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HomeMy WebLinkAbout08-30-74 (2) LAST WILL AND TESTAMENT OF GEORGE JOSEPH KENNEDY ',. ,- I, GEORGE JOSEPH KENNEDY, of Carlisle, Cumberland Cormty, Pennsylvania, which I hereby declare to be my domicile, do make, publish, and declare this to be my Last Will and Testament, hereby revoking all Wills and Codicils by me at any time heretofore made. FIRST: I direct that my burial be made in the ST. JAMES CEMETERY, Setauket, New York. I also authorize and empower my late wife's cousin, DOROTHY WALSH of Freeport, New York, to make, provide for, and carry out all frmeral arrangements. The expense of such arrangements and burial, as above provided for, I direct to be paid, together with all of my just debts, as soon as practicable after my decease; and I further direct that all inheritance, estate, transfer, succession, probate, legacy and death taxes or duties imposed upon or in relation to any property owned by me at the time of my death which is disposed of by this Will or any Codicil to it, shall be paid out of my general estate as an expense of the administration thereof. SECOND: I give and bequeath rmto the said DOROTHY WALSH the sum of One Thousand ($1,000.00) Dollars. THIRD: I give and bequeath rmto my daughter, LEONARE H.A. DUNCAN the sum of One Thousand ($1,000.00) Dollars. FOURTH: Whereas I have helped to educate my three oldest grandchildren and whereas my yormgest grandchild, Ruth Evelyn Drmcan, intends to enter graduate school in the fall of 1974, I therefore give and bequeath to my Trustee, hereinafter named, in separate trust, nevertheless Two Thousand ($2,000.00) Dollars for each year or portion of a year of graduate school not completed by the said Ruth Evelyn Drmcan at the time of my death. In no event however, shall the amormt placed in this trust exceed Six Thousand ($6,000.00) Dollars. (a) My Trustee shall invest and reinvest such sums and pay the income and principal to said Ruth Evelyn Drmcan or apply the income and principal for the benefit of said Ruth Evelyn Drmcan all in its absolute discretion for her graduate education and for her living expenses in connection with obtaining such education. My Trustee shall accumulate income in whole or in part, if in its discretion such income is not required for the purposes of this trust in a particular year. Accumulated income shall be added to principal and may be expended in the same manner as principal. (b) When the said Ruth Evelyn Drmcan completes her graduate education or reaches her twenty-sixth birthday whichever occurs soon~ or in the event of the death of said Ruth Evelyn Drmcan prior to 917 ~ ~ r o reaching her twenty-sixth birthday, this trust shall terminate and my Trustee shall pay any remaining balance in this trust to the residuary trust established rmder FIFTH below. FIFTH: All the rest, residue and remainder of my property, both real and personal, of which I may die seized or possessed or to which I may be entitled at the time of my death, or over which I may then have a power of disposition by Will, I give, devise, and bequeath to my Trustee hereinafter named, In Trust, Nevertheless, to hold the same in trust for the following uses and purposes: To invest and reinvest the same, to collect and receive the income therefrom and to pay the net income therefrom monthly for the use and benefit of my said dauther,LED'NA.RE H.A. DUNCAN, during her life. (a) Upon the death of my said daughter, or upon my death if she shall not survive me, to transfer, pay over, and distribute the principal of said trust frmd in equal shares to each of my said grandchildren, WILLIAM A. DUNCAN, JOAN CAROL DUNCAN, ANN ELIZABETH DUNCAN and RUTH EVELYN DUNCAN, share and share alike. (b) If any of my aforesaid grandchildren named as the remaindermen of the said trust shall not be living at the time of the termination of the said trust, or at the time of my death if my said daughter shall not survive me, I give, devise, and bequeath~ the share of the remainder of the said trust which the one so dying would have received if living to his issue per sitrpes, or in the event he shall have no issue to his surviving brothers \ and sisters in equal shares. SIXTH: I hereby nominate, constitute, and appoint FARMERS TRUST COMPANY of Carlisle, Pennsylvania, to be the Executor and Trustee of this, my Last Will and Testament. SEVENTH: I grant to my Executor and Trustee the following powers with respect to any and all property, real or personal, which shall at any time form part of my estate or the trust frmd rmder this Will. (a) To retain any such property as long as it deem advisable, without regard to the proportion which it may bear to the entire amormt of my estate or of the trust. (b) To sell at public or private sale for cash or on credit and grant options to purchase any such.property. (c) To invest and reinvest in property of any character and wherever situated, including but not by way of limiation common and preferred stocks, without being limited to so-called legal or trustees' investments. 818 1, r t ~ ~ ." ' ." (d) To consent to and participate in any plan of reorganization, consolidation, merger or similar plan, or any contract, lease, mortgage, purchase, sale or other action by any corporation. (e) To deposit property with any protective, reorganization, or similar committee and to pay part of the expenses and compensation of such committee. (f) To lease real property for more than three (3) years without application to Court and to enter into any agreements regarding the leased property or any improvements then or thereafter erected thereon; to make ordinary and extraordinary repairs and alterations to any building, to destroy old buildings and erect new ones and make other improvements; to enter into agreements or partition of any real property and to give or receive money or other property for equality of partition. (g) To satisfy any general legacy or any part thereof, in kind, and to make partition, division or distribution of property in kind, and for any such purpose to determine the value of any property, subject to the approval of such determination by the Orphans' Court. (h) To settle, arbitrate or release claims by or against my estate or the trust frmd herermder. (i) To allocate stock dividends between income and principal as my Executor and Trustee may deem proper, in their sole discretion. EIGHTH: If any beneficiaries entitled to take rmder this Will are rmder the age of twenty-one years, I direct that the shares of such beneficiaries shall be held in trust for them respectively by my said trustee, to whom I give the same with the powers and authority mentioned in paragraph SEVENTH, the income or so much thereof as may be necessary for their support, education and maintenance to be applied to their use during their respective minorities. The principal of their respective shares shall re paid to them upon their respectively attaining the age of twenty-one years, and rmtil their arrival at the age of twenty-one years, any income not used for their benefit shall be accumulated by my said trustee and paid to them upon their respectively attaining the said age of twenty-one years. IN WITNESS WHEREOF, I have herermto set my hand and seal this 30th day of August, 1974. 1~~1 The identified by going instrument consisting of three pages, each e signature of the Testator, was signed, sealed, 919 . ~ . . .~ published, and declared in our presence by the Testator, GEORGE JOSEPH KENNEDY, to be his Last Will and Testament, whereupon we, in his presence and at his request, and in the presence of each other, have herermto subscribed our names as witnesses, the day and year last above written, and we further state that the said Testator was at the time of the making and signing of said instrument of sormd and disposing mind and memory. residing at Carlisle, Pennsylvania residing at Carlisle, Pennsylvania 9r;.o ... ""