Theodore Roosevelt's Estate Essay

1120 words - 5 pages

Theodore Roosevelt’s Last Will and Testament, which was written on December 13, 1912, is thought to be the first Will where the powers of appointment are granted and exercised. A power of appointment is the right to direct who will enjoy someone else’s property. Roosevelt’s Will contains a total of 8 powers of appointment and each one is discussed in detail below.

The first power of appointment mentioned in the Will is in the second paragraph. In this case, Roosevelt (power holder/donee) is directing that the $60,000 trust fund, which he received from his father (creator or donor), be given to his children in equal amounts. It can not be determined if Roosevelt exercised a general power ...view middle of the document...

The final power of appointment granted by Roosevelt (donor) in the third paragraph occurs in the last note, which has the intent of covering what is to occur if Edith fails to exercise her power of appointment. In this instance the remainder of his estate is to go to “my children (donees) who survive my wife, and to the issue surviving her of any deceased child of mine, according to their stocks.” Thus, the aforementioned note can be interpreted as stating that if Edith fails to exercise her appointment, then the remainder of the estate is to be distributed to his children and to any children of any deceased child of Roosevelt’s.

The fourth paragraph contains another power of appointment granted by Roosevelt. In this paragraph, Roosevelt (the donor) directs his “executors to hold each share of my (his) estate which any infant legatee or devisee may be or become entitled to absolutely under this until such infant attains the age of twenty-one years.” Furthermore, the executors can “receive the income of each share” and “apply them to the use of the infant legatee.” In this instance, Roosevelt (the donor) has granted a power of appointment to his executors (the donees) to use the money to help support any child under the age of 21.

The fifth paragraph also contains a power of appointment, as Roosevelt directs his executors that they can dispose or partition any real estate that he may own. Additionally, he also authorizes them to allot the property to all beneficiaries in equal amounts. Roosevelt also directs that the executors use “their own personal judgment” in the management of investments for any child under the age of 21. Thus Roosevelt (donor) has granted a power of appointment to his executors (donees) to manage his property and his investments as they see fit.

Roosevelt grants another power of appointment in the sixth paragraph of his Will, where he authorizes the executors to use the “income of each share hold in trust and of each share held during the minority of a legatee or devisee respectively, to pay all taxes, assessments, and expenses for repairs or insurance thereon.” Furthermore, Roosevelt also authorizes them to “make leases of the real estate thereof” and “to build upon, alter or improve any...

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