Posted by Cathy Gowdy on Friday, June 30, 2006 at 14:38:14 :
Thursday, March 20, 1923
Will Of Banker Filed For Probate
Attorney Thos. P. Boyd yesterday filed for probate the will of the late M. T. Freitas. The estate is valued at nearly $1,000,000, the major portion being held in trust for his eight children until the minor son, now 11 years of age, becomes 21. The will recited that two sisters in the Azores Islands receive $1000 each; his sister Martha M. Borba, a widow of Oakland, $500; a sister, Mrs. Rose Viera of San Rafael, $500; a brother, Antone Freitas of San Rafael, $1000; a niece, Teresa M. Borba of Oakland, $500; a niece, Clara B. Fortado of Oakland, $100; to the Roman Catholic Portuguese Church of San Jose, $1000; to St. Raphael’s Church of San Rafael, $500; to St. Vincent Orphan Asylum, $500; two charity hospitals in Vellas, Azores Islands, $500.
After requesting that his executors, William Murray and Joaquin T. Freitas, see that his remains are interred beside those of his wife in Holy Cross cemetery, and that not more than $5000 be spent on his burial plot, he leaves the remainder of the estate in trust with the Bank of Italy of San Francisco until the youngest boy, now 11 years old, becomes of age. Then the estate is to be distributed equally between all of the children, eight in number. The estate will be divided in 1934. Until that time the trustees shall provide for the education of the minor children and allow them $50 a month until they reach the age of 21 years. The rest of the children are to receive but $75 a month until the estate is distributed in 1934. Martha M. Borba and Theresa M. Borba are to receive the sum of $50 a month during the life of the trust. The trustees may advance the sum of $10,000 to any son over the age of 21 years who may wish to engage in business. This sum to be deducted from his share of the estate in 1934. The will provides that the trustees of the estate shall invest all income from the property of the estate in first class securities.
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Thursday, October 11. 1923
Freitas Fortune Totals $695,000
The last will and testament of the late M. T. Freitas was admitted to probate last Friday by Judge E. I. Butler.
In the hearing a petition filed by Manuel T. Freitas Jr. for a family allowance of $300 a month was granted.
Testimony given by William P. Murray, administrator, showed that the entire estate is valued at about $695,000, with an annual income of $34,000. The real property amounts to $462,000, producing an income of $26,000, while the personal property is valued at $233,000, the income from which is $8000.
M. T. Freitas Jr. testified that it was his father’s wish that the Home Ranch be kept up as long as the young children were attending school as a place where they may spend their weekends and vacations. The amount necessary for the employment of help and the upkeep, $300 a month, was considered by the court to be reasonable.
The petitioner was also appointed guardian of his younger brother, Edward William Freitas.
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Thursday, February 5, 1925
Freitas Will Is Declared To Be Illegal
On the grounds that it is illegal to hold the $800,000 estate left by Manuel Freitas, former president of the Bank of San Rafael, in trust, thereby preventing the heirs from investing the money, Attorney Thomas P. Boyd representing the Freitas heirs, and representatives of the Bank of Italy as trustees will petition Superior Judge Edward I. Butler, to modify the will tomorrow.
Under the terms of the will, the estate will be held in trust until the youngest son, Walter, age nine, reaches his majority. The trust company is given the sole right to invest the money. The new agreement will give the heirs the proceeds of the estate, instead of $75 per month, as provided in the will, and power to dispose of present holdings, and reinvest as they see fit. All sales of property, or transfers of any kind will be made by a majority vote of the heirs subject to confirmation by the court.
The Freitas heirs are Walter T., aged 9 years; Lewis, aged 13; Edward, aged 17; Carlos, aged 21, tomorrow (Friday); Mrs. Wm. Crane, Mrs. Jos. Rose, of Novato; Mrs. Helen Wright of Alameda, and Manuel T. Freitas of San Rafael.
The stipulation or agreement by the attorney was based upon Section 724 of the Civil Code, which clearly shows that the Freitas will was illegal, and prevented the possible investment of a large sum of money by heirs, and also deprived industry of potential capital.
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