Friday, July 11, 2014

Walt's Estate and Legacy

An article in the December 22nd, 1966 Times Record offers some details on the disposition of Walt's estate.  Fourty-five percent went to the family; Lillian, Diane, Sharon and their children. 

Another fourty-five percent went to the Disney Foundation. Five percent of that (2.13% of the total) was reserved for charitable organizations, at the discretion of the foundation. The remaining portion of the second fund (42.87% of the total) went to the California Institute of the Arts.

According to online sources; "The Walt Disney Company Foundation was established in 1951 by Walt and Roy O. Disney to serve The Walt Disney Company's philanthropic needs and interests. It does so today along with Disney Worldwide Outreach, part of The Walt Disney Company.

The Walt Disney Company's outreach initiatives are dedicated to making the wishes of families and children a reality through public service initiatives, community outreach and volunteerism in the areas of compassion, learning, the arts and the environment.

To learn more about The Walt Disney Company Foundation and Disney's outreach programs, visit www.DisneyHand.com." In 2013, the Disney Company donated $369.5 million in strategic philanthropy.

Disney Will Leaves Three Trust Funds

Los Angeles (AP) - The will of Walt Disney - leaving three major trust funds - was filed for probate yesterday, naming his widow, Lilian, as a trustee and executor of the estate.

The document, dated March 18, disposes of Disney’s separate property and his half of community property. No estimate of the estate’s value was given except to note that the moviemaker left “substantial real and personal property.”

Disney, 65, died last Thursday.

Also named trustees and executors were attorney Herbert F. Sturdy and United California Bank.

The first of the trusts was named the Disney Family Trust, leaving 45 percent of the estate to Mrs. Disney and two daughters and grandchildren. The daughters are Mrs. Ron Miller, Encino, Calif. and Mrs. Robert Brown, Tarzna Calif.

The second trust <was> another 45 percent of the estate, which went to the Disney Foundation. The will said five percent of this is to remain in the foundation to be earmarked for charitable organizations, at the discretion of the foundation.

The remaining 95 percent of the second fund goes to the California Institute of the Arts in Los Angeles. Disney was instrumental in founding the institute, a college level professional school for the creative and performing arts. It now has a student body of 950.

The third fund (10% of the total?) went to benefit three nieces and a sister. The nieces are Marjorie Davis, of Beverly Hills, Calif., Dorothy Disney Puder, Bakersfield, Calif., and Phyllis Bounds, Los Angeles. The sister is Ruth Flora Beecher of Portland Ore.

Disney is also survived by two brothers, Roy O. Disney and Raymond A. Disney, who received no bequests.

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