall be made by my oldest child,
or, if such child shall not be then surviving but shall
leave issue then surviving, then by my Executors for the
issue collectively of such child within three (3) months
after my death, if my said wife shall not survive me, or,
in case my wife shall survive me, within three (3) months
after the expiration of the time within which my said wife
is to make her selection as provided in Paragraph (A) of
this Article Seventh, or within three (3) months after
notification by my Executors by registered mail that such
selection by my said wife has been made, whichever period
shall first expire, and thereafter each child or my
Executors for the issue collectively of any deceased child
shall have a similar three-months’ period within which to
select after the expiration of the time allowed such next
older child, or notification by my Executors by registered
mail that the selection shall have been made by the next
older child, whichever date is earlier.
No selection of personal property hereunder by any
child of mine shall be deemed to be properly made unless
the same be in writing, clearly identifying the property
selected, and mailed or delivered to my Executors within
the period specified herein for the making of such
selection. Upon the receipt by my Executors or any of them
of such written notification as aforesaid and the
determination by my Executors, in their sole discretion,
that the total value
of the personal property so selected has not exceeded the
share of the appraised value permitted to be selected by such child, the person making such
selection shall be permitted to take possession of the
personal property so selected and my Executors shall have
no further responsibility or obligation with respect
thereto.
In making selections for the issue of any deceased
child or children of mine, the judgment of my Executors
concerning the articles to be selected, the propriety
thereof and the relative value thereof shall be binding and
conclusive upon all persons interested in my estate, and no
right or title in or to any of my said personal property so
selected by my Executors shall vest in any of such issue,
whether or not such issue or any of them are over or under
the age of twenty-one (21) years, unless and until said
Executors shall have made the division and delivery thereof
provided for in the paragraph immediately following.
My Executors shall divide among the issue of any
deceased child, whether or not such issue or any of them
are over or under the age of twenty-one (21) years, for
whom selections have been made hereunder by agreement or
otherwise, the personal property so selected, and their
judgment in making such division shall be final and binding
on all persons interested in my estate; Provided, However,
that my Executors may hold, during the minority of any
person or persons for whom selections have been made
hereunder by agreement or otherwise, the personal property
so selected and shall deliver said property to such person
or persons when he, she or they respectively attain the age
of twenty-one (21) years; or my Executors may, if they so
elect, deliver such property to a parent or any legally
appointed guardian of the property of such minor or minors,
and upon making such delivery my Executors may obtain from
such parent or guardian a receipt for such property and
they shall thereupon be relieved from all responsibility or
obligation in regard to such property and shall not be
accountable for the application that the parent or guardian
may make thereof.
Whenever under this Paragraph (C) my Executors are
permitted or required to give any notice, they shall not,
when acting for the issue of any deceased child or children
of mine in the manner herein provided, be required to give
said notice to any of the issue of said deceased child or children whether or not such issue or any of them are
over or under the age of twenty-one (21) years.
(D) I request my children and if there be any deceased
child or children of mine leaving issue surviving, then
also my Executors, to select only such articles of personal
property as my children and the issue of any deceased child
or children of mine may be in a position to use personally
in their own homes. I further request my said wife,
children, Executors and issue of deceased children, if any,
that upon the occupancy of the main house at Hyde Park,
Dutchess County, New York, by the Government of the United
States, the greater part of the personal property situate
therein or used in connection therewith be given to the
Government so that the general character of the house be
not altered, but this request shall not be construed as a
restriction or limitation on the right of my said wife,
children and Executors to select, as hereinabove in this
Article Seventh provided, such of the personal property as
my said wife, children and/or issue of any deceased child
or children of mine may wish for personal use in their own
homes.
(E) All of the said personal property not so selected
by my said wife, my children and my Executors for the issue
of any deceased child or children of mine, as hereinabove in
this Article Seventh provided, shall be offered by my
Executors as a gift to the Government of the United States
for display at the Franklin D. Roosevelt Library or at the
Roosevelt main house at Hyde Park, Dutchess County, New
York; provided, however, that my Executors shall have the
right, in their sole discretion, to fix the time within
which the Government of the United States shall elect to
accept all or any part of the said personal property. All
of the said personal property not selected by my said wife,
my children and my Executors for the issue of any deceased
child or children of mine, and/or accepted by the
Government of the United States as hereinabove in this
Article Seventh provided, may be sold by my Executors in
whole or in part at public or private sale or sales, at
such time or times and upon such terms and conditions as
they, in their sole discretion, may deem advisable.
(F) If my said wife shall survive me and shall select
personal property as hereinabove provided in Paragraph (A)
of this Article Seventh, then I direct that upon her death my Trustees shall
dispose of the articles of personal property selected by
her, as aforesaid, in the same manner, shares and
proportions and upon the same terms and conditions as set
forth above in Paragraphs (C) and (E) of this Article
Seventh for the disposition of the personal property not
selected by my said wife, except that the period within
which selections shall be made shall be measured from the
date of death of my said wife and the value to be used for
such personal property shall be the value thereof as of the
date of death of my said wife as my Trustees shall in their
sole discretion determine. My Trustees shall have and
possess, with respect to the disposition of such personal
property, all of the discretion, rights, powers, privileges
and immunities granted to my Executors by such Paragraphs
(C) and (E) of this Article Seventh. As to this property, I
make the same requests as are set forth in Paragraph (D) of
this Article Seventh.
(G) If, in selecting articles of personal property as
hereinabove provided, any disputes or disagreements shall
arise among or between my said children or any of them or
between any child or children of mine and my Executors or
Trustees, as the case may be, acting for and on behalf of
the issue of any deceased child or children of mine, with
respect to any of the said personal property or their
respective rights thereto or the manner or method of
selecting the same, then my Executors or Trustees, as the
case may be, shall have the sole and final right to adjudge
all said disputes or disagreements, and their decision in
such case or cases shall be final and binding on all
persons having any interest in my estate, and for the
purpose of carrying out any such adjudication my Executors
or Trustees, as the case may be, shall have the right to
divide and/or distribute the property subject to any said
disputes or disagreements to such children or issue of
deceased children in such manner, shares and proportions as
my Executors or Trustees, in their sole discretion, shall
determine.
Eighth: All of the rest, residue and remainder of my
estate, both real and personal, of whatsoever kind, nature
and description, and wheresoever situate, of which I shall
die seized or possessed, or to which I may be legally or
equitably entitled at the time of my death, or over which I shall have any power of appointment (hereinafter, and heretofore in Article Second and Third of this Will,
referred to as “my residuary estate”), I give, devise and
bequeath to my son, James Roosevelt, and my friends, Basil
O’Connor, Esq., of 120 Broadway, New York, N. Y., and Henry
T. Hackett, Esq., of Poughkeepsie, N.Y., In Trust
Nevertheless, to hold, manage, sell, exchange, invest and
reinvest the same, and every part thereof, and to collect,
recover and receive the rents, issues, profits, interest
and income thereof (hereinafter referred to as “income”),
and, after deducting the commissions of the Trustees and
the proper and necessary expenses in connection with the
administration of the trust, to apply the balance of the
income and distribute the principal of the trust fund,
after deducing the Trustees’ commissions thereon, in the
amounts and manner hereinafter in this Article Eighth
provided.
(A) If my said wife shall survive me, the Trustees
shall first pay to her one half (1/2) of the net income of
the trust fund, in quarterly instalments, and they shall
also pay to her annually the balance, if any, of the net
income of the trust fund remaining after making the
payments
provided for in Paragraph (B) of this Article Eighth, for
and during the term of her natural life.
(B) During the lifetime of my said wife, if she shall
survive me, the Trustees shall pay out of the remaining one
half (1/2) of the net income of the trust fund to or for
the account of my friend, Marguerite A. Le Hand, such sum
or sums, at such time or times and in such manner as my
Trustees, in their sole discretion, shall deem necessary
and reasonable to discharge expenses incurred or which may
be incurred by or for the said Marguerite A. Le Hand for
medical attention, care and treatment during her lifetime.
The Trustees are also authorized, but not directed, to pay
out of the said remaining one half (1/2) of the net income
of the trust fund to or for the account of the said
Marguerite A. Le Hand, during the lifetime of my said wife,
such sum or sums not exceeding a total of One Thousand
Dollars ($1,000.00) per annum, at such time or times and in
such manner as my Trustees, in their sole discretion, shall
determine for maintenance and living expenses of the said
Marguerite A. Le Hand. If the said Marguerite A. Le Hand
Shall survive both my said wife and myself, then upon the death of
my said wife, or upon my death if my said wife shall not
have survived me, the Trustees shall set apart from the
principal Of the trust fund such amount as they, in their
sole discretion, shall deem necessary to carry out the
provisions of this Paragraph and shall hold such principal
upon a separate and independent trust and pay out the
income and/or the principal thereof to or for the account
of the said Marguerite A. Le Hand in the amounts and at the
time or times and in the manner and for the purposes
hereinabove in this Paragraph provided. Upon the death of
the said Marguerite A. Le Hand, the Trustees shall assign,
convey, transfer, pay over and distribute any principal
then remaining in such trust fund, together with any income
thereon, in equal shares to my children then living and the
issue then living of any deceased children of mine, such
issue to take per stirpes and not per capita.
(C) If my said wife shall survive me, the Trustees
shall permit her to use during her lifetime, without cost
or obligation except as hereinafter provided, the parcels or
tracts of land which I may own at the time of my death
situate on Campobello Island, New Brunswick, Canada, with
the buildings and improvements thereon; provided, however,
that she shall notify the Trustees in writing within six
(6) months after my death of her intention to use such
property, and provided further that she shall, at her own
expense, keep the property in good repair; pay all taxes
and assessments levied against or with respect to such
property after my death; pay all costs of maintenance of
the property; and continue to pay the same during her
lifetime. No bond or other security shall be required of my
said wife with respect to such property or the use thereof
by her.
(D) Upon the death of my said wife, or if she shall not
have survived me, then upon my death, the Trustees shall
assign, convey, transfer, pay over and distribute one half
(1/2) of the principal then remaining in the trust fund,
together with all accumulations of income, if any, after
making provision for the said Marguerite A. Le Hand as
hereinabove in this Article Eighth provided, in equal
shares to my children then living and the issue then living
of any
deceased children of mine, such issue to take per stirpes
and not per capita. The Trustees shall divide the remaining one half (1/2)
of the principal of the trust fund into as many equal
shares as there shall be children of mine then living and/or
children of mine who shall then be deceased leaving issue
then surviving, and shall set apart one share for the
benefit of each such child then living and one share for
the benefit of the issue collectively of each such deceased
child.
The Trustees shall hold each such share set apart for
the benefit of each child of mine then living upon a
separate and independent trust, and shall manage, sell,
invest and reinvest the same and every part thereof and
collect, recover and receive the rents, issues, interest,
income and profits thereof (hereinafter called “income”),
and after deducting the commissions of the Trustees and the
proper and necessary expenses in connection with the
administration of the trust, shall pay the net income in
quarterly instalments to such child for and during the term
of such child’s natural life.
Upon the death of each such child for whom a separate
and independent trust has thus been established, the trust
in respect of his or her share shall terminate and the
Trustees shall assign, convey, transfer, pay over and
distribute the principal of such trust fund, together with
all accumulations of income, if any, to the then surviving
issue of such child, in equal shares per stirpes and not
per capita, and in default of such issue the Trustees shall
assign, convey, transfer, pay over and distribute the said
principal and accumulations of income, if any, as if the
same were my personal property and I were then to die
intestate and resident in the State of New York.
The Trustees shall hold each such share set apart for
the benefit of the issue collectively of each such deceased
child of mine upon a separate and independent trust during
the lifetime of the person who shall be the youngest of the
issue for whom such share has been set apart and who shall
have been living at the time of my death, and shall manage,
sell, invest and reinvest the same and every part thereof
and collect, recover and receive the rents, issues,
interest, income and profits thereof (hereinafter called
“income”), and after deducting the commissions of the
Trustees and the proper and necessary expenses in connection with the administration of the trust, shall pay the net income in quarterly instalments and in equal shares
to such issue per stirpes; provided, however, that as to
each of such issue who is under the age of twenty-one (21)
years, the Trustees shall apply his or her portion of the
net income of the trust fund, or such part thereof as the
Trustees, in their sole discretion, may deem proper, for
the support, maintenance and education of such minor,
accumulating the balance, if any, until such minor shall
attain the age of twenty-one (21) years, and thereupon the
Trustees shall pay to such person the accumulations of
income. Upon the death of such person who shall have been
the youngest of such issue as aforesaid and who shall have
been living at the time of my death, the trust for such
issue shall terminate and the Trustees shall assign,
convey, transfer, pay over and distribute the principal of
such trust fund, together with all accumulations of income,
if any, to such issue, in equal shares, per stirpes.
If the share for the benefit of the issue collectively
of a deceased child of mine shall have been set apart, as
hereinabove provided, upon the death of my said wife after
my death, and if none of the issue then living of such
deceased child shall have been living at the time of my
death, then no trust of such share shall be created and the
Trustees shall assign, convey, transfer, pay over and
distribute such share to such issue, in equal shares, per
stirpes.
(E) If, at the termination of any of the trusts herein
in this Article Eighth created, or at the time any payments
shall be made under Paragraph (D) of this Article Eighth,
any portion of the principal of such trust fund or any
portion of a share for the benefit of the issue
collectively of a deceased child of mine, as the case may
be, shall be payable to a minor, the Trustees are empowered
to continue to hold such portion of the principal or share
so payable in trust during the minority of such person and
in such event shall manage, invest and reinvest the same
and apply so much of the net income thereof as in their
absolute judgment and discretion they may deem necessary
for the maintenance, support and education of such minor,
and shall accumulate the unexpended balance thereof until
such minor attains the age of twenty-one (21) years, when
the Trustees shall convey, assign, transfer and pay over the principal, together with all accumulations of net income thereon, absolutely to such person; or the Trustees
may, if they so elect, pay such principal or income, or
both, to a parent or any legally appointed guardian of the
property of such minor entitled to the same, and upon
making such payment the Trustees may obtain from such
parent or guardian receipts for such principal or income,
or both, as the case may be, and the Trustees shall
thereupon be relieved from all responsibility in regard to
such principal and income and shall not be accountable for
the application that the parent or guardian may make
thereof. The foregoing authority shall be construed as a
power only and shall not operate to suspend the absolute
ownership of such property by such minor or to prevent the
absolute vesting thereof in him or her.
Ninth: The provisions herein contained for the benefit
of my wife, Anna Eleanor Roosevelt, are and shall be in
lieu of dower and of all other right, title and interest of
any kind whatsoever in and to my estate.
Tenth: I authorize and empower my Executors and
Trustees as follows:
I. To sell at public or private sale or sales and
to lease, mortgage or exchange all or any part of my
estate, wheresoever situate, at such times and upon
such terms and conditions as they, in their sole
discretion, may deem advisable, and to execute and
deliver proper conveyances and transfers thereof.
II.At the risk of my estate and without
responsibility to my Executors, to retain and in their
sole discretion to turn over to my Trustees in the
erection of the trust herein created, any property,
stocks, bonds or other investments in which at the
time of my death all or any portion of my estate shall
be invested.
III. At the risk of the trust funds and without
responsibility to my Trustees, to retain all or any
part of the property, stocks, bonds or other
investments in which, at the time of my death, any
portion of my estate shall be invested and which shall
be turned over by my Executors to my Trustees in the
erection of the trust herein created, although not of
the character authorized by law for trust investments, and, in their sole
discretion, to sell, dispose of, call in or change the
property and investments comprising the trust funds or any
part thereof, and to invest and reinvest the same and the
proceeds of the sale thereof or any uninvested funds, in
such stocks, bonds or other securities as my Trustees, in
their sole discretion, may deem proper, and in making such
investments and reinvestments my Trustees shall not be
limited to securities of the character authorized by law
for trust investments. No purchaser upon any sale by my
Trustees shall be bound to see to the application of the
purchase money arising therefrom or to inquire into the
validity, expediency or propriety of any such sale.
IV. To vote or consent in person or by proxy upon all
stocks, bonds or other securities held by my Executors
and/or Trustees; to exchange the securities of any entity
for other securities issued by the same or by any other
entity, at such times and upon such terms and conditions as
they may deem proper; to deposit said securities with any
protective or other representative committee; to consent to
the reorganization, consolidation or merger of any entity,
or to the sale or lease of its property, or any portion
thereof, to any person or entity, or to the lease by any
person or entity of his or its property, or any portion
thereof, to such entity, and upon such reorganization,
consolidation, merger, sale or lease, to exchange the
securities held by them for the securities issued in
connection therewith; to pay all assessments, subscriptions
and other sums of money as they may deem expedient for the
protection of their interests as holders of any stocks,
bonds or other securities, and to exercise any option
contained in any stocks, bonds or other securities for the
conversion of the same into other securities, or to take
advantage of any rights to subscribe for additional stock,
bonds or other securities, and to make any and all
necessary payments therefor, and generally to exercise in
respect of all stocks, bonds or other investments or
property held by them all rights, powers and privileges as
are or may be lawfully exercised by any person owning
similar property in his own right.
V. In their sole discretion, to cause the securities
which may from time to time comprise my estate, or any part
thereof, or the trust funds hereby created, or any part
thereof, to be registered in their names as Executors or
Trustees hereunder, as the case may be, or in their own
names, or in the name of their respective nominee, or to take and keep the same unregistered, or to retain them, or any part thereof, in such condition that they will pass by delivery.
VI. To compromise and adjust any claims of
whatsoever nature which may be made against, or in
favor of, my estate, or the trust hereby created,
upon such terms and in such manner as my Executors or
Trustees, as the ease may be, in their sole
discretion, may deem advisable.
Eleventh: In dividing my estate, or any portion
thereof, or the principal of the trust funds or any
accumulated net income, or any portion thereof, into parts
or shares, or in distributing the same, I authorize and
empower my Executors or Trustees, as the ease may be, in
their sole discretion, to make such division or
distribution in kind, or partly in kind and partly in
money, and for the purpose of such division or distribution
the judgment of my Executors or Trustees, as the case may
be, concerning the propriety thereof and the relative value
of properties allotted for such purpose, shall be binding
and conclusive upon all persons interested in my estate.
Twelfth: I authorize and empower my Executors, in their
sole discretion, to borrow any moneys which they may deem
proper or convenient for the payment of any cash legacies
and/or any taxes which, under Article Second of this Will,
my Executors are directed to pay, and to secure such loans
by the mortgage, pledge or hypothecation of any property in
my residuary estate; and no person making any such loan to
my Executors shall be bound to inquire into the expediency
or propriety thereof, and the judgment of my Executors as
to the necessity or propriety of any such loan shall be final
and conclusive upon all persons interested in my estate.
Thirteenth: The Trustees are authorized and empowered
in their uncontrolled discretion to purchase or receive any
bonds, notes, shares of stock, or other securities for the
trust funds at a premium or at a price in excess of the
call or redemption price or the amount payable at maturity
or on liquidation, as the case may be, and in any such ease
the Trustee shall not use any part of the income thereof to
amortize or otherwise restore to principal such premium or excess, however large.
Fourteenth: Any dividend regularly payable in the stock
of the corporation or association declaring or authorizing
the same in respect of any stock held by the Trustees shall
be considered income and may be sold by the Trustees, and
all such stock dividends or proceeds from any sale thereof
shall be distributed as income. Any occasional or irregular
dividend payable in the stock of the corporation or
association declaring or authorizing the same in respect of
any stock held by the Trustees shall not be distributed as
income but shall be retained by the Trustees as part of the
principal of the trust funds. All cash dividends of any
kind and nature whatsoever, excepting liquidating
dividends, received by the Trustees on any shares of stock
held hereunder shall be treated as income.
FIFTEENTH: I hereby nominate, constitute and appoint my
son, James Roosevelt, and my friends, Basil O’Connor, Esq.,
and Henry T. Hackett, Esq., as Executors of this my Last
Will and Testament, and as Trustees of the trusts herein
created.
If any of said persons named as Executors shall not
survive me or shall fail to qualify, or, having qualified,
shall resign, die or become incapacitated, as Executor
hereunder, then I nominate, constitute and appoint as a
co-Executor hereunder such bank or trust company having a
principal office for the transaction of business in the
City and State of New York as the remaining Executors or
Executor
herein named, or their successor or successors, shall, in
their sole discretion, appoint.
If any of said persons named as Trustees shall not
survive me or shall fail to qualify, or, having qualified,
shall resign, die or become incapacitated, as Trustee
hereunder, then I nominate, constitute and appoint as a
co-Trustee hereunder such bank or trust company having a
principal office for the transaction of business in the
City and State of New York as the remaining Trustees or
Trustee named herein, or their successor or successors, shall, in
their sole discretion, appoint.
Sixteenth: I hereby expressly direct that no bond or
other security shall be required of said Executors or
Trustees, or any of them, in this or in any other jurisdiction, to secure the performance of
their respective duties as such.
Seventeenth: The word “Executors” wherever used in this
Will shall be deemed to refer to the Executors herein named
or the survivors or survivor of them, or their successor or
successors, or any administrator c.t.a., and any bank or
trust company which my Executors may appoint pursuant to
the provisions of Article Fifteenth hereof.
Eighteenth: The word “Trustees” wherever used in this
Will shall be deemed to refer to the Trustees herein named
or the survivors or survivor of them, or their successor or
successors, and any bank or trust company which my Trustees
may appoint pursuant to the provisions of Article Fifteenth
hereof.
In Witness Whereof, I have hereunto set my hand and
seal and initialed each of the preceding nineteen pages
hereof this 12th day of November, 1941.
(Sgd.) FraNKLIN D. ROOSEVELT (L. S.)
The foregoing instrument, contained on this and the
preceding nineteen pages, was signed, sealed, published and
declared by Franklin D. Roosevelt as and for his Last Will
and Testament, in the presence of us, the undersigned, who,
in his presence and at his request, and in the presence of
one another, have hereunto subscribed our names and
addresses as attesting witnesses this 12th day of November,
1941.
(Sgd) Grace G. Tully residing at 3000 Connecticut
Ave., Wash., D.C.
(Sgd) Thomas J. Qualters residing at 2036 B Fort Davis
St.,S. E., Washington, D. C.
(Sgd) William F. Snyder residing at 173 Mayflower Ave.,
New Rochelle, N. Y.