From: lubars@bu.edu (Steve Lubars)
Newsgroups: rec.arts.disney,alt.folklore.urban
Subject: Walt Disney's last will and testament
Date: 7 May 1994 04:28:43 GMT
Here it is folks, Walt Disney's last will and testament. If you
like consider it counter-evidence for the cryonic suspension theory.
Steve Lubars
lubars@vlsi.bu.edu
LAST WILL AND TESTAMENT
OF
WALTER E. DISNEY
I, WALTER E. DISNEY, a resident of Los Angeles
County, California, declare this to be my Last Will and
revoke all former Wills and Codicils.
FIRST: I declare that I am married to LILLIAN
B. DISNEY and that I have only two children, namely, DIANE
DISNEY MILLER and SHARON DISNEY BROWN.
SECOND: It is my intention to dispose by this
Will of my one-half (1/2) of the community property of
my wife and myself and of all my separate property, if any.
I do not undertake to dispose of my wife's one-half (1/2)
of our community property.
THIRD: In the event that there shall be included
in my estate any interest in any residential real properties
(i.e., properties occupied by my wife and myself as our
residence at the date of my death or as one of several of
our residences) I hereby grant to my wife, LILLIAN B. DISNEY,
if she survives me, an option to purchase any one or more
of such residential real properties. The purchase price
for the residential real property purchased shall be its
appraised value as shown in the Inventory and Appraisement
for my estate, less the amount of any encumbrance on such
residential real property. If my wife exercises this option
to purchase she shall take such residential real property
subject to any encumbrance existing against it at the date
of my death and my estate shall not pay any such encumbrance.
The purchase price for the residential real property purchased
by my wife pursuant to the exercise of this option
may be payable by her either in cash or in stock of Walt
Disney Productions (or any successor corporation) at her
option. In the event that my wife elects to pay for such
residential real property in stock, the value of such stock
for such purpose shall be the closing price for the stock
on the New York Stock Exchange on the day preceding the day
on which my wife obtains title to my interest in such residence
pursuant to the provisions of this Article. The option
granted hereunder must be exercised by my wife within six
months of the date of my death. Any residential real property
which is not purchased by my wife pursuant to the provisions
of this Article shall augment the residue of my estate provided
for under the terms of Article SIXTH below. In the
event that any such residential real property is so purchased,
the proceeds from the sale shall also augment the residue of
my estate and be disposed of as provided in Article SIXTH
below.
FOURTH: I give and bequeath to my wife, LILLIAN
B. DISNEY, if she survives me by sixty (60) days, all of my
tangible personal property and personal effects, including
without limitation, all my household furniture, furnishings,
silverware, books, paintings, works of art, automobiles,
clothing, jewelry, miniatures, awards and all other similar
items including all policies of insurance on such property.
In the event that my wife does not so survive me I give and
bequeath all of the property disposed of by this Article
FOURTH in equal shares to my children if they both so survive
me, or all to the survivor if only one of my children survive
me. In the event that my wife and my children do not so survive
me, the gift provided for in this Article FOURTH shall
lapse and the properties disposed of under this Article FOURTH
shall augment the residue of my estate.
FIFTH: I give, devise and bequeath the rest and
residue of my property, real and personal, wherever located,
including all failed an lapsed gifts, as follows:
- Forty-five percent (45%) of such residue shall
be distributed to LILLIAN B. DISNEY, HERBERT F. STURDY
and UNITED CALIFORNIA BANK as Trustees, IN TRUST. Such
Trust shall be known as the Disney Family Trust and
shall be held and distributed as provided for in Article
SIXTH below.
- Forty-five percent (45%) of such residue shall
be distributed to Disney Foundation as Trustee, IN
TRUST. Such Trust shall be known as the Charitable
Trust and shall be held and distributed as provided for
in Article SEVENTH below. If all or any portion of the
gift provided for in this Paragraph 2 shall be invalid
by reason of Probate Code Section 41, or any other provision
of law limiting, restricting or invalidating
gifts to charity, such bequest shall be carried out to
the extent permitted by law, and to the extent not so
permitted shall go instead to the University of
California.
- Two and one-half percent (2-1/2%) thereof shall
be distributed to LILLIAN B. DISNEY, HERBERT F. STURDY
and UNITED CALIFORNIA BANK as Trustees, IN TRUST, for
the benefit of MARJORIE DAVIS (hereby designated a life
income beneficiary) and NANETTE DAVIS, GEOFFREY DAVIS
and MELINDA DAVIS (hereby designated as remaindermen) to
be held and distributed as a Residuary Trust as provided
for in Article EIGHTH below.
- Two and one-half percent (2-1/2%) thereof shall
be distributed to LILLIAN B. DISNEY, HERBERT F. STURDY
and UNITED CALIFORNIA BANK as Trustees, IN TRUST, for
the benefit of DOROTHY DISNEY PUDER (hereby designated
a life income beneficiary) and LINDA PUDER, DAVID PUDER
and PAUL PUDER (hereby designated as remaindermen), to
be held and distributed as a Residuary Trust as provided
for in Article EIGHTH below.
- Two and one-half percent (2-1/2%) thereof shall
be distributed to LILLIAN B. DISNEY, HERBERT F. STURDY
and UNITED CALIFORNIA BANK as Trustees, IN TRUST, for
the benefit of RUTH FLORA BEECHER (hereby designated a
life income beneficiary) and THEODORE BEECHER (hereby
designated a remainderman) to be held and distributed as
a Residuary Trust as provided for in Article EIGHTH
below.
- Two and one-half percent (2-1/2%) thereof
shall be distributed to LILLIAN B. DISNEY, HERBERT
F. STURDY and UNITED CALIFORNIA BANK, as Trustees,
IN TRUST, for the benefit of PHYLLIS BOUNDS (hereby
designated a life income beneficiary) and ALEXANDRA
DETIEGE, VICTORIA DETIEGE and CLANCY DETIEGE (hereby
designated as remaindermen) to be held and distributed
as a Residuary Trust as provided for in Article EIGHTH
below.
SIXTH: DISNEY FAMILY TRUST:
- In the event that my wife, LILLIAN B. DISNEY,
shall survive me, the Trustees may pay to her or apply for
her benefit so much of the net income and principal of the
trust estate as the Trustees (other than LILLIAN B. DISNEY
who shall not participate in the exercise of this discretion)
deem necessary or proper for her health, support and maintenance.
In the exercise of such discretion the Trustees
shall take into consideration other income available to her
for such purposes and held free of this trust. Any income
which is not so applied or paid to LILLIAN B. DISNEY may be
paid to or applied for the benefit of a group of persons
consisting solely of my daughters, my grandchildren and any
other issue of mine who are living at the time of my death, or
who may be born afterwards, in such proportions and amounts as
the Trustees, in their sole discretion, deem to be necessary
or appropriate. The balance of the income which is not paid to
or applied for the benefit of LILLIAN B. DISNEY or such group
of persons shall be accumulated by the Trustees and added to the
principal of the trust estate.
- Upon the death of LILLIAN B. DISNEY (or upon
my death in the event that she shall fail to survive me),
the Trustees shall divide the trust estate into two equal
shares. One-half (1/2) of the income from each share of
the trust shall be paid to or applied for the benefit of each
daughter of mine, in monthly or other convenient instalments [sic],
but no less often than quarterly, throughout their lifetimes.
The other one-half (1/2) of the income from such share of the
trust estate may be paid or applied for the benefit of a
group of persons consisting solely of the daughter receiving
the one-half (1/2) of the income of such share, my grandchildren
and any other such issue of mine who are living at the
date of my death, or who may be born afterwards, in such proportions
and amounts as the Trustees, in their sole discretion, determine
to be necessary or appropriate. In making the payments from
such other one-half (1/2) of this income the Trustees may pay
more to or apply more for the benefit of one or more persons
included in such group than the others, and distributions may
be made to one or more persons included in such group and not
to the others, if the Trustees deem such to be necessary or
appropriate. The balance of such other one-half (1/2) of
the income from a share which is not paid to or applied
for the benefit of such group of persons shall be
accumulated by the Trustees and added to the principal
of such share of the trust estate. Upon the death of
a daughter of mine the one-half (1/2) of the income
of a share required to be distributed to such daughter during
her lifetime under the provisions of this Paragraph 2
shall augment the other one-half (1/2) of the income
with respect to such share distributable among such group
of persons under the provisions of this Paragraph 2.
- Upon the death of the last to survive of
myself, LILLIAN B. DISNEY, DIANE DISNEY MILLER and
SHARON DISNEY BROWN, the entire principal and accrued
and undistributed income of the trust estate shall be
divided into equal shares, one (1) share for each grandchild
of mine who is then living and one (1) share for
the then living issue, taken collectively, of each grandchild
of mine who may then be deceased. The share set
aside for each grandchild of mine who has then attained
age thirty (30) shall be distributed outright to such
grandchild. The share set aside for each grandchild who
has not then attained age thirty (30) shall continue to
be held in trust, subject to the provisions of Paragraph
4 of this Article SIXTH. The share set aside for the
issue of a deceased grandchild of mine shall be distributed
outright to such issue upon the principle of representation,
subject however, to the provisions of Paragraph
5 of this Article SIXTH.
- In the event that under the provisions of
the preceding paragraph a share shall continue to be
held in trust for a grandchild of mine, the Trustees shall
pay to or apply for the benefit of such grandchild all of
the net income of such share in monthly or other convenient
instalments [sic], but not less often than quarterly, provided,
however, that until such time as such grandchild
attains age twenty-one (21) the Trustees shall only pay
to or apply for the benefit of such grandchild so much of
the net income of such share as the Trustees deem necessary
or proper to provide for the grandchild's health, education,
support and maintenance, and the balance of such
income shall be accumulated and added to the principal of
such share. At such time as a grandchild for whom a share
is held in trust under the provisions of this Paragraph 4
attains age thirty (30) the Trustees shall distribute outright
to the grandchild the entire remaining balance of
such share. Should any grandchild for whom a share is held
in trust under the provisions of this Paragraph 4 die prior
to obtaining full distribution of such share, the Trustees
shall distribute outright the then remaining balance of such
grandchild's share to the lawful issue of such grandchild
living at the date of the grandchild's death, upon the
principle of representation, subject however, to the provisions
of Paragraph 5 of this Article SIXTH, and should
no such issue be then living such remaining balance shall
go to augment equally the shares then held for the benefit
of, and those previously distributed to, my other grandchildren,
excluding each grandchild theretofore deceased
leaving no issue living at the time of such augmentation,
but including, upon the principle of representation, the
then living lawful issue of any deceased grandchild of
mine.
- In the event that under the foregoing provisions
a portion of the trust estate becomes distributable
to the issue of any deceased grandchild of mine and any
such issue has not then attained age twenty-one (21), the
Trustees shall hold, administer, invest and reinvest such
issue's part of the trust estate for his or her benefit
and shall apply so much of the net income and such portion
of the principal thereof as the Trustees, in their
discretion shall deem necessary for such issue's health,
education, support and maintenance, or in the discretion
of the Trustees, shall make such payments to the legal
guardian of such issue or to the person with whom such
issue may reside or directory to such issue, or otherwise,
as the Trustees may from time to time deem advisable,
and shall accumulate for the benefit of such issue any
income not so applied or paid. When an issue for whom
a portion shall have been retained under this provision
attains age twenty-one (21), any of such portion then held
for the benefit of such issue shall be distributed outright
to the issue, and in the case of such issue's death
prior thereto, shall forthwith be distributed to the
issue's estate.
- If the payment of income from this trust to
which any child or grandchild of mine is entitled, should
be insufficient, in the discretion of the Trustees, to
provide for the health, education, support and maintenance
of such child or grandchild, the Trustees may pay
to or apply for the benefit of such child or grandchild
so much of the principal of the trust estate as the Trustees
may deem proper or necessary for such purposes; provided,
however, that from and after the time that the trust
estate is divided into separate shares for each grandchild
of mine, payments of such principal for the benefit of a
grandchild shall only be made from the principal of the
share set aside for the grandchild, shall not exceed the
principal of the share set aside for the grandchild and
shall be deducted from it. In the exercise of discretion
hereunder the Trustees shall take into consideration other
income available to such child or grandchild for these
purposes and held free of this trust.
- In the event that under the foregoing provisions
a portion of the trust estate shall be undisposed
of, such undisposed of portion shall be distributed outright
to my heirs. As used herein the word "heirs" shall
mean those persons, other than creditors, who would take
my separate personal property under the laws of the State
of California if I had died on the date stipulated for
distribution and domiciled in such state.
SEVENTH: CHARITABLE TRUST:
- The Trustee shall divide the trust estate into
two shares as follows: One share equal to five percent (5%)
thereof shall be set aside for DISNEY FOUNDATION, and one
share equal to ninety-five percent (95%) thereof shall be
set aside for CALIFORNIA INSTITUTE OF THE ARTS. Notwithstanding
such division into shares, each share shall not
constitute a separate trust, but rather, the entire trust
estate provided for under this Article SEVENTH shall
be held as one trust for the benefit of both organizations.
- In the event the Trustee shall determine that
either of the above mentioned organizations shall be in
further need of funds in order to carry out the purposes
for which such organizations were formed, the Trustee may
distribute to such organization so much of the principal
of the share of the trust estate set aside for the benefit
of such organization, up to the whole thereof, as the
Trustee, in its sole and absolute discretion shall deem
necessary or proper for such purposes. Distributions of
principal of the trust estate may be made to one organization
and not to the other, in the sole and absolute discretion
of the Trustee. Any payment of principal, however,
shall not exceed the principal of the share of the trust
estate set aside for such organization and, in order that
such organization will thereafter receive only that part
of income of the trust estate which is proportionate to
the undistributed share of such organization in such trust
estate, such principal distribution shall be deducted from
the share set aside for such organization. For example,
if two percent (2%) of the principal of the entire trust
estate were distributed to Disney Foundation, thereafter
the share of the total income of the trust estate to be
distributed to Disney Foundation would be three percent (3%).
Likewise, if two percent (2%) of the principal of the entire
trust estate were thereafter distributed to California
Institute of the Arts, would be ninety-three percent
(93%).
- In the event that the principal of the trust
estate consists of shares of stock of Walt Disney Productions,
or any other securities of such corporation or any other
corporation, and the Trustee has decided to make a distribution
of principal in accordance with the provisions of the
preceding paragraph, the Trustee, in its sole and absolute
discretion, may accomplish such principal distribution in
any one or more of the following ways, either alone or in
combination:
(a) Distribute the securities
(b) Sell the securities (which would
otherwise have been distributed) to one or
more third parties and distribute the net
proceeds, or
(c) Purchase such securities in its
individual capacity (at the closing price
for such securities on the New York Stock
Exchange on the date of purchase) and distri-
bute the proceeds.
5. If the entire principal of the share of the
trust estate set aside for California Institute of the Arts
is distributed to it under the provisions of the foregoing
paragraphs, the Trustee may terminate the trust and distribute
outright to Disney Foundation the entire remaining balance
of the trust estate. However, if the entire principal
of the share of the trust estate set aside for Disney Foundation
is distributed outright to it, the trust shall not terminate,
but rather, the entire remaining balance of the trust
estate shall then continue to be held in trust solely for the
benefit of California Institute for the Arts, subject to all
of the terms and conditions of this Article SEVENTH.
EIGHTH: RESIDUARY TRUST:
- The entire net income of each of the four
Residuary Trusts created under the provisions of Paragraphs
3 through 6 of Article FIFTH above shall be paid to or
applied for the benefit of the person designated as a life
income beneficiary in monthly or other convenient instalments [sic],
but no less often than quarterly, during the entire lifetime
of such life income beneficiary.
- Upon the death of such life income beneficiary
(or upon my death in the event that such life income
beneficiary does not survive me) the Trustee shall divide
the particular Residuary Trust into equal shares as follows:
One share for each then living person designated as
a remainderman of such Residuary Trust and one share for
the then living issue of each such remainderman who may
then be deceased. The share set aside for each remainderman
who has then attained age thirty (30) shall be distributed
outright to him or her. The share set aside for each
remainderman who has not then attained age thirty (30) shall
continue to be held in trust, subject to the provisions of
Paragraph 3 of this Article EIGHTH below. The share set
aside for the issue of a deceased remainderman shall be
distributed outright to such issue upon the principle of
representation, subject however, to the provisions of
Paragraph 4 of this Article EIGHTH below.
- In the event that under the provisions of
the preceding paragraph a share of a Residuary Trust shall
continue to be held in trust for a remainderman, the
Trustees shall pay to or apply for the benefit of such
remainderman all of the net income of such share in monthly
or other convenient instalments [sic] but no less often than
quarterly; provided, however, that until such time as a
remainderman attains age twenty-one (21) the Trustees shall
only pay to or apply for the benefit of such remainderman
so much of the net income of such share as the Trustees deem
necessary or proper to provide for the remainderman's health,
education, support and maintenance and the balance of such
income shall be accumulated and added to the principal of
such share. At such time as a remainderman for whom a
share is held in trust under the provisions of this Paragraph
3 attains age thirty (30), the Trustees shall distribute
outright to the remainderman the entire remaining
balance of such share. Should any remainderman for whom
a share is held in trust under the provisions of this Paragraph
3 die prior to obtaining full distribution of such
share, the Trustees shall distribute outright the then
remaining balance of such remainderman's share to the
lawful issue of such remainderman living at the date of the
remainderman's death, upon the principle of representation,
subject however, to the provisions of Paragraph 4 of this
Article EIGHTH below, and should no such issue be then
living such remaining balance shall go to augment equally
the shares then held for the benefit of, and those previously
distributed to, the other remainderman of the
particular Residuary Trust, excluding each remainderman
theretofore deceased leaving no issue living at the time
of such augmentation, but including upon the principle of
representation the then living lawful issue of any deceased
remainderman of such particular Residuary Trust.
- In the event that under the foregoing provisions
a portion of a Residuary Trust becomes distributable
to the issue of any deceased remainderman and any such issue
has not then attained age twenty-one (21) the Trustees shall
hold, administer, invest and reinvest such issue's part of
the Residuary Trust for his or her benefit, and shall apply
so much of the net income and such portion of the principal
thereof as the Trustees in their discretion shall deem
necessary for such issue's health, education, support and
maintenance, or in the discretion of the Trustees, shall make
such payments to the legal guardian of such issue or to the
person with whom such issue may reside or directly to such
issue, or otherwise, as the Trustees may from time to time
deem advisable, and shall accumulate for the benefit of such
issue any income not so applied or paid. When an issue for
whom a portion shall have been retained in trust under this
provision attains age twenty-one (21), any of such portion
then held for the benefit of such issue shall be distributed
outright to the issue, and in the case of such issue's death
prior thereto, shall forthwith be distributed to the issue's
estate.
- If the payments of income from a Residuary
Trust to which any life income beneficiary or remainderman
is entitled should be insufficient, in the discretion of
the Trustees to provide for the health, education, support
and maintenance of such life income beneficiary or remainderman,
the Trustees may pay to or apply for the benefit
of such life income beneficiary or remainderman so much of
the principal of the Residuary Trust as the Trustees may
deem proper or necessary for such purposes; provided however,
that from and after the time that a Residuary Trust is
divided into separate shares for the remainderman, payments
of such principal for the benefit of a remainderman shall
only be made from the principal of the share set aside
for the remainderman, shall not exceed the principal of
the share set aside for the remainderman and shall be
deducted from it. In the exercise of discretion hereunder
the Trustees shall take into consideration other income
available to a life income beneficiary or remainderman for
these purposes and held free of a Residuary Trust.
- In the event that under the foregoing provisions
a portion of a Residuary Trust shall be undisposed
of, such undisposed of portion shall augment the principal
of the Disney Family Trust provided for under the terms of
Article SIXTH above and shall be held, administered and
distributed as provided therein.
NINTH: POWER OF TRUSTEES:
To carry out the purposes of the trusts created
hereunder and subject to any limitations set forth elsewhere
in this instrument the Trustees are vested with the
following powers, in addition to any now or hereafter conferred
by law:
- To continue to hold any property,
including stock of a Trustee corporation, and to
operate at the risk of the Trust Estate and not
at the risk of the Trustees, any property or business
received in this Trust, including specifically
any shares of stock of Walt Disney Productions, Inc.
and Retlaw Enterprises, Inc. (or any successor of such
corporations), as long as the Trustees may deem
advisable, the profits and losses therefrom to
inure to or be chargeable to the Trust Estate as
a whole and not to the Trustees. The Trustees
shall not be required to sell any of such assets
merely for the sake of diversifying trust investments,
or for the sake of obtaining funds to purchase
assets that produce more income.
- To manage, control, sell, convey, exchange,
partition, divide, subdivide, improve, repair; to
grant options and to sell upon deferred payments;
to lease for terms within or extending beyond the
duration of the Trust for any purpose, including
exploration for and removal of gas, oil and other
minerals; to compromise, arbitrate or otherwise
adjust claims in favor of or against the Trust;
to create restrictions, easements and other servitudes;
to carry such insurance as the Trustees may
deem advisable.
- To invest and reinvest the principal,
and income if accumulated, and to purchase or
acquire therewith every kind of property, real,
personal or mixed, and every kind of investment
specifically including, but not by way of limitation,
corporate obligations of every kind and stocks,
preferred or common; to invest in any common trust
fund now or hereafter established by a corporate
Trustee.
- To advance funds to said Trust for any
trust purpose, such advances with interest at current
rates to be a first lien on and to be repaid
out of principal or income; to reimburse Trustees
from principal or income for any loss or expense
incurred by reason of Trustees' ownership or holding
of any property in this Trust.
- To borrow money for any trust purpose upon
such terms and conditions as the Trustees may deem
proper, and to obligate the Trust Estate for repayment;
to encumber the Trust Estate or any of its
property by mortgage, deed of trust, pledge or otherwise,
using such procedure to consummate the transaction
as the Trustees may deem advisable.
- To have respecting securities all the rights,
powers and privileges of an owner, including, without
limiting the foregoing, the power to give proxies, pay
calls, assessments and other sums deemed by the Trustees
necessary for the protection of the Trust Estate; to
participate in voting trusts, pooling arrangements, foreclosures,
reorganizations, consolidations, mergers and
liquidations, and in connection therewith to deposit
securities with and transfer title to any protective
or other committee under such terms as the Trustees may deem
advisable; to exercise or sell stock subscription or
conversion rights; to accept and retain as an investment
hereunder any securities received through the
exercise of any of the foregoing powers.
- Upon any division or partial or final distribution
of the Trust Estate, to partition, allot and
distribute the Trust Estate in undivided interests
or in kind or partly in money and partly in kind, at
such valuation and according to such method or procedure
as the Trustees may deem necessary to make
such division or distribution.
- To budget the estimated annual income and
expenses of the Trust in such manner as to equalize,
as far as practicable, periodical income payments to
beneficiaries.
- In the determination of what is income or
principal of the Trust Estate the Trustees shall be
governed by the provisions of the California Principal
and Income Act from time to time existing; provided
however, that nay stock dividends of five percent (5%)
or less paid by Walt Disney Productions (or any successor
corporation) shall be considered income rather than
principal.
- The enumeration of certain powers of the
Trustees shall not limit their general or implied
powers, and the Trustees, subject always to the discharge
of their fiduciary obligations, are vested with
and shall have all the rights, powers and privileges
which an absolute owner of the same property would have;
provided however, that none of the foregoing powers shall
be construed to allow the Trustees to transfer trust property
to any person other than the designated Trust beneficiaries
without receiving fair and adequate consideration.
