JOINT AND MUTUAL WILL OF CATHERINE ZETA-JONES AND MICHAEL KIRK DOUGLAS
Last will and testament of husband and wife, leaving the estate to the survivor and to the children upon the death of the survivor
We, Catherine Zeta-Jones and Michael Kirk Douglas, husband and wife, of ______, Los Angeles, Los Angeles County, California, declare this to be our last will and testament.
ARTICLE 1: RECOVATION OF PRIOR WILLS
We revoke all prior wills and codicils by us, or either of us.
ARTICLE 2: ISSUE AND REAL PROPERTY OF THE TESTATORS
2.1 Issue. We have 2 minor children as the issue of our marriage. Michael Kirk Douglas has 1 adult child from a previous marriage. The children are:
Name / Birth Date / AddressCarys Zeta Douglas / April 20, 2003 / ______
Los Angeles, California
Dylan Michael Douglas / August 8, 2000 / ______
Los Angeles, California
Cameron Morrell Douglas / December 13, 1978 / ______
Los Angeles, California
All of the above-mentioned children are living. We have no deceased children.
2.2 Express Disinheritance. We have elected to forego any provisions for Cameron Morrell Douglas in the disposition of our estate.
2.3 Included Heirs. The terms "child" and "children" as used in this will include Carys Zeta Douglas and Dylan Michael Douglas, any children born hereafter of whom we are the parents, and any children we may hereafter adopt.
2.4 Estate Real Property. All real and mixed property currently owned by us is listed in Schedules Y and Z attached to this will.
ARTICLE 3: OMISSIONS
We have intentionally omitted to make provisions in this will for any future spouse which either one of us might have.
We intentionally forego any additional contract between us that would restrain the survivor of us from modifying or revoking this joint and mutual will.
ARTICLE 4: RECIPROCAL DISPOSITION
It is our desire that, subject to the provisions of Article 6, the survivor of us shall have in fee simple absolute all the property, real, personal, or mixed, which either or both of us may own or have any interest in at the death of the one of us first to die. Accordingly, we hereby devise and bequeath, subject to the provisions of Article 6, unto such survivor all of such property.
ARTICLE 5: DISPOSITION AFTER DEATH OF BOTH TESTATORS
5.1 General Disposition.
5.1.1 Personal Property. It is our desire, and we direct, that on the death of the survivor of us, all of his or her personal property shall be converted to cash to be divided among our children equally.
5.1.2 Real Property. It is our desire, and we direct, that on the death of the survivor of us, all of his or her real and mixed property listed in Schedule Y, and any other real property acquired by us or the survivor of us prior to the death of the survivor of us that is not listed in Schedule Z, shall be sold and cash proceeds of such property shall be divided among our children equally.
5.1.3 Bermuda Real Property. It is our desire, and we direct, that on the death of the survivor of us, title or ownership of all of his or her real and mixed property listed in Schedule Z be transferred in the following order of precedence:
(a) First, in joint tenancy to Carys Zeta Douglas and Dylan Michael Douglas should both children reach the age of eighteen (18) years prior to the death of the survivor of both of us.
(b) Second, to Dylan Michael Douglas should Dylan Michael Douglas reach the age of eighteen (18) years before the death of the survivor of both of us, if and only if Carys Zeta Douglas has not reached the age of eighteen (18) years before the death of the survivor of both of us.
(c) Third, to the Testamentary Trust, created by Section 5.2 of this will, of the eldest of our surviving minor children, should all of our children have not yet reached the age of eighteen (18) years before the death of the survivor of both of us.
(d) Fourth, to Peter Douglas, brother of Michael Kirk Douglas.
(e) Fifth, to Joel Douglas, brother of Michael Kirk Douglas.
(f) Sixth, to the eldest of the issue of Peter Douglas.
5.2 Conditional Creation of Testamentary Trust. Should any of our children be under the age eighteen (18) years upon the death of the survivor of us, that child’s equal share of the personal property of the estate, including cash proceeds of the same of real property described in Section 5.1.2 of this will, shall be held in Trust for the benefit of that child (the “Beneficiary”). The Trustee of such Trust or Trusts shall be Lyndon Jones, the brother of Catherine Zeta-Jones.
5.2.1 Trustee Powers and Duties. The Trustee of a Trust or Trusts created for the benefit of surviving minor children shall have the powers and of a Trustee proscribed by California Probate Code §§ 16000-16015, and the duties of a Trustee proscribed by California Probate Code §§ 16060-16069.
5.2.2 Management of Trust Principal and Income.
(a) Personal Property in Trust. In his discretion, the Trustee shall manage the principal and net income from all personal trust property, including the cash proceeds from the sale of real property described in Section 5.1.2 of this will, and distribute the principal as necessary for the Beneficiary’s welfare, health, and maintenance and education.
(b) Bermuda Property in Trust. In the event Section 5.1.3 (c) is triggered, the Trustee shall not sell, transfer, or convey title and ownership to real or mixed trust property listed in Schedule Z, but shall maintain the property in trust and shall pass title of the property, free of trust, to our eldest surviving child when such child reaches the age of eighteen (18) years. Additionally, should Section 5.1.3(c) be triggered, if there are multiple trusts for multiple minor children upon the death of the survivor of us, the Trustee has the power to transfer title of the property listed in Schedule Z from the Trust of one child to the Trust of another created under this Section 5.2 should the eldest minor child predecease the younger child or children prior to the eldest child reaching the age of eighteen (18) years. Should all minor children with trusts created under this Section 5.2 die prior to any of them reaching the age of eighteen (18) years, the Trustee shall transfer the Schedule Z property in accordance with the order of precedence proscribed by Section 5.1.3 (d)-(f) of this will.
5.2.3 Termination of Trust. When the Beneficiary of a Trust created under this Section 5.2 reaches the age of eighteen (18) years, the trust shall terminate. The remaining property, principal, and income of the terminated trust shall be distributed, free of trust, to the Beneficiary.
5.3 Per Capita Distribution in Event of Deceased Child. In the event any child or children predeceases the survivor of us, the surviving child or children shall take the share of the deceased child or children’s share per capita.
5.4 Residuary Clause. If all of our children predecease us, the residue of personal property of estate, including the proceeds from the sale of real property described in Section 5.1.2 of this will, is to be distributed accordingly:
a) One-half to the Elton John AIDS Foundation, 584 Broadway, Suite 906, New York, NY 10012.
b) One-half to the Dream Foundation, 1528 Chapala Street, Suite 304, Santa Barbara, CA 93101.
In no event shall any part of our estate or its residue be distributed to Cameron Morrell Douglas or to the Joint Trust for the Special and Supplemental Needs of Cameron Morrell Douglas.
ARTICLE 6: SIMULTANEOUS DEATH OF THE TESTATORS
In the event that we die within 5 days of one another, the dispositive provisions of Article 4 shall be inoperative, and all our property whether owned jointly or severally shall pass under the provisions of Article 5.
ARTICLE 7: SURVIVING SPOUSE AS EXECUTOR
We appoint the survivor of us, Catherine Zeta-Jones or Michael Kirk Douglas, as the case may be, as the executor of this will, and direct that no bond or other form of security be required of the survivor by reason of his or her acting in such capacity.
ARTICLE 8: EXECUTOR UPON DEATH OF BOTH TESTATORS
We appoint Peter Douglas, of ______, Santa Barbara County, California, as the executor of this will, to serve without bond, when the survivor of us dies or in the event our deaths occur simultaneously, or in such proximity so as to preclude the survivor of us from acting in that capacity, or in the event the survivor of us is otherwise unable or unwilling to serve as the executor.
We, and each of us, make, publish, and declare this to be our last will and testament, subscribing our names on April 24, 2015, at 1111 N. State College Blvd, Fullerton, Orange County, California, in the presence of ______, and ______, attesting witnesses, who subscribe their names to this will on April 24, 2015 at our request and in our presence.
Testator, Catherine Zeta Jones
Testator, Michael Kirk Douglas
ATTESTATION CLAUSE
On the date last above written, ______and ______, known to us to be the persons whose signatures appear at the end of this will, declared to us, the undersigned, that the foregoing instrument, consisting of 7 pages, including the page on which we have signed as witnesses, and the 2 Schedules attached, was their joint and mutual will. They then signed the will in our presence and, at their request, in their presence and in the presence of each other, we now sign our names as witnesses.
Witness #1: / residing at[Signature]
Printed Name:
______/ ______
[Street, city, state]
Witness #2: / residing at
[Signature]
Printed Name:
______/ ______
[Street, city, state]
SCHEDULE Z
BERMUDA REAL AND MIXED PROPERTY OF CATHERINE ZETA JONES
AND MICHAEL KIRK DOUGLAS
The following property shall be passed in accordance with Section 5.1.3 in the attached will:
Bermuda property and home
Address:______
______
[The value of this property and home cannot be accurately estimated as it has been in the Douglas family for several generations.]
SCHEDULE Y
REAL AND MIXED PROPERTY OF CATHERINE ZETA JONES AND
MICHAEL KIRK DOUGLAS TO BE SOLD UPON THE DEATH OF THE SURVIVOR OF US
The follow property shall be passed in accordance with Section 5.1.2 in the attached will:
Swansea, Wales property and home
Address: ______
______
[$2 million value as of 2015]
Pacific Palisades, California property and home
Address: ______
______
[$1.5 million value as of 2015]
Bedford, New York property and home
Address:______
______
[$5.75 million value as of 2015]
L.E. Becker Joint and Mutual Will of C.Z. Jones and M.K. Douglas Page 6 of 7