What Happened To All Of Frank Sinatras Money

Frank Sinatra (1915 - 1998)

While the Terminal Will and Testament of Frank Sinatra gives us a great deal of information about how Ol' Blue Eyes tending of a portion of his property, the largest gifts under his Will are to various trusts that he established during his lifetime, which are totally private. For more data about Frank Sinatra, please see his biography in Wikipedia.

Final WILL AND Testament

of

I, FRANCIS ALBERT SINATRA, too known as FRANK SINATRA, declare this to be my Volition and revoke all sometime Wills and Codicils. I am a resident of Riverside Canton, California.

CLAUSE Outset: Marital Condition And Family.

I am married to BARBARA SINATRA, who in this Will is referred to as "my Wife." I was formerly married to NANCY BARBATO SINATRA, to AVA GARDNER SINATRA, and to MIA FARROW SINATRA, and each of said marriages were subsequently dissolved. I take three children, all of whom are the upshot of my wedlock to NANCY BARBATO SINATRA: NANCY SINATRA LAMBERT, FRANCIS WAYNE SINATRA, and CHRISTINA SINATRA. All of the higher up-named children are adults. I take never had any other children.

CLAUSE Second: Nomination Of Executor; Executor'south Powers.

A. I nominate ELIOT WEISMAN and HARVEY Fifty. SILBERT to deed as Co-Executors of this Will. I specifically empower my Co— Executors at any fourth dimension to designate and appoint any bank or other corporate fiduciary to act as Co—Executor with them, or as Amanuensis on their behalf, and with the further power to modify the designation of the said bank or other corporate fiduciary from time to fourth dimension. If either ELIOT WEISMAN or HARVEY L. SILBERT is unable, unwilling or ceases to act every bit Co—Executor, I nominate NATHAN S. Gilded to human activity as Co-Executor with the other of them. If two of said three individuals get unable, unwilling or ceases to act every bit Executor, I nominate CITY NATIONAL Depository financial institution, Beverly Hills, California, to act equally Co-Executor with the remaining individual, or as sole Executor if all three of said individuals go unable, unwilling, or cease to human activity hereunder. Whenever the give-and-take "Executor" or "Co—Executor" is used in this Will, it shall exist deemed to refer to whichever one or more of them is acting from time to time. I direct that no bail shall be required of any Executor or Co—Executor as a condition to qualifying to serve hereunder, whether acting jointly or alone.

B. I qualify my Executor to sell, charter, mortgage or encumber the whole or whatever part of my estate, with or without discover; to transfer registered securities into street name or to concur them in the proper name of a nominee, without any liability on the part of my Executor; and at the choice and sole discretion of my Executor, to go on to hold, manage and operate any property, business or enterprise that may be an asset of my manor from time to fourth dimension, whether in corporate, partnership (limited or general) or other form, and whether or not such nugget is one in which my Executor is personally interested, the profits or losses therefrom to inure to or be charged against my manor and not my Executor. My Executor shall have absolute discretion as to how much cash, if any, to invest at involvement.

C. I authorize my Executor to invest and reinvest funds of my estate, including surplus moneys and the proceeds from the sale of whatever assets of my estate, in every kind of property, specifically including, but not past way of limitation, corporate or governmental obligations of every kind, securities of any regulated investment trust, and stocks, preferred or mutual and any mutual trust fund administered by any corporate fiduciary nether this Will.

D. It is my intention that my Executor be permitted to take advantage of all revenue enhancement savings that the law of whatever jurisdiction allows, without regard to conflicting interests of those interested in my estate and without making whatever adjustments among such persons. To that end, I qualify my Executor, in my Executor's absolute discretion, to take whatever one or more than of the following deportment as may appear appropriate:

ane. To join with my Wife in executing joint income tax returns;

ii. To value my gross estate for federal estate tax purposes every bit of the date of my death or every bit of the alternative valuation date as immune for such purposes;

3. To merits as manor or inheritance revenue enhancement deductions, or both, expenses which would otherwise qualify as income tax deductions;

4. To elect to take gifts by my Wife treated every bit fabricated one-half by me for federal souvenir revenue enhancement purposes; and

5. To brand any other elections immune by the Internal Revenue Code or the tax police force of applicable jurisdiction.

Due east. If at my death I agree any stock purchase warrants, stock subscription or conversion rights, or rights under any stock option programme, I authorize my Executor to exercise any or all of those warrants and rights if my Executor, in my Executor'south discretion, deems such exercise to be in the best interests of my estate and the beneficiaries thereof, and to borrow money for that purpose if my Executor, in my Executor's discretion, deems it advisable.

F. I authorize my Executor to administer my estate under The California Contained Administration of Estates Human action.

Thousand. Upon any preliminary or final distribution of the residue of my estate, my Executor may distribute the balance in undivided interests or in kind, or in money, or partly in whatsoever of them at such valuations and according to such method or procedure every bit my Executor shall make up one's mind, including the power to distribute all or part of any detail asset to any beneficiary as my Executor shall determine.

H. All decisions of my Executor fabricated in good organized religion shall exist bounden and conclusive on all persons interested in my manor, but shall be subject to such confirmation or Court authority as is required by law.

CLAUSE THIRD: Amount Of Property Disposed Of.

I intend that my Volition shall govern the disposition of all property wherever situated that I have the ability to will at the time of my expiry, including both my separate property and my one-half interest in such customs property every bit my Married woman and I may ain at the fourth dimension of my death.

CLAUSE FOURTH: Payment Of Debts and Taxes.

I straight my Executor to pay in full whatsoever and all lawful debts which may exist attributable by me at the time of my death, both secured and unsecured, and regardless of when they might otherwise be due and payable, in the following social club of priority and from the post-obit sources:

1. My Executor shall first pay and discharge in full from our community assets, including my Wife'south share thereof to the full extent her share is liable for such debts and to the full extent of such community property, any and all debts chargeable to the community manor of myself and my Wife, other than payments in satisfaction of whatsoever promissory notes secured by mortgages and/or trust deeds which are a lien on the Rancho Mirage residential real property owned past u.s..

ii. My Executor shall next pay and discharge in full from my share of our customs property the total amount of any promissory notes secured past mortgages and/or trust deeds which are a lien on the Rancho Mirage residential real property owned by us, and regardless of whether said existent property is owned past us as joint tenants with the right of survivorship, as community holding, or as my sole and dissever property. If my share of our customs property is insufficient to pay said debt in full afterwards payment of our unsecured debts, then any shortfall in payment of this secured debt shall be paid from my split up property. No other debts secured past residential existent property in which I take an involvement shall be paid in total as a result of my decease.

three. I direct that all estate, inheritance or other decease taxes occasioned or payable by reason of my death, whether related to the bequests prepare along in this volition, and whether attributable to holding discipline to probate administration or not, and all of the expenses of administration of my manor, including but not express to executor commissions, attorneys fees, court, publication and filing fees, and funeral expenses and expenses of my last illness, if whatever, shall adjacent be paid from my share of our community property, to the full extent remaining afterward payment of the debts described in subparagraphs ane and 2 above. If my share of our community property is bereft to pay said taxes and expenses, they shall be paid from the residue of my separate property.

CLAUSE 5th: Specific Bequests.

I make the following specific bequests from my share of our community property to the extent such remains after payment in total of the items described in CLAUSE FOURTH above, and if my share of our community property shall be insufficient to satisfy these bequests, from my separate holding:

A. To my sometime Married woman, NANCY BARBATO SINATRA, if she survives me, the sum of Ii Hundred Fifty G Dollars ($250,000). If NANCY BARBATO SINATRA does non survive me, this gift shall lapse and shall exist considered as part of the residue of my manor.

B. To DOROTHY IJHLEMANN of N Hollywood, California, if she survives me, the sum of Fifty Thousand Dollars ($l,000). If DOROTHY UHI~EMANN does not survive me, this gift shall lapse and shall be considered every bit part of the residue of my estate.

C. To ELVINA JOUBERT of Rancho Mirage, California, if she survives me, the sum of L One thousand Dollars ($50,000). If ELVINA JOUBERT does not survive me, this souvenir shall lapse and shall be considered as part of the balance of my manor.

D. To JILLY RIZZO, if he survives me, the sum of One Hundred Thousand Dollars ($100,000). If JILLY RIZZO does non survive me, this gift shall lapse and shall exist considered every bit role of the residuum of my manor.

East. To my Wife's SOn, ROBERT OLIVER MARX, if he survives me, the sum of One Hundred Thousand Dollars ($100,000). If ROBERT OLIVER MARX does non survive me, this souvenir shall lapse and shall be considered equally function of the residue of my manor.

F. To my girl, CHRISTINA SINATRA, if she survives me, the sum of Two Hundred 1000 Dollars ($200,000). If CHRISTINA SINATRA does non survive me, this souvenir shall lapse and shall be considered every bit role of the residual of my estate.

Grand. To my son, FRANCIS WAYNE SINATRA, if he survives me, the sum of Two Hundred Thousand Dollars ($200,000). If FRANCIS WAYNE SINATRA does not survive me, this gift shall lapse and shall be considered every bit role of the residue of my estate.

H. To my daughter, NANCY SINATRA LAIIBERT, if she survives me, the sum of Two Hundred Thousand Dollars ($200,000). If NANCY SINATRA LAMBERT does not survive me, this gift shall lapse and shall exist considered as function of the residue of my estate.

I. To the Trustees of that certain Trust established past me and my one-time Married woman, NANCY BARBATO SINATRA, by Trust Agreement dated Dec 13, 1983, for the benefit of the children of NANCY SINATRA LAMBERT, the sum of One 1000000 Dollars ($1,000,000), to be added to the assets of said trust and allocated as between the divide trusts being administered thereunder for the do good of my 2 grandchildren, ANGELA JENIFER LAMBERT and AMANDA KATHERINE LAMBERT.

J. To my Wife, BARBARA SINATRA, provided that we are married and living together at the fourth dimension of my death, all of my rights as licensor pursuant to that certain License Agreement dated February 29, 1988 with Sheffield Enterprises, Inc., including my twenty-five per centum (25%) royalty thereunder, or in the culling such shares of Capital Stock of Sheffield Enterprises, Inc. as I may have acquired during my lifetime in exchange for said rights. If my Married woman does not survive me or nosotros are non married and living together at the fourth dimension of my death, this gift shall lapse and shall exist considered equally part of the remainder of my estate.

K. To my Wife, BARBARA SINATRA, provided that we are married and living together at the time of my death, my interest in that certain Master Recording entitled "Trilogy", and all rights to royalties and future distribution related thereto. If my Wife does not survive me or we are not married and living together at the time of my death, this gift shall lapse and shall be considered as part of the rest of my estate.

L. I give to my children, in undivided interests as tenants in mutual, upon the principle of representation, my community interest in that certain partnership known as Wilshire—Camden Assembly, in which I am a limited partner.

Thou. I hereby forgive whatsoever and all loans or indebtedness which may exist at the time of my death, whether in writing or otherwise, which may be owed to me by any of my children.

CLAUSE Sixth: Confirmation Of Separate and Articulation Tenancy Assets.

A. I confirm to my Wife, if she survives me, my involvement in the real property situated in Riverside County, California, and commonly known as 70—588 Frank Sinatra Drive, Rancho Mirage, California, including all side by side invitee houses on the grounds thereof, commonly known as 70—200, 70-548, and seventy-630 Frank Sinatra Drive, Rancho Mirage, California, which property is held of tape by my Married woman and I equally joint tenants with the right of survivorship.

B. I confirm to my Wife, if she survives me, my involvement in the real property situated in Los Angeles County, California, and ordinarily known as 915 Foothill Route, Beverly Hills, California 90210, which property is held of tape by my Wife and I as joint tenants with the correct of survivorship.

C. I confirm to my Married woman, if she survives me, my involvement in the real belongings situated in Riverside County, California, and normally known as 1130 Starlight Lane, Rancho Mirage, California, which property is held of record by my Married woman and I as joint tenants with the correct of survivorship.

D. I confirm to my Wife equally her sole and divide holding the parcel of real property situated in Riverside County, California, and commonly known as 36928 Pinto Palm Drive, Cathedral Urban center, California.

E. I confirm to my Wife, if she survives me, my interest in the real property situated in Los Angeles Canton, California, and commonly known every bit 30966 Broad Embankment Route, Malibu, California 90265, bailiwick to all existing encumbrances. If said bundle of real property is not held of record past my Wife and I every bit joint tenants with the right of survivorship on the date of my death, I give my interest in the said parcel of real holding to my Married woman, if she survives me and if we are married and living together at the time of my death, and in such event, if my Wife fails to survive me, or nosotros are not married and living together at the time of my death, the in a higher place-described real property shall be considered as part of the residue of my estate.

CLAUSE SEVENTH: Gifts Of Tangible Personal Property

A. I requite to my Wife, if she survives me, and nosotros are married and living together at the fourth dimension of my death, all of the silverware, books, displayed paintings, and household furniture and effects located in the homes described in CLAUSE SIXTH in a higher place, and xay interest in whatsoever policies of insurance covering the foregoing items of personal belongings. If my Wife fails to survive me or we are not married and living together at the time of my death, the to a higher place-described personal property and any policies of insurance covering such personal property shall be considered equally office of the residue of my estate.

B. I give all of my jewelry, art objects, article of clothing, household furniture and furnishings, personal automobiles (except the 1988 Rolls Royce and the 1990 Mercedes which are the separate property of my Married woman), train collections, music and recording collections, memorabilia and other tangible articles of a personal nature, and my interest in any such property non otherwise specifically tending of by this Will or in whatsoever other manner, together with any insurance on such holding existing at the time of my death, in the post-obit manner;

1. My Executor shall outset return to whatsoever child of mine any of such items which said child may take given to me;

2. My Executor shall and then honor such written contractual commitments, if any, which I may have entered into during my lifetime for delivery of such items of personal property at my death;

iii. I give all of my canvas music to my son, FRANK WAYNE SINATRA;

four. Thereafter each of my Wife, if she survives me and nosotros are married and living together at the fourth dimension of my expiry, and each of my children who survive me may designate to my Executor whatsoever of the aforementioned items of holding which that beneficiary ~& desirous of receiving. My Executor shall have all such objects appraised in the manner he deems appropriate, and the appraised value shall be allocated to the requesting casher. My Wife shall be entitled to receive up to a maximum of xx-five percent (25%) of the total aggregate value of such property, and my children shall be entitled to receive the remaining maximum amass value of seventy five per centum (75%) of such property, with each of my three children being entitled to receive a maximum of one—third of said residue, or twenty-v percent (25%) of the total aggregate value of the whole of said holding, upon the principle of representation. If my Wife should fail to survive me or we are not married and living together at the time of my decease a].]. of said holding shall be divided amongst my children. If none of my children or their issue survive me, such property shall be considered as role of the residue of my estate. Notwithstanding the foregoing, my Executor shall have the authority, in my Executor sole and accented discretion, to distribute any of my personal items and memorabilia to such of my friends and my employeeS as he may deem advisable.

C. I give to my Wife, if she survives me and nosotros are married and living together on the date of my death, from my share of our customs belongings remaining after the payment and distribution of all amounts and specific bequests hereinabove in this Will set forth, such additional assets, valued at the date of my death, equally equals the total sum of Three Million 5 Hundred Thousand Dollars ($iii,500,000); provided, still, that if my share of our community holding remaining subsequently the payment and distribution of all amounts and specific bequests herein in this Will ready forth, is insufficient to provide my Married woman with said total sum of Three One thousand thousand Five Hundred Thousand Dollars ($3,500,000), I give my Wife all of my and then remaining community property; Provided, further, if my Wife fails to survive me, or nosotros are not married and living together on the date of my expiry, this gift shall lapse and shall be considered a part of the remainder of my manor.

CLAUSE EIGHTH: Power Of Engagement.

I concur a limited power of appointment conferred upon me by the Somerset Trust established by that certain announcement of trust dated Jan one, 1989 in which I am the Trustor, which power is given me pursuant to numbered paragraph five on page 8 of said annunciation of trust. I hereby practise said power of appointment by appointing and giving all assets subject to it in equal shares to CHRISTINA SINATRA, FRANK WAYNE SINATRA, and NANCY SINATRA LANBERT, or the issue of whatever of them who do non survive me, according to the principle of representation, and if any of them should predecease me leaving no result, to the survivors of them.

CLAUSE 9th: Gift Of Residue.

A. I give the residual of my community property manor and all of my split up property remaining later on giving effect to the foregoing provisions of this Will, in equal shares to CHRISTINA SINATRA, FRANK WAYNE SINATRA, and NANCY SINATRA LAMBERT, or the issue of whatsoever of them who survive me, according to the principle of representation, and if whatsoever of them should predecease me leaving no issue, to the survivors of them.

B. If none of my consequence survive me, I give the residue of my manor to my heirs, according to the laws of succession of the Land of California in force at the engagement of this Will.

CLAUSE TENTH: No Contest Clause.

A. If whatsoever devisee, legatee or beneficiary under this Will, or any legal heir of mine or person claiming under any of them directly or indirectly engages in any of the following conduct, and so in that event I specifically disinherit each such person, and all such legacies, bequests, devises and interests given under this Will or whatsoever trust created past me at any fourth dimension to that person shall be forfeited as though he or she had predeceased me without consequence, and shall augment proportionately the shares of my manor going under this Volition to, or in trust for, such of my deviSeeS, legateeS and beneficiaries who accept not participated in such acts or proceedings:

i. contests this Volition or, in whatsoever manner, attacks or seeks to impair or invalidate whatever of its provisions,

2. claims entitlement to whatsoever asset of my estate past way of whatsoever written or oral contract (whether or not such claim is successful),

3. unsuccessfully challenges the appointment of any person named as an executor or a trustee,

4. objects in any way to any action taken or proposed to exist taken in proficient religion by my Executor, whether my Executor iS acting under court order, notice of proposed action or otherwise, whether such objection is successful or not,

5. objects to whatsoever construction or interpretation of my Will, or whatsoever provision of it, that is adopted or proposed in good organized religion past my Executor,

half dozen. unsuccessfully seeks the removal of whatsoever person acting every bit an executor,

7. files any creditor's claim in my estate that is based upon a merits arising prior to the date of this Will (without regard to its validity),

viii. claims an interest in any holding alleged by executor to belong to my estate (whether or non such claim is successful),

nine. challenges the characterization proposed by my Executor of whatever belongings as to whether it is separate or community (without regard to the ultimate resolution of the merits of such challenge),

10. challenges the position taken by my Executor as to the validity or construction of whatever written agreement entered into by me during my lifetime,

xi. attacks or seeks to impair or invalidate any of the following:

a. any designation of beneficiaries for any insurance policy on my life;

b. whatsoever designation of beneficiaries for whatsoever pension plan or IRA account;

c. whatsoever trust which I created or may create during my lifetime or any provision thereof;

d. any souvenir which I have made or will make during my lifetime;

e. any transaction past which I take sold any nugget to any kid or children of mine (whether or not whatever such attack or attempt is successful),

12. conspires with or voluntarily assists anyone attempting to do any of these things; or

thirteen. refuses a request of my Executor to assist in the defence force against any of the foregoing acts or proceedings.

B. Farther, if any of my Wife'due south result or my grandchildren do whatever of the things referred to in this CLAUSE TENTH, then any legacy, bequest, device or other involvement which would otherwise pass to my Married woman or the parents of my grandchildren who so human activity, as the instance may be shall likewise exist forfeited, and such forfeiting legatees shall exist deemed to accept predeceased me without issue.

C. Expenses to resist any competition or other assault of any nature upon whatsoever provision of this Will shall be paid from my estate every bit expenses of assistants.

d. in the issue that any provision of this CLAUSE Tenth, including any of the provisions of the subparagraphs of paragraph A hereof, is held to be invalid, void or illegal, the same shall be deemed severable from the remainder of the provisions in this CLAUSE TENTH and shall in no mode touch, impair or invalidate any other provision in this CLAUSE TENTH. If such provisiOn shall be deemed invalid due to its scope and latitude, such provision shall be deemed valid to the extent of the scope or breadth permitted by law.

CLAUSE ELEVENTH: Conflicts of Interest; Exculpation.

The following provisions shall be applicable to any Executor or Co-Executor nether this will (futurity "fiduciary"):

A. Any fiduciary, or whatsoever firm with which a fiduciary is affiliated, that performs services in connection with the regular operations of any business concern, partnership, firm or corporation in which my estate is financially interested may be compensated for services independently of bounty for services as a fiduciary hereunder.

B. The general rule of law whereby actions, decisions, or transactions are held to exist void or voidable if a fiduciary is directly or indirectly interested therein in a non-fiduciary capacity shall non be applicable to transactions between my manor and any business entity in which the private fiduciary is involved. I recognize that the dual part of my fiduciary may result in situations involving conflicts of interest or selfdealing, and information technology is my express intent that my fiduciary shall not be liable every bit aforesaid, except in the result of his own bad organized religion or gross negligence. Notwithstanding the foregoing, all such transactions shall exist off-white and reasonable. The fiduciary's ability hereunder shall be exercised in skillful religion for the benefit of my estate and in accordance with the usual fiduciary obligations, except that the rule confronting self-dealing shall not be applicative as provided in this paragraph.

C. A fiduciary who is an chaser, accountant, investment advisor or other professional shall not exist disqualified from rendering professional services to my manor and from being compensated on a reasonable footing therefor in add-on to whatsoever compensation which he or she is otherwise entitled to receive equally fiduciary; neither shall a firm with which a fiduciary is associated exist disqualified from dealing with, rendering services to or discharging duties for my manor and from being compensated theref or on a reasonable basis.

D. No fiduciary under this Volition shall be liable to any person interested in my estate for any act or default of that fiduciary or of any other fiduciary or whatever other person, unless resulting from that fiduciary'south own bad faith or gross negligence.

CLAUSE TWELFTH: ~

If on the date of the order of distribution of any of my holding, the leqatee thereof is a minor, such holding may, in my Executor'southward discretion, be delivered to a custodian called by my Executor to be held by such custodian for such minor under the California Uniform Transfers To Minors Act. At the time of such delivery, my Executor may also designate one or more than successor custodians to act if such custodian becomes unable, unwilling or ceases to and so human action, and my Executor may specify whether or not any such custodian or successor custodian shall exist required to post bail.

CLAUSE THIRTEENTH: Intepretation of This Will.

A. As used in this Will, the terms "child," "children," "grandchild", "grandchildren", and "issue" shall include merely children born in wedlock and lawfully adopted children and effect of such children.

B. Every bit used in this Will, and to the extent appropriate, the masculine, feminine and neuter gender shall include the other two genders, the singular shall include the plural, and the plural shall include the singular.

C. If there is no sufficient testify that my Wife and I died otherwise than simultaneously, it shall be presumed, f or the purposes of this Volition, that my Wife died before me.

D. For the purposes of this Volition, any beneficiary who dies within 30 (xxx) days after my death shall exist deemed to have died earlier me.

East. No interest shall be paid on any gift, legacy or correct to income under this Will or whatsoever Codicil to it.

F. The Tabular array of Contents and the headings used herein are solely for the purpose of setting forth the organizational outline of this Will and are not to exist considered provisions hereof.

K. If any provision of this Will shall be invalid or unenforceable, the remaining provisiOnS hereof shall subsist and exist carried into effect.

H. Except as otherwise specifically provided, the validity and structure of this Volition and all rights hereunder shall exist governed by the laws of the State of California.

SIGNED at _______________, California, on __________, 1991.

FRANCIS ALBERT SINATRA

also known equally

FRANK SINATRA

Source: https://www.livingtrustnetwork.com/estate-planning-center/last-will-and-testament/wills-of-the-rich-and-famous/last-will-and-testament-of-frank-sinatra.html

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