LAST WILL
I, CHARLES F. KIMBALL, of the City of Chicago, County of Cook and State of Illinois, being of sound and disposing mind and memory, hereby revoking and annulling any and all wills by me at any time heretofore made, do now make, publish and declare my last will and testament in manner following, that is to say:
FIRST: I direct that my Executor hereinafter named shall pay all my just debts and funeral expenses as soon after my decease as conveniently can be done.
SECOND: I give and bequeath to my wife, Ethel B. Kimball, the sum of Ten Thousand dollars ($10,000); to my niece, Mrs. Musa Corey, of Lane, Kansas, the sum of Five Thousand dollars ($5,000); to Rev. John P. Brushingham, the sum of One hundred dollars ($100); to George Howser, Officer Young Men's Christian Association, Number 19 South LaSalle Street, Chicago, the sum of One hundred dollars ($100); to Father Kenney, Hoboken, New Jersey, care of St. Michael's Monastery, the sum of One hundred dollars ($100); to Daily News Fresh Air Fund the sum of One hundred dollars ($100); to be paid to each of said person and beneficiaries by Executor hereinafter named as soon after my death as possible; and I give and bequeath to Charles F. Corey, son of Mrs. Musa Corey, the sum of Fifteen hundred dollars ([$1500]) to be paid to him when he shall have arrived at the age of twenty-one (21) years; and I give and bequeath to Tommy Knickerbocker and Helen Knickerbocker, who are distant relatives, each the sum of Four hundred and ninety-nine dollars ($499), to be paid to them as each shall have arrived at the age of twenty-one (21) years.
THIRD: I give and bequeath to Mr. Charles Rudolf, of 4039 North Kilpatrick Avenue, Chicago, who has been associated with me in business for many years, the sum of Seven hundred dollars ($700) in appreciation of the many courtesies shown me by him from time to time. In case of his death before the time of my death, I give and bequeath the said sum of Seven Hundred dollars ($700) to his folks -- two sisters, in equal shares, and in case of the death of either of them before the time of my death to the survivor of them.
FOURTH: I give and bequeath to Frank A. [Aoskad], paying teller in the City of Chicago's Controller's office, who has for the last twenty years been paying me large amounts of City of Chicago assessment bonds and other municipal securities, besides looking up for me a great many matters; One Hundred dollars ($100); and I also give and bequeath the sum of Fifty dollars ($50) to each of the following named gentlemen: Charles H. Roach, of the Metropolitan Block, Chicago; who has sold me a large amount of municipal securities in past years; W. D. Desmond, Publisher, Boston, Mass.; C. F. Dupee of Chicago; John J. Sloan of the Wisconsin Stone Co., Chicago; Frank P. Judson, care of Harry Judson, of the Bond Department of the Northern Trust Co., Chicago; Charles S. Schlytern of the Union Bank of Chicago; W. Holmes, Cashier, of the Union Bank of Chicago; and F. L. Rossbach of the Washington Shirt Co., Chicago. [page 2]
The above named gentlemen have done me many favors in the past and I wish each one of them to buy some little souvenir in remembrance of me with the money so given them, which shows their kindness was appreciated and remembered.
FIFTH: I give and bequeath the sum of Fifty dollars ($50) to each of the following societies: The Humane Society of Chicago, Anti-Cruelty Society of Chicago, Art Institute of Chicago, Columbian Knights, Chicago, and the Newsboys Protective Union #14567 of Chicago.
SIXTH: I direct that all State and Federal inheritance and succession taxes upon all the above mentioned gifts to be paid out of the principal or corpus of the residue of my estate, so that said gifts shall be net to the respective beneficiaries, free from such inheritance and succession taxes.
SEVENTH: I give, devise and bequeath all the rest, residue and remainder of my estate, real, personal and mixed, of whatsoever kind and nature and wheresoever situated, to The Merchant's Loan and Trust Company, a corporation duly organized and existing under and by virtue of the laws of the State of Illinois, as Trustee, to have and to hold upon the following mentioned trusts, that is to say:
(a) To enter into, take possession of, receive, hold, manage, control, improve, sell, lease, exchange, and convey the same and every part thereof, to collect and receive all the dividends, rents, issues, profits, income and increase thereof, to invest and reinvest all of my said trust estate, or the proceeds thereof, in approved first lien farm mortgage loans secured by improved farm lands situated in the State of Iowa and the Northern half of the State of Illinois, and in the Northern half of the State of Missouri, but in no other state, such loans not to exceed in amount fifty [percent] (50%) or one-half of the cash market value of the farm lands securing same, and no more than Five thousand dollars ($5,000) to be loaned to any one person, and to manage all of said trust property and all investments and reinvestments in its absolute discretion and without limitation as to the character thereof, except as hereinabove directed, with all powers with regard to said property and any investments and reinvestments, and the management and control thereof, that I myself would have in person were I then living and to make full distribution and payment of income, as hereinafter directed, and I hereby direct that the purchaser or purchasers of any of my trust estate which may be sold by said Trustee shall not be required to see to the proper application of the purchase price thereof. All securities of my said trust estate to be plainly marked as belonging to the Trustee of the Kimball Estate to prevent the mixing thereof with the securities of some other estate. I direct that all special assessment bonds and other municipal securities shall be collected as soon as possible and the proceeds thereof invested in farm mortgages as above directed. I direct that any reasonable offer for the real estate included in my said trust estate shall be accepted and the proceeds thereof invested in farm mortgages as above directed.
I hereby direct my said trustee in case it shall not have on [page 3] hand farm mortgages as described herein, in which to invest the funds of my estate, to invest such funds temporarily in any other farm mortgages which it may have on hand maturing within not more than two (2) years; but it is my will, and I so direct, that farm mortgages of Iowa, and the northern half of Illinois, and Missouri be preferred; and that as nearly as possible all funds of my estate be kept invested therein, and that my said trustee shall invest for my estate in first of such preferred mortgages that come in; and I hereby direct that said trustee be on the lookout four (4) months before any of the loans belonging to my estate become due, and I further request and direct that if my said trustee shall find it impossible to procure farm mortgages as I direct, that the funds belonging to my estate shall be invested in County and City bonds of Iowa, and Illinois, which may be a legal investment for postal saving bank deposits; provided, however, not more than Five Thousand dollars ($5000) be invested in the bonds of any one city or county; and provided further that said county or city shall not have made default of any obligation, principal or interest, within the ten (10) years next preceding such investment.
(b) To pay all costs, charges and expenses of said trust estate and the management thereof, and all taxes and assessments and other lawful charges thereon. The compensation which my said trustee shall receive for its services shall not exceed five [percent] (5%) upon the income from my said trust funds so in its possession as trustee.
In making this provision I have in mind that The Merchants' Loan and Trust Company conducts a farm loan department as a part of its business in which it makes first mortgage farm loans secured by farm lands and that on such loans it customarily is paid or receives commissions from borrowers. It is my intention and I hereby authorize my said Trustee to retain any brokerage commissions received by it upon such loans, made by it in said department of its business, as additional Trustee's fees and compensation.
(c) To pay the sum of Fifteen dollars ($15) to the Valley Falls Bank of Deposit at Valley Falls, Kansas, annually, a week before Decoration Day in each year, said Fifteen dollars ($15) to be each year expended by said Valley Falls Bank of Deposit in the purchase of flowers to be placed on the graves of my parents, Mr. and Mrs. Charles Kimball, and of my sister, Mrs. Dr. Cowan, all heretofore deceased, on Decoration Day of each year, said graves being located at Valley Falls, Kansas, and to pay to said Valley Falls Bank of Deposit, annually, the further sum of Three dollars ($3), as compensation for buying such flowers and for placing them on said graves, or in the event of the disability or refusal of said Valley Falls Bank of Deposit to give attention to the matter, to pay said sums of Fifteen dollars ($15) and Three dollars ($3) to some other bank or corporation or party, for such purpose.
(d) I direct my said Trustee on or before Christmas Day in each year to sign and issue five hundred (500) or more Chicago Public Library Surety Cards for men and women to draw books on, provided that the number of old cards (of which I have issued and signed and guaranteed 2500 at this time), are used up. I direct that the number [page 4] of such cards be kept up to about 2500 if possible, no matter how many books are lost, and I direct that all claims for damages and lost books be promptly paid out of the net income from my said trust estate.
(e). Seventy [percent] (70%) of the remainder of all the net income from my said trust estate shall be paid to my wife, Ethel B. Kimball, at least as often as semi-annually, for and during the term of her natural life, and the remaining thirty [percent] (30%) of the net income from said trust estate shall be paid, at least as often as semi-annually to Mrs. Musa Corey, for and during the term of her natural life.
(f) After the death of my wife, Ethel B. Kimball, said seventy [percent] (70%) of the net income theretofore payable to her, and after the death of my said niece, Mrs. Musa Corey, said thirty [percent] (30%) of the net income theretofore payable to her, shall be divided into twenty-one (21) parts and paid at least as often as semi-annually forever among the following mentioned charitable institutions in the proportions set opposite their respective names, to wit:
To the Chicago Daily News Fresh Air Fund, Chicago, Illinois, two of said parts;
To the German Old People's Home at Forest Park, Illinois, one of said parts;
To the Salvation Army, two of said parts;
To the Pacific Garden Mission, 67 West Van Buren Street, Chicago, Illinois. ----- one of said parts;
To the United Charities of Chicago, 168 North Michigan Avenue, Chicago, Illinois, two of said parts;
To Wheaton College, Wheaton, Illinois, two of said parts;
To the Newsboys and Bootblacks Association of Chicago, Illinois ----- one of said parts;
To the Chicago Home for the Friendless, 5059 Vincennes Avenue, Chicago, Illinois ----- two of said parts;
To the Little Sisters of the Poor, Chicago, Illinois, two of said parts;
To The Home for Destitute Crippled Children, 1653 Park Avenue, Chicago, Illinois, ----- one of said parts; [page 5]
To Hull House, 800 South Halsted Street, Chicago, Illinois ----- one of said parts;
To the Chicago Chapter of American Red Cross, Chicago, Illinois ----- one of said parts;
To the Jewish Aid Society, 1806 Selden Street, Chicago, Illinois ----- one of said parts;
To the Young Men's Christian Association, Central Department of Chicago, 19 South LaSalle [Street], Chicago, Illinois ----- two of said parts; for which it shall give out member tickets every year to such young men as it may elect, to the amount of said income.
The income payable to said charitable institutions, respectively, shall be designated on the books and records of said institutions, respectively, as "The Kimball Legacies" and such income shall be used by said institutions respectively, in furthering the charitable purposes which they may then be engaged in promoting.
In case any of said institutions or organizations or corporations in this section of my will mentioned ceases to exist or to carry on the purpose of its organization, or refuses to accept its gift on the conditions herein set forth, then the part or parts directed to be paid to said institution or organization or corporation shall be paid to the remaining institutions in equal shares.
(g). All payments, deliveries and conveyances of income and principal herein provided for shall be made only upon receipt of the respective beneficiaries, subscribed with his or her own proper hand, or by the signature of the proper officer of the corporations or institutions aforesaid, and shall not be grantable, transferable, or otherwise assignable by anticipation, either by voluntary or involuntary act of any of the said beneficiaries or by operation of law.
(h) In case any person named as beneficiary in this will shall contest it, or shall bring any action or proceeding in any court to set aside, [modify] or annul in any way, either this will or any provision in this will, such person shall forfeit all provision made for him or her in and by this will, and the share of income so forfeited shall be paid to the institutions hereinbefore mentioned and in the manner set forth. Any of the beneficiaries under this will, who may wish to show their appreciation, may place a few flowers on the grave of the testator at Rosehill Cemetery on Decoration Day, if they wish, but this is not obligatory and is optional.
(i). As the details of this my will are of little interest [page 6] to the public, I hope and request that the newspapers will have the kindness to leave it out, as I am not anxious to advertise these little donations, and where I have made donations in the past it has been with the understanding that my name was not to be mentioned.
(j). I desire that Mr. Charles Rudolf shall be consulted as to my estate from time to time, as he has been familiar with my business for years, and I direct that every two years he shall audit the accounts of my estate and that the usual and reasonable fees for such services be paid to him. In case he cannot serve then such an audit shall be made by such accountant as said Charles Rudolf may select, and if he shall not select such accountant then such audit shall be made by any certified accountant who has been in business not less than ten (10) years and who has good recommendations from Chicago Banks or Trust Companies, and the cost of such audit shall be paid out of the income from my said trust estate.
EIGHTH: I hereby nominate and appoint said The Merchants' Loan and Trust Company, Executor of this my last will and testament, and I give unto it as such Executor full power, during the period of administration of my estate, to exercise all powers hereinbefore given to it as Trustee.
If said The Merchant's Loan and Trust Company shall go out of business, decline or refuse to act, then some other Trust Company of the City of Chicago, having a capital stock of not less than One million dollars ($1,000,000) and having been in business not less than fifteen (15) years, shall be appointed Trustee under the provisions of this my will by a majority in the interest of the beneficiaries entitled to income hereunder at the time for the making of such appointment, and preference shall be given to a Trust Company that deals in farm mortgages. I give unto such successor all the powers, rights, duties, obligations and privileges given to the Merchant's Loan and Trust Company, as such Trustee.
NINTH: I direct that my Trustee shall at all reasonable times make a full accounting to my wife and to my niece during their respective lives, at least once annually, or upon the request of one or both of them, and shall allow both or either of them to have the accounts and securities examined and audited by a competent auditor and accountant at any time; and after their decease, any one, several or all of the institutions participating in the income shall have the privilege of receiving from said Trustee a full accounting at any time and shall also have the privilege of examining the accounts and securities of said trust estate by a competent auditor and accountant or otherwise.
This estate will probably amount to in the neighborhood of Sixty thousand dollars ($60,000), allowing for shrinkages.
WITNESS my hand this 21st day of October, A.D. 1916.
Charles F. Kimball [page 7]
WE HEREBY CERTIFY that the foregoing instrument, consisting of nine (9) typewritten pages, this certificate included was, on the day of the date thereof, signed, published and declared by CHARLES F. KIMBALL, the testator as and for his last will and testament in the presence of us, who, at his request, in his presence and in the presence of each other, have subscribed our names hereto as witnesses.
Comments