The daily monitor leader. [volume] (Mount Clemens, Mich.) 1942-19??, 1943-06-03
Estate
Continued From Page One

Estate
Continued From Page One
der 10 pay expenses connected
with the estate or will
All Ford "A" non-voting
stock, goes, by the terms of the
will, 10 the Ford Foundation. ex-
cept any which might have 10 be
sold TO defray expenses Of the es-
tate The b" or voting stock is
TO be equally divided into five
parts, one to go TO his wife, and
one each 10 his four children,
All other Michigan real estate,
except the Crosse Pointe proper
~. is 10 go TO the Ford Founda-
ton. founded seven years ago
for charitable purposes Gifts 10
organizations Of its type are not
taxable.
The will refers 10 four trusts,
set up Nov. 4 1885, to benefit
the Ford children. These trusts
were TO remain operative until
the beneficiary became 25 years
old. Henry Ford III is the only
one of the children who has
reached that age, and VIII re-
ceive his bequcst directly. Other
requests Will go into the trusts,
Of which Mrs. Ford is the spe
clay administrator.
GUARDIANSHIPS
With the petition for probating
the will was presented also APP
prication for guardianship Of the
two minor Ford children, Mrs.
Walter Bull Ford H. and Will
liam Clay Ford. and any contln-
gent bencficiarieS. Pvt. Benson
Ford. formerly stationed al Sell
fridge Field, is in the Army.
No inventory Of the estate was
filed with the Will. Judge from
bly, asked that an inventory be
presented if possible at the July
II hearing. Longley replied that
this would be "a protracted job,
because Of difficulty in estlma'-
ing the value of some OF the
property.
Latest available data indicate
Henry Ford held SIS per cent OF
the stock. Edsel Ford Al 2 per
cent and Mrs Henry Ford =
per cent. Each held Glass b
stock in proportion to ms or hcr
holding Of class A stock.
Edsel Ford also owned or con
trolled a majority of the stock
in the Manufacturers National
Bank Of Detroit This bank stock
as we'll as the family estate on
Lake Shore road, Crosse Pointe
Shores. and all the deceased $
personal effects are left 10 the
widow.
All other real estate in Mich
gan held by Edscl Ford and sew
eral other pieces of property go
TO the Foundation, while man.
sion at Seal Harbor, Maine. the
White Hart Inn in New Hamp-
shire and a residence in Florida
are left 10 Mrs. Edsel Ford.
The will was signed on July
Is. 1885 The Ford Foundation
was incorporated six months
earlier. 1t performs various
functions. including the promo
ton of education and benefl-
ciencies of several kinds. 1t con-
tributes 10 the support of Green
field Village, TO the Greenfield
village schools and the Edison
Institute, all in Dearborn, and
the Henry Ford Hospital in De
troit. II also has promoted a
large real estate development
not far from the Ford parent
factory al River Rouge.
1t started with assets OF Sl64.-
600 In the 1912 report to the
Michigan Corporation and Sc
curities Commission assets were
listed at $30,667, 80028, with an
Indebtedness Of only SASS. 337.
Edsel Ford was its president.
The Foundation general pur-
pose. as stated in the articles of
Incorporation, is TO receive and
administer funds for scientific,
educational and charitable pur-
poses, all for the public well
fare" No limit is placed on the
amount of gifts which may be
received.
Attorneys said a prolonged
survey and audit would be
necessary TO fix value on the
Ford company stock for tax
purposes The bulk of the value.
they explained is not IN cash or
Immediately convertible assets.
but in the form of factories and
real estate
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