In Their Own Words:
Wills

Estate of Marian Phelps Peters

Estates Appraised

PETERS, MARION PHELPS (July 1, 1922), resident of New Jersey, and her New York home was at Hotel Hawthorne. Theodore Peters, husband, is executor of $2,097,406, and got $200,000 cash and a life interest in half the residue. She gave $25,000 to the Psi Upsilon Fraternity of Williams College and left the bulk of the estate to her daughter, Frances Phelps Korth, and son, Phelps Phelps. She had a New York estate valued at $564,276, the bulk of which was in securities. She owned a two-fifths interest in 983 shares of National City Company stock, worth $323,060. Her personal effects, consisting chiefly of jewelry, were valued at $80,524.

New York Times, New York, NY, Nov. 28, 1923, page 34

Will of Marian Phelps Peters

I, MARIAN PHELPS PETERS, of Mantoloking, Ocean County, New Jersey, do make, publish and declare my last will and testament as follows:

First: I revoke all former wills by me made and declare this alone to be my last will and testament.

Second: I give and bequeath to my husband, THEODORE PETERS, the sum of Two hundred thousand ($200,000) Dollars, and to my son-in-law, ARTHUR A. KORTH, the sum of Twenty-five thousand ($25,000) Dollars.

Third: I give and bequeath to my grandson, ARTHUR PHELPS KORTH, the sum of Five thousand ($5,000) Dollars, and also the sum of Five thousand Dollars to any other grand-children of mine if any there shall be, that may be living at the time of my death.

Fourth: To my nephew, WILLIAM WALTER PHELPS, and to my nieces, DOROTHY PHELPS WEST, ROSE PHELPS, CLAUDIA LEA PHELPS and ELEANOR SHEFFIELD PHELPS, One thousand Dollars each.

Fifth: I give and bequeath to my daughter, FRANCES, my "Apple pearl" set with two leaves in diamonds, my handsomest long pearl necklace, with large clasp of diamond and pearls, my diamond necklace, my Viennese leaf brooch, with grey pearls, my Turkish design diamond brooch, my No. 2 opal set, my rubies, my black opals.

I give and bequeath to my son, PHELPS, any and all trinkets that belonged to his grandfather, WILLIAM WALTER PHELPS, letters, &c., now in my possession, also my number 1 opal set, my handsome diamond brooch, made from the stones owned by his great grandmother, RACHEL PHINNEY PHELPS, and my complete emerald and diamond set, also my one short strong of family pearls. This jewelry is intended for his wife in case he should marry. In case of his not marrying he is to dispose of it as he sees fit, except in the case of my handsomest brooch, a large pearl surrounded by diamonds wit two large diamond drops, which I request him to give to his sister.

I wish FRANCES and PHELPS to have for themselves such of my other jewelry as they may select, all in remembrance of their mother, giving the rest as souvenirs to my friends, god children and nieces.

My personal belongings, laces, wearing apparel, &c., are to be divided between my daughter FRANCES and PHELPS' wife, if he be married at the time of my death; my executors to give away what they do not care to have.

Sixth: I give and bequeath to my executors in trust, the sum of Twenty-five thousand Dollars, to be invested and reinvested by them, and to pay the net income thereof in equal quarterly payments from the date of my death, to my friend, CORA NALLE MILLS, for the term of her life, and upon her death to pay the principal of said trust fund to her son, ELLIS MILLS, to whom I give the same absolutely.

Seventh: I give to ALPHONSINE LE MOINE, an annuity of Five thousand Dollars per year, to be paid to her in equal quarterly payments from the date of my death, for and during the term of her life, in affectionate acknowledgement of my deep appreciation of her fidelity to my best interests, in sickness and in health, and I direct my executors as trustees to set apart and reserve securities of my estate of such amount as in their judgment may be necessary to produce said annuity; and upon her death said sum to be transferred to and form part f my residuary estate. In case in any years the income of said trust shall not produce the sum of Five thousand Dollars, then my executors as trustees must supply the deficiency from the principal of the funds so reserved.

Eighth: In view of the fact that upon my death my children will come into possession of large sums of money from the Estates of the grandfather and grandmother, which will be at their absolute disposal, I have thought best that their portion of my own estate should be placed in trust for their benefit and that of their children, I therefore give, bequeath and devise, all the rest, residue and remainder of my estate, personal and real, including all lapsed legacies, to my executors in trust, for the purposes specified in this my will, with power to sell and dispose of the same at public or private sale, at such times and upon such terms and in such manner as to them shall seem meet; to execute and deliver any necessary transfers or assignments of stocks, bonds or other personal securities, and to give good and sufficient deeds of conveyance for the real estate so sold and with power to dispose of my personal belongings not otherwise disposed of, by division among my children or otherwise as they may think proper.

Ninth: I direct that one-half of the residue of the estate so given to my executors in trust by the preceding paragraph of this will shall be used to form a trust fund for the benefit of my husband, THEODORE PETERS, and that the other one-half of such estate shall be used to form two trust funds, one for the benefit of my daughter, FRANCES PHELPS KORTH, and the other for the benefit of my son, PHELPS PHELPS. In forming said trust funds my executors and trustees, may allot to them and hold in trust such securities and assets of my estate at the market value thereof when said trusts are formed as they may think proper, or they may purchase such other securities as they may deem advisable, and acting in good faith shall not be held liable for any loss or depreciation of the securities belonging to said funds, whether such securities are taken from the assets of my estate or subsequently purchased for the purpose.

Tenth: With respect to the trusts so established I direct my executors or the survivor of them in the capacity of trustees to hold and manage the same, to invest and reinvest the funds belonging thereto, collect and receive the interest and income thereof, pay all taxes, assessments expenses of administration and other charges, and pay to my husband, THEODORE PETERS, the net income of the fund created for him, for and during the term of his life, and upon his death, I give one-half of the income of said trust fund to my daughter, FRANCES, for her life, and the other half thereof to my son, PHELPS, for his life. Upon the death of either of them the one-half of the principal of said trust fund shall be paid to the issue then living of the one so dying, or if the one so dying shall have no issue surviving, then the principal of said one-half be paid to the survivor of my children if living, or if not living, to his or her issue.

Eleventh: I direct my executors or the survivor of them in the capacity of trustees, to pay to my daughter, FRANCES the net income of the fund created for her, for and during the term of her life, and upon her death I give and bequeath the principal of said trust to her lawful issue if any she leaves surviving her, to be divided among them per stirpes, and if she leaves no issue surviving her, then I give and bequeath the same to my son, PHELPS PHELPS, in living, and if he be not living, I give and bequeath the same to his issue then living, to be divided among them for stirpes.

Twelfth: I direct my executive or the survivor of them in the capacity of trustees, to pay my son, PHELPS, the net income of the fund created for him, for and during the term of his life, and upon his death I give and bequeath the principal of said trust fund to his lawful issue if any he leaves, surviving him, to be divided among them per stirpes, and if he leaves no issue surviving him, then I give and bequeath the same to my daughter, FRANCES PHELPS KORTH, if living, and if she be not living, I give and bequeath the same to her issue then living per stirpes.

Thirteenth: In regard to my furniture and personal effects not specifically disposed of in my will, I authorize and direct my executors to divide them among my husband, THEODORE PETERS, and my children, FRANCES and PHELPS, who shall have the privilege of selecting the various articles, which they may wish. If they are not able to agree on a division, then my executors or the survivors shall decide on such division and such division shall be final. The personal effects so assigned shall not be charged against the one receiving them, but shall be allowed as deductions from the inventory in the account of my executors.

My executors shall also have the right to dispose of in the articles not selected by my husband her children in any waiting they think proper, preferably by guest friends or charities, or by private sail if they so decide, only making the disposition their offer they may think will neat my wishes.

Fourteenth:I authorize and direct my executors to pay out of the principal of my estate any transfer or inheritance taxes that may be assessed by virtue of State or Federal authority, against any of the legacies herein given, including any tax assessed against any contingent estates.

Fifteenth: My said executors and trustees are authorized to retain as part of my estate any stocks, bonds or other securities which I may have at the time of my death, and which they may deem it advisable for the interest of my estate to retain, and shall not be liable for any loss or depreciation in value thereof. I especially authorize and direct them, and the survivor of them to retain for such time as in their discretion may seem advisable any shares of stock belonging to me in the Estate of William Walter Phelps, a corporation; nothing herein, however, to be construed as limiting their power and right to sell the same whenever they may deem it advisable so to do.

Sixteenth: Neither of my said executors and trustees and their successors in the trust shall be required to give any bond or security in any court whatsoever for the faithful performance of their duties as such executors or trustees.

Seventeenth: I hereby appoint my husband, THEODORE PETERS, and my friend, WILLIAM M. JOHNSON, and my son, PHELPS PHELPS, Executors of this my will and trustees of the trusts hereby created. In case of the death of any one of them, either in my lifetime or after my death, I designate and appoint THE HACKENSACK TRUST COMPANY, to be executor and trustee to fill the vacancy with all powers and duties of the one so dying.

Eighteenth: I wish to be buried at Simsbury, Connecticut, in the family vault, and as near my father, William Walter Phelps, as is proper and convenient. And to be buried with my wedding ring and combined gold cross and anchor which I always wear, they having little intrinsic value. I also wish that my husband, Theodore Peters, may be buried beside me, unless he prefers otherwise.

IN WITNESS WHEREOF, I have hereto set my hand and seal this twenty-fourth day of February, Nineteen hundred and twenty-two.

MARIAN PHELPS PETERS (I.S.)

Signed, sealed, published and declared by the said MARIAN PHELPS PETERS as and for her last will and testament in the presence of us who were present at the same time, and who at her request have hereto subscribed our names as witnesses in her presence and in the presence of each other.

FRANK B. PLYMPTON, Hackensack, N.J.
CORNELIUS W. BERDAN, Hackensack, N.J.
ETHEL NICHOLSON, Hackensack, N.J.

Codicil

This is a codicil to the added to the we'll of MARION PHELPS PETERS, which will is dated February 24th, 1922.

One:In addition to the legacies given in and by said will I give and bequeath to each of the following named persons the legacies specified for each:

To Margaret Stiles, Ten thousand Dollars. To Helen B. Baker, Ten thousand Dollars. To Emma Yeoward, Marion Van Buren Cleveland, Marion Baldwin Steiner and Marion Phelps Dodge, One thousand Dollars each.

Two: To Louise Edgar Peters, Hugh Peters, Elsie Snare Peters, Frederick Snare Peters, Elsie Dale Peters, Carolyn M. Gerrish, Charlotte Elliott, Alice F. Thorp, Laura Houston, Dr. Theodore H. Allen, Marian B. Mason, Frank M. Chapman, Jr., Elizabeth Krapp, Olga White, Tom White, Marian Phelps Skane, Charles F. Mills, Alfred Lathrop Ball and J. Harland Cleveland, 500 Dollars each.

Three: To Susan Lovejoy Wetmore, Crissie V. De Ronde, Catherine O. White, Helen Fawcett Mercer, Elizabeth MacKay Sereven, Alice Phelps Haines, Margaret M. Strudwick, John F. Miller, Louis E. Coe, Marie Thibaudeau, Gladys Merrill Payne, Agnes J. Leslie, Margaret Scanlon, Bertha L. Sinnott, Elliott Schenck and Nellie Wheeler, Two hundred and 50 Dollars each. All the foregoing bequests are intended by way of affectionate remembrance with the hope the recipients will purchase therewith some token of remembrance.

Four: I give and bequeath to the Psi Upsilon Society of Williams College, Massachusetts, which my son, Phelps Phelps, is a member, the sum of Twenty-five thousand Dollars, to be used in the building or furnishing or both of the New House, as whole, hall, wing or room, to be known therein the name of Phelps.

This legacy to be paid in the discretion of my executors, when the condition of my estate will permit, but without interest.

Five: To Norah McCarthy if in my employ at the time of my death, One thousand Dollars, and the additional sum of One hundred Dollars for every year she may remain in my employ after January 1, 1922.

Six: To Frank A. Pierce, if in my employ at the time my death, Two hundred and fifty Dollars.

In all other respects I ratify and confirm said will.