Jackie Kennedy Onassis
LAST WILL AND TESTAMENT
OF
JACQUELINE K. ONASSIS
I, JACQUELINE K. ONASSIS, of the City, County and
State of New York, do make, publish and declare this to be
my Last Will and Testament, hereby revoking all wills and
codicils at any time
heretofore made by me.
FIRST: A. I give and bequeath to my friend RACHEL
(BUNNY) L. MELLON, if she survives me, in appreciation
of her designing the Rose Garden in the White House my
Indian miniature "Lovers
watching rain clouds," Kangra, about 1780, if owned by me
at the time of my death, and my large Indian miniature with
giltwood frame "Gardens of the Palace of the Rajh," a
panoramic view of a pink walled garden blooming with
orange flowers, with the Rajh being entertained in a pavilion
by musicians and dancers, if owned by me at the time of my
death.
B. I give and bequeath to my friend MAURICE
TEMPELSMAN, if he survives me, my Greek alabaster
head of a woman if owned by me at the time of my death.
C. I give and bequeath to my friend ALEXANDER D.
FORGER, if he survives me, my copy of John F. Kennedy's
Inaugural Address signed by Robert Frost if owned by me at
the time of my death.
D. Except as hereinabove otherwise effectively bequeathed,
I give and bequeath all my tangible personal property,
including, without limitation, my collection of letters, papers
and documents, my personal effects, my furniture,
furnishings, rugs, pictures, books, silver, plate, linen, china,
glassware, objects
of art, wearing apparel, jewelry, automobiles and their
accessories, and all other household goods owned by me at
the time of my death to my children who survive me, to be
divided between them by my Executors, in the exercise of
sole and absolute discretion, in as nearly equal portions as
may be
practicable, having due regard for the personal preferences
of my children.
I authorize and empower my children, within a period of
nine (9) months from the date of my death, to renounce and
disclaim all interest in any part or all of the tangible personal
property bequeathed to them pursuant to this Paragraph D of
Article FIRST. Any such disclaimer shall be by instrument
in writing,
duly executed and filed in the court in which this Will has
been admitted to original probate.
E. Any interests in my tangible personal property which are
disclaimed by my children shall be disposed of as follows:
1. I give and bequeath such items of said tangible personal
property and interests therein which relate to the life and
work of my late husband, John F. Kennedy, to JOHN
FITZGERALD KENNEDY LIBRARY INCORPORATED,
Boston, Massachusetts, or if said library shall not be a
qualified charitable beneficiary, as defined in Paragraph A
of Article SECOND hereof, at the time of my death, to such
one or more qualified charitable beneficiaries with similar
purposes as my Executors, in the exercise of sole and
absolute discretion, shall select.
2. I direct that the balance of said tangible personal property
shall be sold and the net proceeds of sale shall be added to
my residuary estate, thereafter to be held, administered and
disposed of as a part thereof.
F. I give and bequeath all copyright interests owned by me
at the time of my death in my personal papers, letters or
other writings by me, including any royalty or other rights
with respect thereto, to my children who survive me, in
equal shares. I request, but do not direct, my children to
respect my wish for
privacy with respect to such paper, letters and writings and,
consistent with that wish, to take whatever action is
warranted to prevent the display, publication or distribution,
in whole or in part, of these papers, letters and writings.
SECOND: A. I have made no provision in this my Will for
my sister, Lee B. Radziwill, for whom I have great affection
because I have already done so during my lifetime. I do
wish, however, to remember her children and, thus, I direct
my Executors to set aside the amount of Five Hundred
Thousand
Dollars ($500,000) for each child surviving me of my sister,
Lee B. Radziwill, and I give and bequeath the sum so set
aside to the Trustees hereinafter named, IN TRUST,
NEVERTHELESS, to hold
the same, and to manage, invest and reinvest the same, to
collect the income thereof and to dispose of the net income
and principal for the following uses and purposes and
subject to the following terms and conditions:
1. Payment of Annuity Amount. The Trustees shall hold and
manage the trust property for a term (the "trust term") which
shall commence with the date of my death and shall end on
the tenth (lOth) anniversary thereof. At the end of each
taxable year of the trust during the trust term (other than any
short taxable year thereof for which specific provisions are
hereinafter made), the Trustees shall pay over to such
organization or organizations, to be selected by the Trustees,
in the exercise of sole and absolute discretion, and only-to
such organization or organizations as are described in and
satisfy the requirements of both of sections 170(c) and
2055(a) of the Internal Revenue Code of 1986, as amended
(hereinafter sometimes referred to as the "Code"), at the time
any such payment or payments to such organization or
organizations are maybe (such organization or organizations
shall herein be referred to collectively as the "qualified
charitable beneficiaries") in such amounts or proportions,
equal or unequal, as the Trustees,'in the exercise of sole and
absolute discretion, shall determine, such amount or
amounts as shall, in the aggregate, equal ten percent (10%)
of the initial net fair market value of the trust assets as
finally determined for federal estate tax purposes. Such
aggregate amount shall hereinafter be referred to as the
"annuity amount." The annuity amount shall be paid first
from the ordinary taxable income of the trust (including
short term capital gains) which is not unrelated business
income and, to the extent not so satisfied, the annuity
amount shall be paid from the long term capital gains, the
unrelated business income, the tax exempt income and
finally out of the principal of the trust, in that order. In any
taxable year of the trust in which the net income exceeds the
annuity amount, the excess, at the end of such taxable year,
shall be added to trust principal and thereafter shall be held,
administered and disposed of as a part thereof. Should the
initial net fair market value of the assets comprising the
trust, and hence the annuity amount, be incorrectly
determined, then within a reasonable period after the value
of such assets is finally determined for federal tax purposes,
the Trustees shall pay over to the qualified charitable
beneficiaries, in the case of an undervaluation, or, in the case
of an overvaluation, shall receive from such beneficiaries to
which amounts from the trust were paid, in proportion to the
payments made to each, an aggregate amount equal to the
difference between the annuity amount properly payable and
the annuity amount actually paid during such taxable year.
2. Distribution at End of Trust Term. Upon the exploration
of the trust term, the trust created under this Paragraph A
shall terminate, and the Trustees shall thereupon transfer,
convey and pay over the trust assets, as they are then
constituted (other than any amount due to the qualified
charitable beneficiaries),
to the then living descendants of my sister, Lee B.
Radziwill, per stripes.
3. Proration of Annuity Amount. To determine the proper
aggregate amount payable from the trust to the qualified
charitable beneficiaries in any short taxable year of the
trust's existence, the Trustees shall prorate the annuity
amount, on a daily basis, in accordance with the applicable
provisions of Treas. Dept. Reg. Sect. 1.664-2.
4. Deferral Provision. The obligation to pay the annuity
amount to the qualified charitable beneficiaries shall
commence with the date of my death, but payment of the
annuity amount may be deferred from the date of my death
until the end of the taxable year of the trust in which occurs
the complete funding of the
trust. Within a reasonable time after the end of the taxable
year in which complete funding of the trust occurs, the
Trustees shall pay to the qualified charitable beneficiaries, in
the case of an underpayment, or shall receive from the
qualified charitable beneficiaries, in the case of an
overpayment, in proportion to the payments made to each,
the difference between:
(1) any annuity amounts actually paid, plus interest,
compounded annually, computed for any period at the rate
of interest that the Treasury Regulations under section 664
of the Code prescribe for the trust for such computation for
such period, and (2) the annuity amounts properly payable,
plus interest, compounded
annually, computed for any period at the rate of interest that
the Treasury Regulations under section 664 of the Code
prescribe for the trust for such computation for such period.
5. Additional Contributions. No additional contribution shall
be made to the trust after the initial contribution which shall
consist of all property passing to the trust by reason of my
death.
6. Prohibited Transactions. Notwithstanding any other
provision in this my Will, during the trust term, the Trustees
are expressly prohibited (a) from engaging in any act of self-
dealing as defined in section 4941(d) of the Code, (b) from
retaining any business holdings as defined in section 4943(c)
of the Code which would subject the trust to tax under
section 4943 of the Code, (c) from making any investments
which would subject the trust to tax under section 4944 of
the Code, and (d) from making any taxable expenditures as
defined in section 4945(d) of the Code. The Trustees shall
make distributions at such time and in such manner as not to
subject the trust to tax under section 4942 of said Code.
7. Taxable Year; Code References. As used in this
Paragraph A, the term "taxable year" of the trust shall mean
the calendar year and the term "initial net fair market value"
of the trust assets shall mean the initial net fair market value
of those assets as the term is used in Section 664(d)(1) of the
Code. All references to sections of the Code and the
regulations and rulings issued thereunder in this Paragraph
A shall be deemed to include future amendments to such
sections, regulations and rulings as well a6 corresponding
provisions of future Internal Revenue laws, regulations and
rulings.
8. Intention. It is my intention to insure that the interest
committed to the qualified charitable beneficiaries by this
Paragraph A shall be deductible for income and estate tax
purposes under the provisions -of the Code. Further, I intend
that payments of gross income made by the Trustees to
qualified
charitable beneflclaries qualify as income tax charitable
deductions. Accordingly, I direct that all provisions of this
Paragraph A and this my Will shall be construed to
effectuate this intention, that all provisions of this Paragraph
A and this my Will shall be construed, and the trust be
administered, solely in a manner consistent with sections
170(c), 642(c), and 2055 of the Code, and with regulations
and rulings which may be promulgated from time to time
with respect to trusts creating charitable interests, that none
of the powers granted to the Trustees by this my Will shall
be exercised in a manner as to disqualify the trust for such
deductions and specifically, but without limiting the
foregoing, that nothing in this my Will shall be construed to
restrict the Trustees from . investing the trust assets in a
manner which could result in the annual realization of a
reasonable amount of income or gain from the
sale or disposition of trust assets. I hereby grant to my
Executors and the Trustees all the administrative powers
necessary to act in compliance with the requirements of the
Code, as in effect at the time of my death and from time to
time thereafter, so as to qualify the interest committed to the
qualified charitable beneficiaries hereunder for the estate
and income tax charitable deductions. Should any provisions
of this
my Will be inconsistent or in conflict with the sections of
the Code and the regulations and rulings governing
charitable lead trusts as in effect from time to time, then
such sections, regulations and rulings shall be deemed to
override and supersede such inconsistent or conflicting
provisions. If such
sections, regulations and rulings at any time require that
instruments creating charitable lead trusts contain provisions
which are not expressly set forth in this my Will, then such
provisions shall be incorporated herein by reference and
shall be deemed to be part of this my Will to the same extent
as
though they had been expressly set forth herein.
9. Trustees' Limited Power of Amendment. The Trustees
shall have the power, acting alone, to amend the provisions
governing this trust contained in this my Will in any manner
required for the sole purpose of ensuring that the trust
qualifies and continues to qualify as a charitable lead
annuity trust.
B. I give and bequeath the amount of Two Hundred and
Fifty Thousand Dollars ($250,000) to each child of mine
who survives me.
C. I give and bequeath to NANCY L. TUCKERMAN, if she
survived me, the amount of Two Hundred and Fifty
Thousand Dollars ($250,000).
D. I give and bequeath to MARTA SQUBIN, if she survives
me, the amount of One Hundred and Twenty-Five Thousand
Dollars ($125,000).
E. I give and bequeath to my niece ALEXANDRA
RUTHERFURD, if she survives me, the amount of One
Hundred Thousand Dollars ($100,000).
F. I give and bequeath to PROVIDENCIA PAREDES, if she
survives me, the amount of Fifty Thousand Dollars
($50,000).
G. I give and bequeath to LEE NASSO, if she survives me,
the amount of Twenty-Five Thousand Dollars ($25,000).
H. I give and bequeath to MARIE AMARAL, if she
survives me, the amount of Twenty-Five Thousand Dollars
($25,000).
I. I give and bequeath to EFIGENIO PINHEIRO, if he
survives me, the amount of Twenty-Five Thousand Dollars
($25,000).
THIRD: A. I give and devise any and all interest owned by
me at the time of my death in the real property located in the
City of Newport, State of Rhode Island, which I inherited
from my mother, Janet Lee Auchinclosss, and which is
known as "Hammersmith Farm," including all buildings
thereon and all
rights and easements appurtenant thereto and all policies of
insurance relating thereto, to HUGH D. AUCHINCLOSS,
JR., if he survives me, or, if he does not survive me, to his
children who survive me, in equal shares as tenants-in-
common.
B. I give and devise all real property owned by me at the
time of my death and located in the Town of Gay Head and
Chilmark, Martha's Vineyard, Massachusetts, including all
buildings thereon and all rights and easements appurtenant
thereto and all policies of insurance relating thereto, to my
children who survive me, in equal shares as tenants-in-
common, or, if only one of my children survive me, to such
survivor, or, if none of my children survive me, I authorize,
but do not direct, my Executors to sell such real property
and I direct that the net proceeds of sale together with any
such real property not so sold be added to my residuary
estate to be held, administered and disposed of as a part
thereof.
I authorize and empower my children, within a period of
nine (9) months from the date of my death, to renounce and
disclaim all interest in any part or all of said real property
devised to them pursuant to this Paragraph B of Article
THIRD. Any such disclaimer shall be by instrument in
writing, duly executed and
filed in the court in which this Will has been admitted to
original probate.
I direct that any such interest in my real property in Martha's
Vineyard, Massachusetts which is disclaimed by my
children shall be sold, and the net proceeds of sale shall be
added to my residuary estate, thereafter to be held,
administered and disposed of as a part thereof.
C. Except as hereinbefore otherwise effectively devised,
give and devise all real property owned by me at the time of
my death, including all buildings thereon and all rights and
easements appurtenant thereto and all policies of insurance
relating thereto, to my children who survive me, in equal
shares as tenants-in-common, or, if only one of my children
survive me, to such survivor, or, if none of my children
survive me, I authorize, but do not direct, my Executors to
sell any such real property and I direct that the net proceeds
of sale together with any such property not so sold be added
to my residuary estate and thereafter held, administered and
disposed of as a part thereof.
I authorize and empower my children, within a period of
nine (9) months from the date of my death, to renounce and
disclaim all interest in any part or all of said real property
devised to them pursuant to this Paragraph C of Article
THIRD. Any such disclaimer shall be by instrument in
writing, duly executed and
filed in the court in which this Will has been admitted to
original probate.
I direct that any such interest in my real property which is
disclaimed by my children shall be sold, and the net
proceeds of sale shall be added to my residuary estate,
thereafter to be held, administered and disposed of as a part
thereof.
D. I give, devise and bequeath all stock owned by me at the
time of my death in any corporation which is the owner of
any building in which I have a cooperative apartment,
together with any lease to such apartment and all right, title
and interest owned by me at the time of my death in and to
any agreements
relating to said building and the real property on which it is
located, to my children who survive me, in equal shares as
tenants in common, or, if only one of my children survive
me, to such survivor, or, if none of my children survive me,
I authorize, but do not direct, my Executors to sell any such
stock and I direct that the net proceeds of sale together with
any such stock not so sold be added to my residuary estate
and
thereafter held, administered and disposed of as a part
thereof.
I authorize and empower my children, within a period of
nine (9) months from the date of my death, to renounce and
disclaim all interest in any part or all of said stock devised to
them pursuant to this Paragraph D of Article THIRD. Any
such disclaimer shall be by instrument in writing, duly
executed and
filed in the court in which this Will has been admitted to
original probate.
I direct that any such interest in said stock which is
disclaimed by my children shall be sold, and the net
proceeds of sale shall be added to my residuary estate,
thereafter to be held, administered and disposed of as a part
thereof.
[Handwritten Note: Children Are Takers in Default of
Exercise; Both Waive]
FOURTH: Under the Will of my late husband, John
Fitzgerald Kennedy, a marital deduction trust was created
for my benefit over which I was accorded a general power of
appointment. I hereby exercise such power of appointment
and direct that, upon my death, all property subject to such
power be transferred,
conveyed and paid over to my descendants who survive me,
per stripes.
FIFTH: All the rest, residue and remainder of my property
and estate, both real and personal, of whatsoever kind and
wheresoever situated, of which I shall die seized or
possessed or of which I shall be entitled to dispose at the
time of my death (my "residuary estate"), after the payment
therefrom of the taxes directed in Article NINTH hereof to
be paid from my residuary estate (my "net residuary estate"),
I give, devise and bequeath to the Trustees hereinafter
named, IN TRUST, NEVERTHELESS, to hold as THE J
FOUNDATION (sometimes hereinafter referred to as the
"Foundation") and to manage, invest and
reinvest the same, to collect the income thereof and to
dispose of the net income and principal thereof for the
following uses and purposes subject to the following terms
and condltlons:
A. 1. Payment of Annuity Amount. The Trustees shall hold
and manage the Foundation property for a primary term
which shall commence with the date of my death and shall
end on the 24th anniversary thereof. In no event, however,
shall the Foundation's primary term extend beyond a period
of twenty-one
(21) years after the death of the last to die of those
descendants of my former father-in-law Joseph P. Kennedy
who were in being at the time of my death.] At the end of
each taxable year of the Foundation during the primary term
(other than any short taxable year thereof for which specific
provisions are hereinafter made), the independent Trustees
(i.e., the Trustees of the Foundation other than any Trustee
who has disclaimed any property of my Estate which
becomes a part of the Foundation) shall pay over to such
organization or organizations, to be selected by the
independent Trustees, in the exercise of sole and absolute
discretion, and only to such organization or organizations as
are described in and satisfy
the requirements of both of Sections 170(c) and 2055(a) of
the Code, at the time any such payment or payments to such
organization or organizations are made (such organization or
organizations shall herein be referred to collectively as the
"qualified charitable beneficiaries") in such amounts or
proportions, equal or unequal, as the independent Trustees,
in the exercise of sole and absolute discretion, shall
determine, such amount or amounts as shall, in the
aggregate, equal eight percent (8%) of the initial net fair
market value of the assets of the Foundation as finally
determined for federal estate tax purposes. Such aggregate
amount shall hereinafter be referred to as the "annuity
amount."
The annuity amount shall be paid first from the ordinary
taxable income of the Foundation (including short term
capital gains) which is not unrelated business income and, to
the extent not so satisfied, the annuity amount shall be paid
from the long term capital gains, the unrelated business
income, the tax exempt income and finally out of the
principal of the trust, in that order. In any taxable year of the
Foundation in which the net income exceeds the annuity
amount, the excess, at the end of such taxable year, shall be
added to the principal of the Foundation and thereafter shall
be held, administered and
disposed of as a part thereof. Should the initial net fair
market value of the assets comprising the Foundation, and
hence the annuity amount, be incorrectly determined, then
within a reasonable period after the value of such assets is
finally determined for federal tax purposes, the Trustees
shall pay over
to the qualified charitable beneflclaries, in the case of an
undervaluation, or, in the case of an overvaluation, shall
receive from such beneficiaries to which amounts from the
Foundation were paid, in proportion to the payments made
to each, an aggregate amount equal to the difference
between the
annuity amount properly payable and the annuity amount
actually paid during such taxable year.
I have accorded the independent Trustees sole and absolute
discretion in selecting the qualified charitable beneficiaries
to receive all or any portion of the annuity amount referred
to in this Paragraph A of Article FIFTH, stipulating only
that at the time any payment from the Foundation is made to
a qualified charitable beneficiary so selected it be an
organization described in sections 170(c) and 2055(a) of the
Code. It is my wish, however, that in selecting the particular
qualified charitable beneficiaries which shall be the
recipients of benefits from the Foundation the independent
Trustees give preferential consideration to such eligible
organization or organizations the purposes and endeavors of
which the independent Trustees feel are committed to
making a significant difference in the cultural or social
betterment of mankind or the relief of human suffering. To
assist the independent Trustees I authorize, but do not direct,
that they retain my close friend and confidante Nancy L.
Tuckerman to assist them in the administration of the
Foundation. Should the independent Trustees deem it
advisable to retain Nancy L. Tuckerman, they
shall pay to her from the assets of the Foundation reasonable
compensation for the services she shall render. But such
compensation shall not be charged against the annuity
amount in any full taxable year of the Foundation nor
against the appropriate fraction of said amount, determined
as herein provided, payable to the qualified charitable
beneficiaries in any short taxable year of the Foundation but
shall rather be paid from the assets of the Foundation at
large.2. Proration of the Annuity Amount. To determine the
proper aggregate amount payable from the Foundation to the
qualified charitable beneficiaries in any short taxable year of
the Foundation's existence, the independent Trustees shall
prorate the annuity amount, on a daily basis, in accordance
with the applicable provisions of Treas. Dept. Reg. Sect.
1.664-2.
3. Deferral Provision. The obligation to pay the annuity
amount to the qualified charitable beneficiaries shall
commence with the date of my death, but payment of the
annuity amount may be deferred from the date of my death
until the end of the taxable year of the Foundation in which
occurs the complete funding of the Foundation. Within a
reasonable time after the end of the taxable year in which
complete funding of the Foundation occurs, the independent
Trustees shall pay to the qualified charitable beneficiaries, in
the case of an underpayment, or shall receive from the
qualified charitable beneficiaries, in the case of an
overpayment, in proportion to the payments made to each,
the difference between (1) any annuity amounts actually
paid, plus interest, compounded annually, computed for any
period at the rate of interest that the Treasury Regulations
under section 664 of the Code prescribe for the Foundation
for such computation
during such period, and (2) the annuity amounts properly
payable, plus interest, compounded annually, computed for
any period at the rate of interest that the Treasury
Regulations under section 664 of the Code prescribe for the
Foundation for such computation during such period.
4. Additional Contributions. No additional contributions
shall be made to the Foundation after the initial contribution
which shall consist of all property passing to the Foundation
by reason of my death.
5. Prohibited Transactions. Notwithstanding any other
provision in this my Will, during the primary term, the
Trustees are expressly prohibited (a) from engaging in any
act of self-dealing as defined in section 4941(d) of the Code,
(b) from retaining any excess business holdings as defined in
Section 4943(c) of the Code which would subject the
Foundation to tax under section 4943 of the Code, (c) from
making any investments which would subject the
Foundation to tax under section 4944 of the Code, and (d)
from making any taxable expenditures as defined in section
4945(d) of the Code. The Trustees shall make
distributions at such time and in such manner as not to
subject the Foundation to tax under section 4942 of the
Code.
6. Taxable Year: Code References. As used in this
Paragraph A, the term "taxable year" of the Foundation shall
mean the calendar year and the term "initial net fair market
value" of the assets of the Foundation shall mean the initial
net fair market value of those assets as the term is used in
section 664(d)(1) of the Code. All references to sections of
the Code and the regulations and rulings issued thereunder
in this
Paragraph A shall be deemed to include future amendments
to such sections, regulations and rulings as well as
corresponding provlslons of future Internal Revenue laws,
regulations and rulings.
7. Intention. It is my intention to insure that the interest
committed to the qualified charitable beneficiaries by this
Paragraph A shall be deductible for income and estate tax
purposes under the provisions of the Code. Further, I intend
that payments of gross income made by the independent
Trustees
to qualified charitable beneficiaries qualify as income tax
charitable deductions. Accordingly, I direct that all
provisions of this Paragraph A and this my Will shall be
construed to effectuate this intention, that all provisions of
this Paragraph A and this my Will shall be construed, and
the Foundation be
administered, solely in a manner consistent with Sections
170(c), 642(c), and 2055 of the Code, and with regulations
and rulings which may be promulgated from time to time
with respect to trusts creating charitable interests, that none
of the powers granted to the Trustees by this my Will shall
be exercised in a
manner as to disqualify the Foundation for such deductions,
and specifically, but without limiting the foregoing, that
nothing in this my Will shall be construed to restrict the
Trustees from investing the assets of the Foundation in a
manner which could result in the annual realization of a
reasonable amount of
income or gain from the sale or disposition of the assets of
the Foundation. I hereby grant to my Executors and the
Trustees all the administrative powers necessary to act in
compliance with the requirements of the Code, as in effect at
the time of my death and from time to time thereafter, 50 as
to qualify the
interest committed to the qualified charitable beneficiaries
hereunder for the estate and income tax charitable
deductions. Should any provisions of this my Will be
inconsistent or in conflict with the sections of the Code and
the regulations and rulings governing charitable lead trusts
as in effect from time
to time, then such sections, regulations and rulings shall be
deemed to override and supersede such inconsistent or
conflicting provlslons. If such sections, regulations and
rulings at any time require that instruments creating
charitable lead trusts contain provisions which are not
expressly set forth in this my Will, then such provisions
shall be incorporated herein by reference and shall be
deemed to be a
part of this my Will to the same extent as though they had
been expressly set forth herein.
8. Trustees' Limited Power of Amendment. The Trustees
shall have the power, acting alone, to amend the provisions
governing this Foundation contained in this my Will in any
manner required for the sole purpose of ensuring that the
Foundation qualifies and continues to qualify as a charitable
lead annuity trust.B. Upon the expiration of the Foundation'
5 primary term the assets of the Foundation (other than any
amount due to the qualified charitable beneficiaries) shall be
disposed of in the following manner:
1. If no descendant of any child of mine is then living, the
assets of the Foundation shall be transferred, conveyed and
paid over as follows: (a) one-half (1/2) thereof (or the entire
amount thereof if neither my sister, Lee B. Radziwill, nor
any descendant of hers is then living) to the then living
descendants of my cousin Michel Bouvier, per stirpes; and
(b) the other one-half (1/2) thereof (or the entire amount
thereof
if no descendant of my cousin Michel Bouvier is then living)
to the then living descendants of my sister, Lee B.
Radziwlll, per stirpes, or, if no such descendant of hers is
then living, to my said sister, if she shall then be living.
2. If one or more descendants of any child of mine is then
living but no such descendant was in being at the time of my
death, the assets of the Foundation shall be transferred,
conveyed and paid over as follows: (a) one-half (1/2) thereof
(or the entire amount if no descendant of my son, John F.
Kennedy, Jr., is then living) to the then living descendants of
my daughter, Caroline B. Kennedy, Per stirpes; and (b) one-
half
(1/2) thereof (or the entire amount if no descendant of my
daughter, Caroline B. Kennedy, is then living) to the then
living descendants of my son, John F. Kennedy, Jr., per
stirpes.
3. If any descendant of any child of mine is then living and
if at least one of those then living descendants was in being
at the time of my death, the assets of the Foundation shall be
divided into a sufficient number of equal shares so that there
shall be set aside one (1) such share for the collective
descendants who are then living of my daughter, Caroline B.
Kennedy, if any such descendant is then living, and one (1)
such
share for the collective descendants who are then living of
my son, John F. Kennedy, Jr., if any such descendant is then
living, such shares to be disposed of as follows: Each such
share shall be transferred, conveyed and paid over to the
Trustees hereinafter named to be held in separate trust for a
secondary trust term for the benefit of the descendants living
from time to time of the child of mine for whose benefit the
share has been set aside (such descendants shall hereinafter
be referred to as the "beneficiaries"). The secondary term for
any particular trust created hereunder shall terminate upon
the death of the last to die of the beneficiaries, except that
the secondary terms of all trusts created pursuant to this
subparagraph 3 shall in all events terminate simultaneously
no later than twenty-one (21) years after the death of the last
to die of the descendants of my former father-in-law Joseph
P. Kennedy who were in being at the time of my death. The
Trustees shall manage, invest and reinvest the principal of
each trust created hereunder, shall collect the income thereof
and shall pay over or apply the net income, to such extent
and at such
time or times as the independent Trustees (i.e., the Trustees
of each particular trust created hereunder other than any
Trustee who is also a beneficiary of that trust or of any other
trust hereunder and other than any Trustee who has
disclaimed any property of my Estate which becomes a part
of this trust), in
the exercise of sole and absolute discretion, deem advisable,
to or for the use of such one or more of the beneficiaries, as
the independent Trustees, in the exercise of sole and
absolute discretion, determine. Any net income not so paid
over or applied shall be accumulated and added to the
principal of the trust at least annually and thereafter shall be
held, administered and disposed of as a part thereof. I
authorize and
empower the independent Trustees of each trust created
hereunder at any time and from time to time to pay over to
any one or more of the beneficiaries, or to apply for his, her
or their benefit, out of the principal of such trust, such
amount or amounts, including the whole thereof, as the
independent Trustees, in the exercise of sole and absolute
discretion, deem advisable. Each trust established under this
subparagraph 3 shall terminate upon the death of the last to
die of the beneficiaries thereof, and,
notwithstanding the foregoing, each trust established under
this subparagraph 3 shall terminate no later than twenty-one
(21) years after the death of the last to die of the descendants
of my former father-in-law Joseph P. Kennedy who were in
being at the time of my death.
The principal of any trust created hereunder which has
terminated by reason of the death of the last to die of the
beneficiaries thereof, as such principal is then constituted,
shall be transferred, conveyed and paid over to the Trustees
of the other trust or trusts created hereunder, if any such
trust is still in existence, to be held, administered and
disposed of as a part thereof. If no other trust created
hereunder is then
in existence upon the occurrence of such termination, the
principal of the last trust created hereunder to terminate, as
then constituted, shall be transferred, conveyed and paid
over as follows:
(a) If any descendant of any child of mine is then living, (i)
one-half (1/2) thereof (or the entire amount if no descendant
of my son, John F. Kennedy, Jr., is then living) to the then
living descendants of my daughter, Caroline B. Kennedy,
per stirpes; and (ii) one-half (1/2) thereof (or the entire
amount if no
descendant my daughter, Caroline B. Kennedy, is then
living) to the then living descendants of my son, John F.
Kennedy, Jr., per stirpes.
(b) If no descendant of any child of mine is then living (i)
one-half (1/2) thereof (or the entire amount thereof if neither
my sister, Lee B. Radziwill, nor any descendant of hers is
then living) to the then living descendants of my cousin
Michel Bouvier per stirpes; and (ii) the other one-half (1/2)
thereof (or the entire amount thereof if no descendant of my
cousin Michel Bouvier is then living) to the then living
descendants of my sister, Lee B. Radziwill, per stirpes, or, if
no such descendant of hers is then living, to my said sister, if
she shall then be living.
Should any trust created hereunder terminate by reason of
expiration of a period of twenty-one (21) years after the
death of the last to die of the descendants of my former
father-in-law Joseph P. Kennedy in being at the time of my
death, the principal of each such terminating trust, as then
constituted, shall be transferred, conveyed and paid over to
the then living beneficiaries of that trust in equal shares.
SIXTH: A. Unless it shall not be permissible under the
applicable rules of law to create a trust of the property
described in this Paragraph A, if any individual under the
age of twenty-one (21) years becomes entitled to any
property from my estate upon my death or any property
from any trust created
hereunder upon the termination thereof, such property shall
be held by, and I give, devise and bequeath the same to, the
Trustees hereinafter named, IN TRUST, NEVERTHELESS,
for the following uses and purposes: To manage, invest and
reinvest the same, to collect the income and to apply the net
income and
principal to such extent (including the whole thereof) for
such individual's general use and at such time or times as the
independent Trustees (i.e., the Trustees of each particular
trust created hereunder other than any Trustee who is also a
beneficiary of that trust or of any other trust hereunder and
other than any Trustee who has disclaimed any property of
my Estate which becomes a part of this trust), in the exercise
of sole and absolute discretion, shall determine, until such
individual reaches the age of twenty-one (21) years, and
thereupon to transfer, convey and pay over the principal of
the trust, as it is then constituted, to such individual. Any net
income not so applied shall be accumulated and added to the
principal of the trust at least annually and thereafter shall be
held, administered and disposed of as a part thereof. Upon
the death of such individual before reaching the age of
twenty-one (21) years, the Trustees shall transfer, convey
and pay over the principal of the trust, as it is then
constituted, to such individual's executors or administrators.
If my Executors or the independent Trustees, as the case
may be, in the exercise of sole and absolute discretion,
determine at any time not to transfer in trust or not to
continue to hold in trust any part or all of such property, as
the case may be, they shall have full power and authority to
transfer and pay over
such property, or any part thereof, without bond, to such
individual, if an adult under the law of the state of his or her
domicile at the time of such payment, or to his or her parent,
the guardian of his or her person or property, or to a
custodian for such individual under any Uniform Gifts to
Minors Act pursuant to which a custodian is acting or may
be appointed.
The receipt of such individual, if an adult, or the parent, the
guardian or custodian to whom any principal or income is
transferred and paid over pursuant to any of the above
provisions shall be a full discharge to my Executors or the
Trustees, as the case may be, from all liability with respect
thereto.
B. If it shall not be permissible under the applicable rules of
law to create a trust of the property hereinabove described in
Paragraph A, and if such individual is a minor as hereinafter
defined, in that event such property shall vest absolutely in
such minor, subject to the following: I hereby authorize and
empower the Trustees hereinafter named to retain such
minor's property without bond, as donees of a power in trust
for the following uses and purposes: To manage, invest and
reinvest the
same, to collect the income and to apply the net income and
principal to such extent (including the whole thereof) for
such minor's general use and at such time or times as the
independent Trustees, in the exercise of sole and absolute
discretion, shall determine, until such minor reaches the age
of majority, and
thereupon to transfer, convey and pay over the property, as it
is then constituted, to such minor. Any net income not so
applied shall be accumulated and added to principal at least
annually and thereafter shall be held, administered and
disposed of as a part thereof. Upon the death of such minor
before
reaching his or her majority, the Trustees shall transfer,
convey and pay over the property, as it is then constituted, to
such minor's executors or administrators.
If my Executors or the independent Trustees, as the case
may be, in the exercise of sole and absolute discretion,
determine at any time not to transfer to the Trustees as such
donees of a power in trust or not to continue to hold any part
or all of such property as hereinabove provided, as the case
may be, they
shall have full power and authority to transfer and pay over
such property or any part thereof, without bond, to such
minor's parent or to the guardian of such minor's person or
property, or to a custodian for such minor under any
Uniform Gift to Minors Act pursuant to which a custodian is
acting or may be appointed.
The receipt of the parent, guardian or custodian to whom
any property is transferred and paid over pursuant to any of
the above provisions shall be a full discharge to my
Executors or the Trustees, as the case may be, from all
liability with respect thereto.
As compensation for their services under this Paragraph B
the Trustees shall be entitled to commissions at the rates and
in the manner allowed to trustees of testamentary trusts
under the laws of the State of New York in effect from time
to time.
In administering any property pursuant to this Paragraph B,
the Trustees shall have all of the powers conferred upon
them under this Will.
The term "minor" as used in this Paragraph B shall be
deemed to refer to an individual under the age at which such
individual may execute a binding contract to dispose of real
or personal property under the laws of the State of his or her
domicile.
SEVENTH: Any application of the net income or principal
of any trust herein created may be by the payment of bills
rendered for the support, maintenance, education or general
welfare of the beneficiary for whose use the application is to
be made or by the payment of net income or principal to
such person or
persons, including, in the case of a minor, his or her parent,
the guardian of his or her person or property or the person
with whom such minor resides, as the Trustees, in the
exercise of sole and absolute discretion, deem appropriate.
Any such payment or application may be made without
bond, without intervention of any guardian or committee,
without order of court, without regard to the duty of any
person to support the beneflclary and without regard to any
other funds which may be available for the
purpose. The receipt of the person or persons to whom any
net income or principal is paid pursuant to this Article shall
be a full discharge to the Trustees from all liability with
respect thereto.
EIGHTH: In the event that any beneficiary or beneficiaries
hereunder upon whose survivorshlp any gift, legacy or
devise is conditioned and the person or persons, including
myself, upon whose prior death such gift, legacy or devise
takes effect shall die simultaneously or under such
circumstances as to render it
impossible or difficult to determine who survived the other,
I hereby declare it to be my will that such beneficiary or
beneficiaries shall be deemed not to have survived but to
have predeceased such person or persons, and that this my
Will and any and all of its provisions shall be construed on
such
assumption and basis.
NINTH: A. All estate, inheritance, legacy, succession or
transfer or other death taxes (including any interest and
penalties thereon) imposed by any domestic or foreign
taxing authority with respect to all property owned by me at
the time of my death and passing under this my Will (other
than any generation-skipping transfer tax imposed by
Chapter 13 of the Code, or any successor section or statute
of like import, and any comparable tax imposed by any other
taxing authority) shall be paid without apportionment out of
my residuary estate and without apportionment within my
residuary estate and with no right of reimbursement from
any recipient of any such property. By directing payment of
the aforesaid taxes from my residuary estate only in so far as
those taxes are generated by property passing under this my
Will, it is my express intention that the property over which
I possess a general power of appointment and to which I
refer in Article FOURTH of this my Will shall bear its own
share of such taxes.
B. Should my Estate, after payment of all of my debts and
funeral expenses, the expenses of estate administration and
the taxes referred to in this Article NINTH, be insufficient to
satisfy in full all of the preresiduary bequests and devises
which I make under Articles FIRST through THIRD hereof,
I direct
that the bequests and devises in (1) Paragraphs A, B and C
of Article FIRST, (2) Article SECOND and (3) Paragraph A
of Article THIRD shall abate last after the abatement of the
bequests and devises in Paragraphs D and E of Article
FIRST and Paragraphs B, C and D of Article THIRD.
TENTH: A. My Executors may make such elections under
the tax laws (including, but without limitation, any election
under Chapter 13 of the Code) as my Executors, in the
exercise of sole and absolute discretion, deem advisable,
regardless of the effect thereof on any of the interests under
this Will, and I
direct that there shall be no adjustment of such interests by
reason of any action taken by my Executors pursuant hereto.
B. My Executors may, in the exercise of sole and absolute
discretion, disclaim or renounce any interest which I or my
estate may have under any other will, under any trust
agreement or otherwise.
C. The determination of my Executors with respect to all
elections, disclaimers and renunciations referred to in this
Article shall be final and conclusive upon all persons.
D. I authorize my Executors, in the exercise of sole and
absolute discretion, to divide (whether before or after any
trust is funded and whether before or after any allocation of
GST exemption under section 2631 of the Code is made)
any trust or any property used or to be used to fund or
augment any trust created under this Will into two or more
fractional shares. The shares shall be held and administered
by the Trustees as separate trusts, but may be managed and
invested in solido. Some of the purposes for granting this
authority are to provide an inclusion ratio (within the
meaning of section 2642(a) of the
Code) of zero for the separate trust receiving the fractional
share to which the allocation of GST exemption is made.
Whenever two trusts created under this Will are directed to
be combined into a single trust (for example, because
property of one trust is to be added to the other trust),
whether or not the trusts have different inclusion ratios with
respect to any common transferor or have different
transferors for generation
-skipping transfer tax purposes, the Trustees are authorized,
in the exercise of sole and absolute discretion, instead of
combining said trusts, to administer them as two separate
trusts with identical terms in accordance with the provisions
that would have governed the combined trusts. However, the
Trustees
may manage and invest such separate trusts in solido.
The Trustees are authorized, in the exercise of sole and
absolute discretion, to combine any one or more trusts with
identical terms for an identical beneficiary or beneficiaries
created under this Will as a single trust. The Trustees are
also authorized, in the exercise of sole and absolute
discretion, later to divide such trust as provided above in this
Paragraph. Without in any way limiting the sole and
absolute discretion of
the Trustees granted by this Paragraph, I envision that the
Trustees will not elect to combine two or more trusts with
different inclusion ratios for generation-skipping transfer tax
purposes.
ELEVENTH: In addition to, and not by way of limitation of,
the powers conferred by law upon fiduciaries, subject,
however, to the directions and prohibitions in Article FIFTH
hereof, I hereby expressly grant to my Executor~ with
respect to my estate and the Trustees with respect to each of
the trust estates herein created, including any accumulated
income thereof, the powers hereinafter enumerated, all of
such powers to conferred or granted to be exercised by them
as they may deem advisable in the exercise of sole and
absolute discretion:
(1) To purchase or otherwise acquire, and to retain, whether
originally a part of my estate or subsequently acquired, any
and all stocks, bonds, notes or other securities, or any variety
of real or personal property, including securities of any
corporate fiduciary, or any successor or affiliated
corporation, interests
in common trust funds and securities of or other interests in
investment companies and investment trusts, whether or not
such investments be of the character permissible for
investments by fiduciaries; and to make or retain any such
investment without regard to degree of diversification.
(2) To sell (including to any descendant of mine), lease,
pledge, mortgage, transfer, exchange, convert or otherwise
dispose of, or grant options with respect to, any and all
property at any time forming a part of my estate or any trust
estate, in any manner, at any time or times, for any purpose,
for any price and upon any terms, credits and conditions;
and to enter into leases which extend beyond the period
fixed by
statute for leases made by fiduciaries and beyond the
duration of any trust.
(3) To borrow money from any lender, including any
corporate fiduciary, for any purpose connected with the
protection, preservation or improvement of my estate or any
trust estate, and as security to mortgage or pledge upon any
terms and conditions any real or personal property of which
I may die seized or possessed or forming a part of any trust
estate.
(4) To vote in person or by general or limited proxy with
respect to any shares of stock or other security; directly or
through a committee or other agent, to oppose or consent to
the reorganization, consolidation, merger, dissolution or
liquidation of any corporation, or to the sale, lease, pledge or
mortgage of any property by or to any such corporation; and
to make any payments and take any steps proper to obtain
the
benefits of any such transaction.
(5) To the extent permitted by law, to register any security in
the name of a nominee with or without the addition of words
indicating that such security is held in a fiduciary capacity;
and to hold any security in bearer form.
(6) To complete, extend, modify or renew any loans, notes,
bonds, mortgages, contracts or any other obligations which I
may owe or to which I may be a party or which may be liens
or charges against any of my property, or against my estate,
although I may not be liable thereon; to pay, compromise,
compound, adjust, submit to arbitration, sell or release any
claims or demands of my estate or any trust against others or
of others against my estate or any trust upon any terms and
conditions, including the acceptance of deeds to real
property in satisfaction of bonds and mortgages; and to
make any payments
in connection therewith.
(7) To make distributions in kind (including in satisfaction
of pecuniary bequests) and to cause any distribution to be
composed of cash, property or undivided fractional shares in
property different in kind from any other distribution
without regard to the income tax basis of the property
distributed to any
beneficiary or any trust.
(8) Whenever no corporate fiduciary is acting hereunder, to
place all or any part of the securities which at any time are
held by my estate or any trust estate in the care and custody
of any bank or trust company with no obligation while such
securities are so deposited to inspect or verify the same and
with no responsibility for any 1088 or misapplication by the
bank or trust company; to have all stocks and registered
securities placed in the name of such bank or trust company
or in the name of its nominee, to appoint such bank or trust
company agent and attorney to collect, receive, receipt for
and disburse any income, and generally to perform the
duties and services incident to a so-called "custodian"
account; and to allocate the charges and expenses of such
bank or trust company to income or to principal or partially
to income and partially to principal.
(9) To appoint, employ and remove, at any time and from
time to time, any accountants, attorneys, investment
counselors, expert advisers, agents, clerks and employees;
and to fix and pay their compensation from income or
principal or partially from income and partially from
principal. Nothing herein contained, however, shall be
construed to permit any person or entity to receive
compensation in excess of what is reasonable, as defined for
purposes of sections 4941(d)(2)(E) and 4945(d)(5) of the
Code
and under the laws of the State of New York, if such
compensation is a charge, directly or indirectly, against any
charitable lead trust created hereunder.
(10) Whenever permitted by law, to employ a broker-dealer
as custodian for all or any part of the securities at any time
held by my estate or any trust estate and to register such
securities in the name of such broker-dealer.
(11) With respect to securities in any closely-held
corporations, or any interests of my estate or any trust estate
in any unincorporated business enterprises, to retain any
such securities or interests and to allow any assets of my
estate or any trust estate invested in any such corporations or
businesses to remain 90 invested for such time as may
appear desirable without liability for any such retention of
any such stock, to advance money to any such corporations
or businesses in order to aid them in their operations or with
the view to maintaining or increasing the value of the
interest therein of my estate or any trust estate; to provide
for the management, operation and conduct of such
businesses, either singly or in conjunction with others
interested therein; to engage and delegate duties and powers
to any employees, managers or other persons, without
liability for any delegation except for negligence in
selection; to borrow money for such corporations or
businesses, and to secure such loans by a pledge or mortgage
not only of interests
held in such corporations or businesses but also of any other
assets held in my estate or any trust estate; to vote any stock
so as to effect the election as an officer or director, or both,
of any such corporations of any fiduciary hereunder and also
to provide for reasonable compensation to such officer or
director
(which compensation shall be in addition to and not in lieu
of any compensation to which such fiduciary may be entitled
for acting hereunder); to enter into agreements for voting
trusts and to deposit securities with the voting trustees, to
delegate duties to such trustees with all powers of an
absolute owner of such stock, to authorize such trustees to
incur and pay expenses and receive compensation, and to
accept and retain any property received under such
agreements; to take business risk in the
management, operation, conduct and disposition of any such
corporations and business enterprises, notwithstanding that
my estate or any trust estate shall have an interest therein; to
sell the securities or assets of any such corporations or
businesses, or to liquidate, dissolve or otherwise dispose of
the same; and to organize, either singly or in conjunction
with others, a corporation or corporations to carry on any
business enterprise, transferring assets or cash thereto for
stock .
(12) To manage, insure against loss, subdivide, partition,
develop, improve, mortgage, lease or otherwise deal with
any real property or interests therein which may form at any
time a part of my estate or any trust estate; to satisfy and
discharge or extend the term of any mortgage thereon; to
demolish, rebuild, improve, repair and make alterations from
time to time in any structures upon any such real property;
to plat into lots and prepare any such real property for
building purposes; to construct and equip buildings and
other structures upon any such real property and to make
any and all other improvements of any kind or character
whatsoever in connection with the development and
improvement thereof; to execute the necessary instruments
and covenants to effectuate the foregoing powers, including
the granting of options in connection therewith.
(13) To divide any trust created under this Will into one or
more separate trusts for the benefit of one or more of the
beneficiaries of the trust (to the exclusion of the other
beneficiaries) so divided, as the Trustees, in the exercise of
sole and absolute discretion, determine and to allocate to
such divided trust some or all of the assets of the trust estate
for any reason including, but not limited to, enabling any
such
trust or trusts to qualify as an eligible shareholder of a
subchapter S corporation as described in sections
1361(c)(2)(A)(i) or 1361(d)(3) of the Code, as the case may
be, or for any other purpose.
(14) To delegate any duties or powers, discretionary or
otherwise, to a co-fiduciary for such periods and upon such
terms and conditlons as may be designated in a written
instrument acknowledged in such form as would entitle a
deed of real property to be recorded and delivered to such
co-fiduciary; and the fiduciary so delegating any duties or
powers hereunder shall have no further responsibility with
respect to the
exercise of such duties or powers so long as such delegation
shall remain in effect; and any such delegation shall be
revocable by a similar instrument so delivered at any time,
provided, however, that no duties or powers described in
Paragraph J of Article TWELFTH hereof may be delegated
to a Trustee who is a beneficiary of any trust created
hereunder.
(15) To manage any trust created hereunder in solido with
any other trust created hereunder which has similar terms,
condition~ and beneficiaries.
(16) To execute and deliver any and all instruments to carry
out any of the foregoing powers, no party to any such
instrument being required to inquire into its validity or to see
to the application of any money or other property paid or
delivered pursuant to the terms of any such instrument.
TWELFTH: A. I appoint ALEXANDER D. FORGER and
MAURICE TEMPELSMAN Executors of this my Last Will
and Testament. If either of them should fail to qualify or
cease to act as Executor hereunder, I authorize, but do not
direct, the other, in the exercise of sole and absolute
discretion, to appoint as a co-Executor such individual or
such bank or trust company as he, in the exercise of sole and
absolute discretion, shall select. Any such appointment shall
be made by an instrument in writing filed with the clerk of
the appropriate court.
If at any time and for any reason there is only one Executor
acting hereunder, I authorize, but do not direct, such
Executor to appoint such individual or such bank or trust
company as such Executor, in the exercise of sole and
absolute discretion, shall select as successor Executor to act
in his or her place if he or
she should cease to act. Any such appointment shall be made
by an instrument in writing filed with the clerk of the
appropriate court and may be revoked by such Executor
during his or her lifetime and succeeded by a later
appointment, the last such appointment to control.
B. Should it be necessary for a representative of my estate to
qualify in any jurisdiction wherein any Executor named
herein cannot or may not desire to qualify as such, any other
Executor acting hereunder shall, without giving any security,
act as Executor in such jurisdlctlon and shall have therein all
the
rights, powers, privileges, discretions and duties conferred
or imposed upon my Executor by the provisions of this my
Will, or, if no Executor can or wishes to qualify as Executor
in such other jurisdiction, or, if at any time and for any
reason there shall be no Executor in office in such other
jurisdiction, I appoint as Executor therein such person or
corporation as may be designated by the Executors acting
hereunder. Such substituted Executor shall, without glvlng
any security, have in such other jurisdiction all the rights,
powers, privileges, discretions and duties conferred or
imposed upon my Executors by the provisions of this my
Will.
C. I appoint ALEXANDER and MAURICE
TEMPELSMAN Trustees of the trust created under
Paragraph A of Article SECOND of this my Will. If either
of them should fail to qualify or cease to act
as a Trustee hereunder, I authorize, but do not direct, the
other, in the exercise of sole and absolute discretion, to
appoint as a co-Trustee such individual or such bank or trust
company as he, in the exercise of sole and absolute
discretion, shall select. Any such appointment shall be made
by an instrument in writing filed with the clerk of the
appropriate court.
If at any time and for any reason there is only one Trustee
acting for said trust, I authorize, but do not direct, such
Trustee to appoint such individual or such bank or trust
company as such Trustee, in the exercise of sole and
absolute discretion, shall select as successor Trustee to act in
his or her place if he or she should cease to act. Any such
appointment shall be made by an instrument in writing filed
with
the clerk of the appropriate court and may be revoked by
such Trustee during his or her lifetime and succeeded by a
later appointment, the last such appointment to control.
D. I appoint my daughter, CAROLINE B. KENNEDY, my
son, JOHN F. KENNEDY, JR., ALEXANDER D.
FORGER and MAURICE TEMPELSMAN Trustees of the
trust created under Paragraph A of Article FIFTH of this my
Will and therein designated THE C & J FOUNDATION
provided, however, that, if my daughter and/or my son
disclaims any property of my Estate which becomes part of
the trust created under Paragraph A of Article FIFTH, my
daughter and/or
my son who has so disclaimed shall only serve as an
Administrative Trustee. An Administrative Trustee 19 only
authorized to take such actions as are necessary to preserve
and maintain the trust property within the meaning of Treas.
Reg. S 25.2518-2(d)(2) and, accordingly, is prohibited from
participating in the exercise, or decision not to exercise, any
discretion over payments, distributions, applications or
accumulations of income or principal by the Trustees,
including the selection of the charitable beneficiaries of the
annuity interest. Should any one or more of the Trustees
herein designated fall to qualify or cease to act as a Trustee
of said Foundation without having designated his or her
successor in the manner authorized by Paragraph H of this
Article, I direct the Trustees or Trustee continuing in office
to exercise that right so that there shall be a minimum of two
(2) Trustees in office for the Foundation at all times.
E. I appoint CAROLINE B. KENNEDY and JOHN F.
KENNEDY, JR. or the survivor of them, Trustees of each
trust created under subparagraph B(3) of Article FIFTH of
this my Will provided, however, that, if my daughter and/or
my son disclaims any property of my Estate which becomes
part of the trust created
under Paragraph B(3) of Article FIFTH, my daughter and/or
my son who has so dlsclalmed shall only serve as an
Administrative Trustee. An Administrative Trustee is only
authorized to take such actions as are necessary to preserve
and maintain the trust property within the meaning of Treas.
Reg. Sect. 25.2518-2(d)(2) and, accordingly, is prohibited
from participating in the exercise, or decision not to
exercise, any discretion over payments, distributions,
applications or accumulations of income or principal by the
Trustees. In addition, appoint as co-Trustee or co-Trustees
of each such trust such person or persons and/or bank or
trust company as my son and daughter, or the survivor of
them, shall agree upon and designate as co-Trustee or co-
Trustees by an instrument in writing to be filed with the
clerk
of the appropriate court. It shall not be necessary to appoint
successors to any individual acting as a Trustee of any trust
created under subparagraph B(3) of Article FIFTH hereof if
and during such time as a bank or trust company shall be
acting hereunder.
F. I appoint my daughter, CAROLINE B. KENNEDY, and
my son, JOHN F. KENNEDY, JR., Trustees of any trust
created under Article SIXTH of this my Will, and I
authorize any one parent of any individual for whom any
such trust is created to qualify as a co- Trustee of such trust
if he or she cares to do so provided, however, that, if my
daughter and/or my son disclaims any property of my Estate
which becomes part of the trust created under Article
SIXTH, my daughter and/or my son who has so disclaimed
shall only serve as an Administrative Trustee. An
Administrative Trustee is only authorized to take such
actions as are necessary to preserve and maintain the trust
property within the meaning of Treas. Reg. Sect. 25.2518-
2(d)(2) and, accordingly, is prohibited from participating in
the exercise, or decision not to exercise, any discretion over
payments, distributions, applications or accumulations of
income or
principal by the Trustees.
G. Any Executor or Trustee may resign from office without
leave of court at any time and for any reason by filing a
written instrument of resignation with the clerk of the
appropriate court.
H. I authorize and empower any individual acting as a
Trustee of any one or more of the trusts created hereunder to
appoint at any time and from time to time any individual or
bank or trust company (unless a bank or trust company is
then acting as Trustee of such trust) to act as successor
Trustee of any one or
more of such trusts in the event that the person so making
the appointment shall cease to act as a Trustee of such trust
or trusts due to his or her death or resignation. If more than
one Trustee is acting hereunder, and at any time or from
time to time there shall be a vacancy in the office of co-
Trustee of any one or more of the trusts created hereunder
due to the death or resignation of a co-Trustee and no
successor Trustee willing and able to serve shall have been
appointed herein or by such co-Trustee as hereinabove
provided, then I authorize and empower the remaining
individual Trustee, if any, of such trust or
trusts to appoint any individual or corporation to act as co-
Trustee of such trust or trusts.
I. In the event that the only acting Trustee or Trustees of any
trust created hereunder are prohibited from taking certain
actions which are necessary or appropriate, I appoint as co-
Trustee such individual or bank or trust company as shall be
selected, in the exercise of sole and absolute discretion, by
the then acting Trustee or Trustees. Any such appointment
shall be made by an instrument in writing filed with the
clerk of the appropriate court.
J. Notwithstanding any other provision of this my Will, no
Trustee who is a beneficiary of any trust created hereunder
or who is under a duty to support a beneficiary shall ever
participate in (i) the exercise, or decision not to exercise, any
discretion over payments, distributions, applications,
accumulations, or uses of income or principal by the
Trustees, (ii) the exercise of discretion to allocate receipts or
expenses
between principal and income, or (iii) the exercise of any
general power of appointment described in sections 2041 or
2514 of the Code.
K. Except as provided by law, I direct that my Executors
shall not be required to file any inventory or render any
account of my Estate and that no Executor, Trustee, or
donee of a power in trust shall be required to give any bond.
If, notwithstanding the foregoing direction, any bond is
required by any law,
statute or rule of court, no sureties shall be required thereon.
L. I authorize and empower the Trustees or Trustee of each
trust created hereunder to transfer the trust assets to, and to
hold and administer them in, any jurisdiction in the United
States and to account for the same in any court having
jurisdiction over said assets.
M. I direct that any and all powers and discretion conferred
by law and by this my Will upon my Trusteec including, but
not by way of limitation, the right to appoint successor and
co-Trustees, may be exercised by the Trustees from time to
time qualified and acting hereunder.
N. Whenever the terms "Executors" or "Executor" and
"Trustees" or "Trustee" are used in this my Will, they shall
be deemed to refer to the Executors or Executor or the
Trustees or Trustee acting hereunder from time to time.
THIRTEENTH: A. disposition in this Will to the
descendants of a person per stirpes shall be deemed to
require a division into a sufficient number of equal shares to
make one share for each child of such person living at the
time such disposition becomes effective and one share for
each then deceased child of such
person having one or more descendants then living,
regardless of whether any child of such person is then living,
with the same principle to be applied in any required further
division of a share at a more remote generation.
B. As used in this Will, the terms "child," "children,"
"descendant" and "descendants" are intended to include
adopted persons and the descendants of adopted persons,
whether of the blood or by adoption.
FOURTEENTH: In accordance with the provisions of
section 315(5) of New York's Surrogate's Court Procedure
Act, in any proceeding involving my estate or any trust
estate created hereunder it shall not be necessary to serve
process upon or to make a party to any such proceeding any
person under a disability where another party to the
proceeding has the same interest as the person under a
disability.
FIFTEENTH: No trust created under this my Will shall be
subject to the provisions of section 11-2.1(k) of New York's
Estates, Powers and Trusts Law (the "EPTL"), nor shall the
Trustees of any such trust be obliged to make any allocation
to income in respect of any property held as a part of any
trust created
hereunder which at any time is underproductive within the
meaning of sectlon 11-2.1(k)(1) of the EPTL.
IN WITNESS WHEREOF, I, JACQUELINE K. ONASSIS,
have to this my Last Will and Testament subscribed my
name and set my seal this 22 day of March , in the year One
Thousand Nine Hundred and
Ninety-Four. Jacqueline K. Onassis Subscribed and sealed
by the Testatrlx in the presence of us and of each of us, and
at the same time published, declared and acknowledged by
her to us to be her Last Will and Testament, and thereupon
we, at the request of the said Testatrix, in her presence and
in the
presence of each other, have hereunto subscribed our names
as witnesses this 22nd day of March 1994.
ATTESTING WITNESSES SHOULD READ
CAREFULLY BEFORE SIGNING THIS
AFFIDAVIT -- NOTARY SHOULD NOT BE A PARTY
OR WITNESS
STATE OF NEW YORK
COUNTY OF NEW YORK
Each of the undersigned, individually and severally being
duly sworn, deposes and says:
The within Will was subscribed in our presence and sight at
the end thereof by JACQUELINE K. ONASSIS, the within-
named Testatrix, on the 22nd day of March, 1994, at 1040
Fifth Avenue in the State of New York.
Said Testatrix at the time of making such subscription
declared the instrument so subscribed to be her Last Will
and Testament.
Each of the undersigned thereupon signed his or her name as
a witness at the end of said Will at the request of said
Testatrix and in her presence and sight and in the presence
and sight of each other .
Said Testatrix was, at the time of so executing said Will,
over the age of 18 years and, in the respective opinions of
the undersigned, of sound mind, memory and understanding
and not under any restraint or in any respect incompetent to
make a will.
The Testatrix, in the respective opinions of the undersigned,
could read, write and converse in the English language and
was suffering from no defect of sight, hearing or speech or
from any other physical or mental impairment which would
affect her capacity to make a valid will. The Will was
executed as a
single, original instrument and was not executed in
counterparts. Each of the undersigned was acquainted with
said Testatrix at said time and makes this affidavit at her
request. The within Will was shown to the undersigned at
the time affidavit was made, and was examined by each of
them as to the signature of said Testatrix and of the
undersigned. The foregoing instrument was executed by the
Testatrix and witnessed
by each of the undersigned affiants under the supervision of
Georgiana J. Slade, an attorney-at-law.
Severally sworn to before this 22nd day of March, 1994
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