HomeMy WebLinkAbout1047_FITCH_TECUMSEH_109_55_04-16-1969_10-17-19691 (Q!nuuty nf llfu5Qlugtnu,55.
,
Register's Office""B$6;ATie?.~t'~"'G'~""'P'~""'B"tuJ?Lihl{...~.~...
Personally appeared ~.~.~..+.-~.~P~g.~.~.!.:.,-~~~.r.:g~..r ..~.t..Y..~.I.the subscribing witnesses to
Codicil No J under date of ~~.l.?.~.~.~.~!.~.~~to the fore-
going last wi!I and testament of...~.~..~.~~.~.~.~§.~~..r.~.~.~!".~.~.C?~deceas ed,
dated ~P~.~.~~.~.~.~.~~..~.~.~19 ,and on ~.~.~.~F solemn..~~.~.~.~did say that
..................~.~.~.y.~~!.~present,and did see and hear ~.~..g.gp.t~.~.h §.h~.r.:m~.D :Ett.9..h .
deceased,the testa t..Qr therein named,sign,publish and declare the same as and for a Codicil
to liJ~.last will and testament,and that at the doing thereof.....
was of sound disposing mind,memory and understanding,to the best of the affiant's knowledge
and belief.
....................................~.~.9.r.P..and subscribed
before me the~aandyearaforsaid.
At .
..................................................................~
~Register
"
(tJnmmnuwralt4 nf 'ruusyluauia
lltlIa.6htugtou mouuty•.6.6;
BE IT REMEMBERED,That upon this J.?~.9.:.~day of...~~.~..?~..~.!.:..
19 §.~before me B.lJ...s.~..~.l.l :Mg.r..lno Register for the probate of
Wills and granting Letters of Administration within and for said county,came .
............................~.~.~.~~~~.~.~.~.~.:..~~.!.'.~.~~.~.~y..~~.!.:9..~~!.~~~.~.9 ~.~f...~f.?~.~~~.;}.~.
............................................................................................................the subscribing witnesses to the foregoing attached Will of
.................................................~.~.~.~~~.~.!:?:~g~.r..~.~.!.!f.!.~.9..9.-.
deceased,who,after being duly qualified according to law,depose and say:That they were present at the
execution of said Will-saw the testat....9..!.:sign the same-heard ~.~.~publish it as and for
His .Hi'His ...............................last Will and Testament;that they at..~request,m presence,and m the
presence of each other,subscribed their names thereto as witnesses;and at the time of the doing thereof said
testat...Q.I:was of sound,disposing mind,memory and understanding,to the best of the affiants'
knowledge and belief.
~Sworn and Subscribed Before Me
t ~//1~vvt/D
Register
2
I"'"
f .
LAST WILL AND TESTAMENT
I,TECUMSEH SHERMAN FITCH,of Washington County,Pennsylvania,
being of sound mind and memory do make,publish and declare this my
Last Will and Testament,hereby revoking and declaring null and void
any and all Wills and Codicils by me at any time heretofore made,(except
charitable gifts in former Wills if I die within thirty (30)days.
FIRST:I direct my Executors to pay my debts,the expenses
of my last illness and my funeral expenses.
SECOND:I give and bequeath all my jewelry,automobiles,
clothing and other purely personal effects,as well as all household
goods and equipment which I may own,to my wife,JANET REED FITCH,
if she survives me.
In the event my wife fails to survive me,I give
and bequeath the aforesaid items to my then living children,to be dis-
tributed among them as they shall mutually agree,or in the absence of
such agreement,as my Executors,in their sole discretion,shall deem advis-
able,making such distribution in as nearly equal shares as possible.
I hereby declare that all furniture and articles of
household use located in the home residence which I occupy are,and have
been the property of my wife,JANET REED FITCH.
THIRD:A.I give and bequeath the sum of Five Thousand
($5,000.00)Dollars to the FIRST PRESBYTERIAN CHURCH of Washington,
Pennsylvania.
..
B.I give and bequeath the sum of Five Thousand
($5,000.00)Dollars to the WASHINGTON HOSPITAL of Washington,Pennsylvania.
C.I give and bequeath the sum of Five Thousand
($5,000.00)Dollars to YALE UNIVERSITY,New Haven,Connecticut.
D.I give and bequeath to THE NEIGHBORHOOD HOUSE
ASSOCIATION of Washington,Pennsylvania,the sum of Ten Thousand ($10,000.00)
Dollars.
E.I give and bequeath the sum of Five Thousand ($5,000.00)
Dollars to WASHINGTON AND JEFFERSON COLLEGE of Washington,Pennsylvania.
F.I give and bequeath the sum of Twenty Thousand
($20,000.00)Dollars to the NORTID~ESTERN MILITARY AND NAVAL ACADEMY,Lake
Geneva,Wisconsin.
G.I give and bequeath to JOHN M.CAMPBELL,of
Washington,Pennsylvania,if he survives me,the sum of Five Thousand
($5,000.00)Dollars,in appreciation of our long friendship.
H.I give and bequeath to JOHN H.DAVIDSON,ESQUIRE,
of Washington,Pennsylvania,if he survives me,the sum of Five Thousand
($5,000.00)Dollars,in appreciation of our long friendship.
I.I give and bequeath the sum of Five Thousand ($5,000.00)
Dollars to each of my wife's nieces and nephew,who survive me:MARY RUTH REED,
MARGARET REED BURNFIELD and DAVID ERICSSON REED.
No interest shall be paid on any said bequests.
The foregoing bequests made in Paragraphs A.
through I.hereof are all made upon the condition that the total value
of such bequests shall not exceed cumulatively twenty (20%)percent of
-2-
the value of my net estate remaining in the hands of my Executors after
the payment of my debts (as described in Paragraph FIRST),expenses of
administration and all death taxes.In the event the aggregate amount
of the aforesaid bequests exceeds twenty (20%)percent of my net estate
as herein defined,then such bequests shall abate proportionately to the
extent necessary so that their cumulative total will be no more than
twenty (20%)percent of such net estate.
FOURTH:If my wife,JANET REED FITCH,survives me,I give,
devise and bequeath to my wife,JANET REED FITCH,JOHN M.CAMPBELL,JOHN
H.DAVIDSON,and PITTSBURGH NATIONAL BANK,Pittsburgh,Pennsylvania,as
Trustees hereunder,so much of my estate as will afford my estate the
maximum allowable marital deduction under Federal Estate Tax Laws when
this share of my estate,so given,is considered with any and all other
property of mine passing or which has passed to my wife under the provi-
sions of this Will or otherwise,and which other property is included in
the marital deduction allowed my estate.There shall be excluded from
this devise and bequest any assets which do not qualify for the marital
deduction.The property thus bequeathed shall be held as the Marital
Trust as hereinafter provided.
FIFTH:All the rest,residue and remainder of my estate
remaining after the payment of taxes as hereinafter provided,I give,
devise and bequeath to PITTSBURGH NATIONAL BANK,JOHN H.DAVIDSON and
JOHN M.CAMPBELL,as Trustees,to be held as the Residuary Trust as
hereinafter prOVided.
SIXTH:My Trustees shall hold the Marital Trust and the
-3-
-------------------------
.,,
Residuary Trust in accordance with the following provisions:
I.TRUSTS.
A.1.My Trustees shall pay the net income from the
Marital Trust to my wife,JANET REED FITCH,or for her benefit in install-
ments convenient to her but not less frequently than annually,for and
during her lifetime.During her lifetime,my wife shall have the right
to withdraw,consume,demand and receive,all or any part of the principal
of the Marital Trust,absolutely and free of trust,regardless of the pur-
pose of such withdrawal,and the trust created hereby shall terminate to
the extent of each withdrawal so made.In addition to the foregoing provi-
sions,in the event of the incapacity of my wife through illness or other-
wise,my Trustees shall be authorized to disburse to her,or for her benefit,
so much of the principal of the Marital Trust as my Trustees shall deem
advisable for her comfort,maintenance and support,and to aid her in the
event of any circumstance or condition affecting her wherein money is needed.
2.Upon the death of my wife,my Trustees shall
pay and distribute the then remaining principal of the Marital Trust as my
wife shall appoint and direct by specific reference to this general power of
appointment in her Last Will and Testament,whether to herself,her estate,
her creditors,the creditors of her estate or otherwise.In default of such
appointment or direction by my wife in her Last Will and Testament,the then
remaining principal of the Marital Trust shall be added to the Residuary Trust
and such amount so added shall be held in trust and/or distributed as if it
had constituted an original part of the Residuary Trust.
-4-
3.Neither the principal nor the income of the Marital
Trust,while in the hands of my Trustees,shall be liable for the debts of my
wife,nor shall the same be subject to seizure or attachment by any creditor
of my wife under any writ or proceeding at law or in equity.
B.1.My Trustees shall hold the principal of the Resid-
uary Trust for the use and benefit of my wife,JANET REED FITCH,and shall
pay to her,or for her benefit,the net income therefrom,in installments
convenient to her,but not less frequently than annually,for and during
her lifetime,together with so much of the principal thereof as my Trustees,
in their sole discretion,shall deem advisable,from time to time,for
her health,maintenance and support.In addition to the foregoing provisions,
my Trustees shall be authorized to pay and distribute to or for the benefit
/
of my children from time to time,so much of the principal of the Residuary
Trust as my Trustees,in their sole discretion,shall deem advisable to
suitably provde for any illness,injury or other emergency or condition
affecting any of them where funds are needed and funds from other sources
are not otherwise readily available to my children.My Trustees shall
be under no duty to equalize disbursements of principal as herein authorized.
2.Upon the death of my wife during the period of this
trust for her benefit,or upon my death in the event my wife fails to survive
me,the principal of the Residuary Trust,as it is then constituted,shall be
divided into as many equal shares as there are children of mine living at the
time for this division and children of mine then deceased with issue of them
then surviving.
In making this division,it is my direction
-5-
that my Trustees allocate to the share for my son,WILLIAM T.S.FITCH,
if he survives me,shares of WASHINGTON STEEL CORPORATION or its successor,
to the extent such allocation is possible,provided,however,in no event
shall such allocation be made which would create an inequality in the
value of the respective shares.
a.One (1)of such equal shares shall immediately
vest in and be distributed to the then living issue,per stirpes,of each
deceased child of mine,such distribution to be absolute and free of trust,
subject,however,to the minority provisions hereinafter set forth or,
if applicable,to the provisions of subparagraph d.below.
b.One (1)of such shares shall be held for
the use and benefit of each of my then living children,and my Trustees
shall pay and distribute to or for the benefit of each such child and his
or her dependents so much of the net income and so much of the principal
of his or her share as my Corporate Trustee,in its sole discretion,shall
deem advisable for the health,maintenance and support of each such child,
taking into consideration the funds from other sources readily available
to each such child.
c.Upon the death of any child during the
continuance of the separate trust herein created for his or her benefit,
any principal of his or her share then remaining shall be paid and distrib-
uted as such child shall appoint and direct by specific reference to this
limited power of appointment in his or her Last Will and Testament,in such
manner and upon such terms and conditions,as he or she shall so direct,
-6-
provided,however,that any appointment to himself or herself,his or her
estate,his or her creditors,or the creditors of his or her estate shall
in all respects be null and void.In default of a valid exercise of this
limited power of appointment herein given,the principal of his or her share,
as it is then constituted,shall be paid and distributed to his or her then
living issue,per stirpes,subject,however,to the provisions of paragraph
d.below.In default of issue of such deceased child then surviving,the
same shall be paid and distributed to my then living issue,per stirpes and
absolutely,subject,however,to any specific provisions concerning such
shares as provided in subparagraph d.;provided,however,any portion of
such share which should become distributable to any beneficiary for whom
~
a share is then held in trust for his or her benefit,shall instead be added
to such share to be held as though an original part thereof.
d.Notwithstanding any of the foregoing provi-
sions,and in addition thereto,in the event any principal should become
distributable to any issue of a deceased child under any of the preceding
paragraphs,who has not then attained the age of thirty (30)years,and in
the event the further holding in trust is permissible under the then Rule
Against Perpetuities under the appropriate jurisdiction,such principal
shall instead of being so distributed,be held in further trust for the
use and benefit of such beneficiary as follows.My Trustees shall disburse
to or for the benefit of such beneficiary so much of the net income and so
much of the principal of his or her share as my Corporate Trustee,in its
sole discretion,shall deem advisable for his or her health,maintenance,
support and complete education until he or she does attain the age of
thirty (30)years,at which time the separate trust shall thereupon terminate,
-7-
and the then remaining principal thereof shall be paid and distributed to
such beneficiary absolutely and free of trust.In the event,however,such
beneficiary should die prior to attaining the age of thirty (30)years,the
then principal of his or her share and any accumulated income shall be dis-
tributed to his or her then living issue,per stirpes and absolutely,subject,
however,to the minority provisions hereinafter set forth;or in default of
issue of such deceased beneficiary then surviving,the same shall be paid
and distributed to the then living issue of his or her parent who was an
ancestor of mine,per stirpes and absolutely,subject,to the minority provi-
sions hereinafter set forth,provided,however,in the event any portion of
such distribution which should become distributable to any beneficiary for
whom a share is then held in trust,shall instead be added to such share
to be held in trust as though an original part thereof.
e.In the event any share should during the
continuance of this trust violate the Rule Against Perpetuities as measured
by the applicable law in regard thereto,the same shall thereupon immediately
terminate and be distributed to the beneficiary for whom the same shall have
been created,absolutely and free of trust.
C.If,at the time distribution is to be made here-
under in accordance with the foregoing provisions,none of the persons
named or described above is living to take the principal of the Residuary
Trust,the then remaining principal of the Residuary Trust shall be distributed
to my then living heirs and next of kin in accordance with the Intestate
Laws of the Commonwealth of Pennsylvania in effect at the time of my death.
-8-
J
------------------------------
II.While in the hands of my Trustees,neither the prin-
cipal nor the income of the Residuary Trust shall be liable for the debts
of any beneficiary hereunder,nor shall the same be subject to seizure
or attachment by any creditor of any beneficiary under any writ or pro-
ceeding at law or in equity,and no beneficiary hereunder shall have
any power to sell,assign,encumber,or in any manner to anticipate or
dispose of his or her interest in the Residuary Trust,or in the income
produced thereby.
III.As compensation for its services hereunder,my
Corporate Trustee shall be entitled to deduct a reasonable fee,which
fee shall be in accordance with the then prevailing rate of compensation
charged by my Corporate Trustee for like services.
SEVENTH:The words "child","children","issue"and words of
similar import shall be deemed to include not only natural born persons,
but legally adopted persons regardless of whether or not any such adoption
should occur prior to or subsequent to the execution of this Will,or my
death.
EIGHTH:My Individual Trustees or surviving Individual Trustee
shall be authorized to appoint any child of mine for whom a separate trust
is then being held for his or her benefit and who has attained the age of
thirty (30)years to serve as Co-trustee as to his or her own separate
trust only;provided,however,that the discretion relative to disbursements
of income and/or principal from his or her separate trust shall be vested
solely in the Corporate Trustee.
-9-
NINTH:In addition to the powers conferred by law,my
Executors and Trustees shall have the following discretionary powers:
A.To retain as an investment for my estate and the
trust estate,without any duty of diversification,any and all property,
real or personal,received hereunder,which shall specifically include
the authority to retain any stocks in PITTSBURGH NATIONAL CORPORATION
without liability as a result of such retention.
B.To invest and reinvest,including principal and
accumulated income,in stocks,bonds,mortgages,securities or other
property,real or personal,without being limited to the classes of
securities or investments in which fiduciaries are authorized by law
to invest trust funds.It is my desire and my request that my Trustees,
in determining investment policy,be aggressively common stock minded
and with respect to each residuary trust share and portion thereunder,
it is my desire and direction that my Trustees shall not be limited in
the acquisition or retention of common stocks by standards of prudence
which ordinarily might require a portion of such trust to be invested in
fixed-income securities.My Trustees shall be without any liability of
any kind or nature for the investment and reinvestment of any trust created
hereunder in the manner described herein.
c.To sell any and all real estate held as an asset
of my estate and trust estate at such times,at public or private sale,for
such prices and upon such terms as deemed advisable,and to make,execute
and deliver any deed or deeds therefor,conveying title thereto in fee
-10-
"'
simple absolute,or for any less estate to any purchaser or purchasers,
freed and discharged of any and all trusts hereunder.
D.To sell,exchange,lease,encumber,option or otherwise
dispose of all or any portion of my estate and trust estate in such manner
and upon such terms and conditions as shall be deemed advisable,and which
shall specifically include the authority to grant leases which extend beyond
the term of any trust hereunder and beyond the period authorized by law,and
to make,execute and deliver deeds,mortgages,leases,assignments and other
documents necessary to effect any of the powers granted.
E.To make distribution of my estate and trust estate to
any person entitled thereto in kind,in cash,or partly in kind and partly
in cash,as deemed advisable,and to this end allocation of assets in kind
shall be in the sole discretion of my fiduciaries.Assets distributed in
kind in satisfaction of any pecuniary distribution under the terms of this
Will shall be distributed at their values on the date or dates of distribution.
F.To register or carry any investments held hereunder
in their own name or in the name of a nominee or nominees;provided,
however,that all such investments shall be so designated upon the records
of my fiduciaries that the trust or estate to which said investments belong
shall appear clearly at all times.
G.To vote by person or proxy any and all stock held in
my estate and trust estate and to participate in any reorganization or
merger of companies or corporations whose stock is so held.
-11-
H.To borrow for the purpose of my estate or trust
estate from any source,which shall include the authority to borrow from
any separate trust created herein,and as security for repayment,to hold
or pledge the whole or any part of my estate or trust estate.
I.Notwithstanding any of the foregoing provisions and
in addition thereto,the powers hereinabove granted my Executors and Trus-
tees are specifically subject to the power in my son,WILLIAM T.S.FITCH,
(for so long as he is willing and able to assume such responsibility)to
vote,if he should so desire,the stock or other securities of WASHINGTON
STEEL CORPORATION or any successor thereto,and my Trustees shall thereafter
vote said securities and/or issue proxies in such manner as my son shall so
direct.Further,prior to making any sale or other disposition of the stock
or other securities of WASHINGTON STEEL CORPORATION or of any company into
which said corporation may be consolidated or merged,my Trustees shall
first consult with and obtain the written approval of my son,WILLIAM T.S.
FITCH,(for so long as he is willing and able to make such decision).I recog-
nize that my son may be beneficially interested in the Corporation in which
I hold an interest at my death,and that he may benefit personally,directly
or indirectly,in the same,and in purchases or other transactions which he
approves or disapproves in accordance with the power granted him hereunder.
Nevertheless,decisions that he may make shall be binding and conclusive
upon all persons whomsoever and shall be without review,and my son should
not be accountable to any beneficiary hereunder or to any other person for
actions he may take in accordance with the power herein granted.In the
event of the resignation,unavailability,incapacity or death of my said
son,my Trustees shall act hereunder without the necessity of obtaining the
approval of any other person.
-12-
It is expressly understood and agreed that my Executors
and Trustees shall be without liability of any kind as a result of the re-
tention of stock in the WASHINGTON STEEL CORPORATION or any other company
to which the same may have merged or consolidated,nor shall they be under
any liability or responsibility for any actions as directed by my son,
WILLIAM T.S.FITCH,and shall be under no duty to affirmatively file
dissent therefrom.
TENTH:I direct my Executors to payout of the principal
of my residuary estate all Federal Estate,State Inheritance,Estate
and Succession Taxes imposed upon or with respect to my estate or any
property in which I may have an interest,including any property not
forming a part of my testamentary estate but included in my gross estate
for tax purposes,except any property over which I have a taxable power
of appointment in the event it shall be held that I have not exercised
such power of appointment in this Will,at such times and in such manner
as my Executors in their sole discretion shall deem advisable,and no such
taxes or any portion thereof so paid shall be collected from or paid by
any other person,persons,or corporations by way of reimbursement,
proration,apportionment or otherwise.
ELEVENTH:I name and appoint JOHN H.DAVIDSON,JOHN M.CAMPBELL,
and PITTSBURGH NATIONAL BANK,Pittsburgh,Pennsylvania,as Executors of
this,my Last Will and Testament.In the event either JOHN H.DAVIDSON
or JOHN M.CAMPBELL is unwilling or unable to serve for any reason,no
successor shall be appointed.
TWELFTH:No individual fiduciary shall be required to post
-13-
.'
bond or any additional security in any jurisdiction in which such fidu-
ciary shall be required to serve.
THIRTEENTH:I appoint PITTSBURGH NATIONAL BANK as Guardian of
any property which passes to a minor and with respect to which I am
authorized to appoint a Guardian and have not otherwise specifically
done so,granting it in this capacity the power to agree to any distri-
bution of the said property that it deems advisable;the power to retain
any property,real or personal,received by it in kind and the power and
authority to sell the same upon such terms and conditions as it believes
advisable,giving good title to any real estate thus sold;and the power
and authority to invest in such stocks,bonds and/or other investments
it deems advisable,without being limited to those investments in which
guardians are by law required to invest minors'funds;and the power and
authority to disburse to or for the benefit of the minor wards so much
of the income and the principal of the minor's share of the said property
as it,in its sole discretion,deems advisable for the minor's comfort,
maintenance,support and complete education,including preparatory,college
and post graduate or professional training,and to aid the minor in the
event of any illness,injury or other emergency affecting the minor wards
wherein money is needed.Any disbursements hereinabove authorized may be
made to the parent,guardian or such other person as may have custody of
the person of that minor at the time such payments are made,without lia-
bility on the part of PITTSBURGH NATIONAL BANK to see to the application
-14-
of said payments by the payee,and the receipt of any such person shall be
a full acquittance of PITTSBURGH NATIONAL BANK as to any amount so paid.
WITNESS my hand and seal this
19~.
Signed,sealed,published and declared by the above named Testa-
tor,TECUMSEH SHERMAN FITCH,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
have hereunto subscribed our names as witnesses.
r <
Address
Address
/5301
Address
/(.,/
-15-
---~-----
,t •LH:JF
CODICIL TO
lAST WILL AND TESTAMENT
I,TECUMSEH SHERMAN FITCH,of Washington County,Pennsylvania,do
make,publish and declare this as and for a CODICIL to my Last Will and
Testament dated April 16,1969.
FIRST:The following shall be added to subparagraph b.of para-
graph B.2.of paragraph SIXTH:
Any of the net income not expended shall be added to
principal.
SECOND:
SIXTH as reads:
So much of paragraph B.2.d.of I.TRUSTS of paragraph
"•••or in default of issue of such deceased beneficiary then
surviving,the same shall be paid and distributed to the then
living issue of his or her parent who was an ancestor of mine,
per stirpes and absolutely,subject,to the minority provisions
hereinafter set forth,provided,however,in the event any portion
of such distribution which should become distributable to any bene-
\.-'ficiary for whom a share is then held in trust,shall instead be
added to such share to be held in trust as though an original part
thereof.II
is revoked in its entirety and the following substituted therefor:
•or in default of issue of such deceased beneficiary then surviving,
the same shall be paid and distributed to the then living issue of his or
I .L ..
her parent who was a child of mine,per stirpes and absolutely,subject,
to the minority provisions hereinafter set forth,provided,however,in the
event any portion of such distribution which should become distributable to
any beneficiary for whom a share is then held in trust,shall instead be
added to such share to be held in trust as though an original part thereof.
In all other respects I ratify,confirm and republish my said
Last Will and Testament dated April 16,1969.
I have hereunto set my hand and seal this~N WITNESS WHEREOF,
~~day of __-L~...lII!;:,-¥-'19!!1
Signed,sealed,published and declared by the above named Testator,
TECUMSEH SHERMAN FITCH,as and for a CODICIL to his Last Will and Testament
dated April 16,1969,in the presence of us,who at his request,in his
presence and in the presence of each other,have hereunto subscribed our
;
Address (f )
-2-