Glynn County GaArchives Wills.....Borchardt, Minnie G. August 28, 1962 ************************************************ Copyright. All rights reserved. http://www.usgwarchives.net/copyright.htm http://www.usgwarchives.net/ga/gafiles.htm ************************************************ File contributed for use in USGenWeb Archives by: Amy Hedrick http://www.genrecords.net/emailregistry/vols/00013.html#0003209 March 25, 2006, 2:34 am Source: Will Book I Pgs. 425-428 Written: August 28, 1962 State of Georgia, County of Glynn I, MINNIE G. BORCHARDT, of said State and County, being of sound and disposing mind and memory, do make this my last will and testament, hereby revoking and annulling any and all testamentary writings or any kind whatsoever heretofore made by me. ITEM ONE I desire to declare that I am the widow of Joseph Borchardt, late of Glynn County, Georgia. ITEM TWO I desire and direct that my body by cremated and my ashes scattered. ITEM THREE I desire and direct that all of my just debts be paid without unnecessary delay by my Executor hereinafter named and appointed. ITEM FOUR I give, bequeath and devise to my nephew, Emile Guttman, whose address is 2461 N.W. 30th Street, Miami 42, Florida, One Thousand Dollars ($1,000.00). ITEM FIVE I give, bequeath and devise to my niece, Cephalide Allcorn, whose address is 11020 N.E. 4th Avenue, Miami 38, Florida, One Thousand Dollars ($1000.00). ITEM SIX I give, bequeath and devise to my nephew Edwin Fendig, of St. Simons Island, Georgia, One Thousand Dollars ($1,000.00) ITEM SEVEN I give, devise and bequeath to my niece, Cephalide, and my nephew, Emile, such of my personal effects, silver and artifacts as they desire. They are to agree between themselves on a distribution of same. If they cannot agree then my Executor is to make final determination of the matter. Such personal effects, silver, and artifacts which my said niece and nephew do not want and my furniture and fixtures shall be distributed or disposed of as my Executor, in his sole discretion, deems best. ITEM EIGHT After payment of any obligations of my estate, expenses incidental to my death, expenses incidental to the administration of my estate and payment of the aforementioned bequests I desire and direct my Executor: (a) To pay to the National Jewish Hospital, Denver, Colorado, the sum of $1,000.00 at such time as my executor, in his sole discretion deems best; (b) To set aside twenty-five percent (but not more than $10,000.00) of the remainder of my estate as an educational endowment to be designated and administered in accordance with Item Nine of this my will. ITEM NINE The name of such education endowment shall be THE JOSEPH AND MINNIE G. BORCHARDT EDUCATION FUND. I name and appoint Albert Fendig as Trustee of this endowment vesting in him complete authority and discretion to administer this endowment. Without intending to curtail the discretion of my Trustee, but to provide a guide which he may take into consideration when making this decision, I have in mind and desire the following: 1. The beneficiary of beneficiaries of this foundation shall be deserving men or women of any age, race, sect or creed, who are unable to pursue a college career, or special training at school for handicapped or post graduate work at college because of lack of funds. 2. The Trustees shall be the final judge of the beneficiary or beneficiaries selected but it is suggested that he may wish to invite nominations from the faculty of Glynn Academy and other schools or colleges, or from other organizations who might be in position to know of eligible beneficiaries. 3. It is suggested that normally no part of the fund should be used for students whose families have means to provide them with funds for such higher or special education. 4. It is suggested that sufficient funds be provided annually to the selected beneficiary to enable her or him to obtain a degree and complete post graduate work and the Trustee should budjet [sic] his funds accordingly. However, The Trustee, having selected the beneficiary, shall always be able to cancel the scholarship at any time in the event the beneficiary becomes undeserving or unworthy in the opinion of the Trustee, and for this reason the grant or funds may be parceled out in quarterly installations as the trustee deems best. 5. While such matters are to be left entirely to the discretion of the Trustee, it is suggested that no more than $1,500.00 annually shall be granted to one beneficiary and no more than $10,000.00 over the entire period of college and post graduate work be granted to any one beneficiary. It is contemplated that the beneficiary will be able to provide some funds for himself by working during the summer and perhaps doing extra work during the time he or she is attending college. At the time the grant is made to the beneficiary, he or she should be informed that thriftiness shall be a factor taken into consideration by the Trustee when the Trustee is deciding whether or not the beneficiary is deserving of grants for additional years. 6. Likewise, it is suggested that a beneficiary should rank among the top one-third (1/3) of the students I his or her class to justify selection as a beneficiary in the first place and his or her continued enjoyment of the use of funds in the second place. However, it should be emphasized that while scholastics ability is of importance, even more important is the moral fibre of the beneficiary, who should be selected because of possessing well rounded qualities of integrity, leadership, ideals and ability. 7. So that this fund will continue to be available for other deserving beneficiaries, it is expected that the recipients of funds from this trust shall commence repaying to the trust the funds granted them within two years after their graduation, or completion of post graduate work, or completion of internship. To this and the Trustee shall require the beneficiary to deliver to him his or her promissory note, or notes, made payable to the Trustee for the amounts advanced and such note or notes, shall be payable in such installments and shall bear such interest as may be agreed upon by the Trustee and the beneficiary. ITEM TEN All of the rest and remainder of my estate, I give and bequeath to my nephew, Albert Fendig, who has always assisted me with my affairs. ITEM ELEVEN I hereby constitute and appoint Albert Fendig as Executor of this my last Will and Testament and empower him to handle all matters pertaining to my estate with as much freedom of restrictions and with as much freedom of action as he, under the laws, has in handling his own independent affairs and properties. Such powers shall specifically include the right to sell, lease, mortgage and encumber any or all of the property of my estate, either real or personal, at public or private sale, with or without advertisement, for such considerations and in such a manner and on such terms as he may deem best, and without order or approval of any official court or person. ITEM TWELVE In the event said Albert Fendig is unable or unwilling to serve as Executor and Trustee or having qualified in such capacity ceases to serve as such because of death or resignation, then I name as substitute Executor and substitute Trustee THE FIRST NATIONAL BANK OF BRUNSWICK, Brunswick, Georgia, or any bank into which it may merge or become a part. Such successor Executor and Trustee shall have all of the powers and discretions and immunities given to the original named Executor and Trustee. ITEM THIRTEEN A. In the management, care and disposition of my estate and of every trust I confer upon the Executor of this Will and the Trustee of each and every trust created by this Will, and the survivors and successors in office, the power to do all things and to execute such instruments as may be deemed necessary or proper, including the following powers, all of which may be exercised without order of or report to any court: (a) To sell, exchange, or otherwise dispose of any property at any time held or acquired under this Will, at public or private sale, for cash or on terms, without advertisement, including the right to lease for any term notwithstanding the period of the trust; (b) To invest all monies in such stocks, bonds, securities, investment company or trust shares, mortgages, notes, choses in action, real estate, improvements thereon, and other property as such Executor or Trustee may deem best without regard to any law now or hereafter in force limiting the investment for Executors, Trustees or other fiduciaries; (c) To retain by way of investment any property or choses in action owned by me at the time of my death, including any stock in such Executor or Trustee; (d) To vote in person or by proxy any corporate stock or other security and to agree to or take any other action in regard to any reorganization, merger, consolidation, liquidation, bankruptcy or other procedure or proceeding affecting any stock, bond, note or other property. (e) To use real estate brokers, accountants, and other agents, if it deems such employment necessary and desirable, and to pay reasonable compensation for their services; (f) To compromise, settle and/or adjust any claim or demand by or against said estate or trust and to agree to any recision or modification of any contract or agreement affecting such estate or trust; (g) To renew any indebtedness, as well as borrow money, and to secure the same by mortgaging, pledging and/or conveying any property of such estate or trust; (h) To retain and carry on any business in which I may own an interest at the time of my death, to acquire additional interest in any such business, to agree to the liquidation in kind of any corporation in which my estate or trust may have any interest and to carry on the business thereof, to join with other owners in adopting any form of management for any business or property in which my estate or trust may have an interest, to become or remain a partner, general or limited, in regard to any such business or property, to incorporate any such business or property and hold the stock or other securities as an investment, and to employ agents and confer on them authority to manage and operate such business, property or corporation without liability for the acts of any agent or for any loss, liability or indebtedness of such business if the management is selected or retained with reasonable care; (i) To register any stock, bond or other security in the name of any nominee, without the addition of words indicating that such security is held in a fiduciary capacity; but accurate records shall be maintained showing that such security is a trust asset and the Executor or Trustee shall be responsible for the acts of such nominee. B. Whenever the Trustee is directed to pay any money to or to use any money for the benefit of any minor, the Trustee shall not require the appointment of a guardian, but shall be authorized to pay the same over to the person having custody of such minor, to pay the same to such minor without the intervention of a guardian, to pay the same to a legal guardian for such minor if one has already been appointed, or to use the same for the benefit of such minor. C. Whenever the Trustee is directed to distribute any property in fee simple to a person who is then a minor the Trustee shall continue to hold the share of such minor in trust for such minor until he or she becomes twenty-one years of age and in the meantime shall use such a part of the income and/or corpus of the share of such minor as said Trustee may deem necessary to provide for the proper support and education of such minor. D. Neither my Executor nor any Trustee shall be required to file any inventory or appraisal of any annual or other returns or reports to any court or to give bond, but shall furnish a statement of receipts and disbursements at least annually to each person then entitled to income from my estate or any trust. E. In the distribution of my estate and the division into separate trusts and shares, the Executor and Trustee shall be authorized to make the division in money or in kind or partly in money and partly in kind, and the division made by my Executor or Trustee and the values established by it for such division shall be binding and conclusive on all persons taking hereunder. My Executor or Trustee may in making such division allot undivided interests in the same property to several trusts or shares. F. My Executor or Trustee shall have discretion to determine whether items should be charged or credited to income or corpus or allocated between income and corpus in such manner as the Executor or Trustee in their discretion may deem equitable and fair under all the circumstances, including the power to amortize any part or all of any premium or discount, to treat any part or all of the profit resulting from the maturity or sale of any asset, whether purchased at a premium or at a discount, as income or corpus or apportion the same between income and corpus, to apportion the sale price of any asset between income and corpus, to treat any dividend or other distribution on any investment as income or corpus or apportion the same between income and corpus, to charge any expense against income or corpus or apportion the same, and to provide or fail to provide a reasonable reserve against depreciation or obsolescence on any asset subject to depreciation or obsolescence, all as such Executor or Trustee may reasonably deem equitable and just under all the circumstances. G. The income on the part of my estate used to pay debts, taxes, expenses, general legacies and other such corpus charges, shall go to the income beneficiaries of the residuum of my estate and shall not be added to the corpus thereof. H. My Executor or any Trustee shall be authorized to make any election permitted by any tax law, including filing of joint returns, if in the opinion of such Executor or Trustee such election s for the combined best interest of my estate and the beneficiaries thereof and may make or agree to such apportionment of taxes as such Executor or Trustee deems equitable under the circumstances. I. The Trustee of any trust created by this Will shall be authorized to sell any property to or to purchase any property from any other trust created by this Will at the fair market value thereof as determined by the Trustee, even though the same person or corporation may be acting as Trustee of both trusts. J. I authorize my Executor, in his sole and absolute discretion, to use administration expenses as deductions for estate tax purposes or income tax purposes and to use date of death values or optional values for estate tax purposes, regardless of the effect thereof on any interest under this my Will, and I direct that there shall be no adjustment of such interests by reason of any action taken by my Executor pursuant hereto. K. My Executor or any Trustee may purchase property from, sell property or make secured or unsecured loans to, or otherwise deal without limitations with the Executor, Trustee, or other representative of any trust or estate in which any beneficiary hereunder has any interest, even though one or both of my Executors and Trustee by such Executor, Trustee, or other representative, without liability for loss or depreciation resulting therefrom. L. For its services hereunder as successor Executor and successor Trustee, THE FIRST NATIONAL BANK OF BRUNSWICK, Brunswick, Georgia, shall receive compensation, which shall be the compensation stipulated in any schedules of compensation adopted by the Trustee and in effect at the time of such compensation shall become payable. IN WITNESS WHEREOF, I have hereunto set my hand and affixed by seal on this the 28 day of August, 1962. Minnie G. Borchardt [seal] Signed, sealed, published and declared by MINNIE G. BORCHARDT, as and for her last Will and Testament in our presence and we, at her request and in her presence and in the presence of each other, have hereunto subscribed our names as witnesses the day and year above set out. Lanelle T. Knight P.O. Address Brunswick, Ga. Bertha L. Cook P.O. Address Brunswick, Ga. Libby L. Tippins P.O. Address Brunswick, Ga. Additional Comments: More Glynn County Genealogy & History can be found at www.glynngen.com or the sister site at www.rootsweb.com/~gaglynn/ File at: http://files.usgwarchives.net/ga/glynn/wills/borchard436gwl.txt This file has been created by a form at http://www.genrecords.org/gafiles/ File size: 16.7 Kb