Light

Published by The National Herald, June 10, 2005

Guiding Light: Last Will and Testament of Archbishop Iakovos

Iakovos directs Greek Orthodox community to preserve use of the Greek language in the Americas

"My final testament to my Church, and to my people, is to remain steadfast and devoted to Greek Orthodoxy; to maintain the valiant struggle to perpetuate the Greek language in the Americas as a living symbol to both our Faith and our glorious heritage; and to encourage an ever-increasing participation in the ecumenical objective of the unity of Christendom to its never-ending and universal quest for the greatest good of all mankind."

In his Last Will and Testament, dated 22 December 22, the late Archbishop Iakovos, formerly of North & South America, addresses the above words to the faithful of the Greek Orthodox Archdiocese of America, who he served for more than 66 years, from the time he arrived in the United States as a young deacon in 1939 until his falling asleep on April 10 of this year at the age of 93.

This final exhortation reflects the distinguished ministry of the late Archbishop, who labored tirelessly on behalf of Orthodoxy; was a leading advocate of Hellenic issues; and was a forerunner and leader of the ecumenical movement not only in the United States, but throughout the world.

In addition to this lasting testament to his people, Iakovos directs how the remainder of his belongings are to be distributed. At the time of his demise, his assets amounted to approximately $235,000.

It should be noted that, in 1997, the Archbishop donated a significant amount of his personal funds to help build the library at Hellenic College/Holy Cross School of Theology (which bears his name).

In his will, he names Bishop Gerasimos of Krateia (Now Metropolitan of San Francisco), Bishop Andonios of Phasiane and Paulette Poulos, his longtime assistant, as his executors.

He requests that the expenses of his funeral and interment at Holy Cross be paid by his estate. Of the remaining amount, he gifted a total of $50,000 to the Theological School of Halki, to the Metropolis of Imbros, and to the Patriarchal Church of St. George; and, to seven close relatives and lifelong friends in Greece and Canada, a total of $80,000.

Any remaining (residuary) funds are to be divided as follows: 5 percent each to the parochial schools of St. Demetrios in Astoria and Holy Trinity in Lowell, Massachusetts; 20 percent to be used for the benefit and maintenance of the Archbishop Iakovos Library at the theological school; and 70 percent to the Expansion Fund of the St. Michael’s Home in Yonkers in memory of his beloved parents, Maria and Athanasios Coucouzes.

In the 1980’s, the Archdiocese received ownership of Archbishop Iakovos’ residence in Rye. At the time, it was agreed that he would reside there until the end of his life.

The late Archbishop privately purchased the home, located in an exclusive area of New York’s Westchester County, for $90,000 in 1971, turning it over to the Archdiocese for the same amount in the 1980’s. At the time, the property’s was worth in excess of $2 million (now worth at least $3-4 million), but Iakovos had said he did not wish to turn a profit, but that he could live there for his remaining days, and to have let the property serve as the Archbishop of America’s home for succeeding Archbishops.

It should be noted that, until 1971, Iakovos had been living in an apartment at the Archdiocese; that his last salary was $55,000 a year ($5,000 more than the other bishops serving the Holy Eparchial Synod); that he stopped drawing a salary from the Archdiocese when he turned 70 years of age in 1982, when he started drawing from his pension; and that the 1996 Clergy-Laity Congress voted unanimously for the Archdiocese to provide him with an annual stipend of $235,000 to cover his expenses.

I, Archbishop Iakovos, also known as James A. Coucouzes, domiciled in the County of Westchester, State of New York, declare this to be my Will and revoke all my prior Wills and Codicils.

FIRST, I direct that all my debts and funeral expenses be paid as soon as practicable after my death.

SECOND, It is my wish and desire that my last remains be placed on the campus of the Hellenic College and the Holy Cross Greek Orthodox Theological Seminary, situated at 50 Goddard Avenue, Brookline, Massachusetts, at a location as close as possible to its chapel entrance.

THIRD, I bequeath my tangible personal property including, but no limited to, all my remaining jewelry, clothing and other personal effects, books, personal archives and manuscripts from my personal library, all of my clerical vestments, works of art, household furnishings and equipment, and all other tangible personal property owned by me at my death, including all unearned insurance premiums and claims with respect to such property, to my Executors to distribute among my friends (including my Executors), family or my Church, as they may determine advisable in their discretion. Any unselected or undistributed items shall be sold by my Executors, and the proceeds of such sale shall be distributed as part of my residuary estate.

I have executed a memorandum setting forth my wishes as to the disposition of certain personal effects, knowing my wishes will be respected and carried out, even though I am aware that such memorandum will not be legally binding and will not restrict the absolute nature of the bequest under this Article.

I direct that all expenses of insuring, storing, transporting and otherwise caring for any tangible personal property bequeathed herein shall be paid by my Executors as an expense of administration until actual delivery of each article of property to the legatee at the place designated by the legatee.

A. The sum of $20,000 to Aya Triada Rum Ortodoks Monastiri Heybellada, located in Turkey, to be used for its general purposes.

B. The sum of $20,000 to Rum Metropolithanesi, located in Turkey, to be used for its general purposes.

C. The sum of $10,000 to Aya Yorgi, located in Turkey, to be used for its general purposes.

F. The sum of $15,000 to Elias Andreou, if he survives me, and if he does not survive me, then to his wife, Yana Andreou, if she survives me.

FIFTH, I devise and bequeath the residue of the property owned by me at my death, real and personal and wherever situate ("residuary estate") as follows.

A. 20 percent thereof to the Hellenic College and the Holy Cross Greek Theological Seminary, located in Brookline, Massachusetts, to be used for the benefit and maintenance of the said Archbishop Iakovos Library. I have, during my lifetime made substantial gifts for the construction, maintenance and benefit of the Archbishop Iakovos Library, and I make this bequest to further assure that the Archbishop Iakovos library may carry out its important missions.

B. 70 percent thereof to Saint Michael’s Home Inc., located in Yonkers, New York, in memory of my beloved parents, Maria & Athanasios Coucouzes, to be used for the construction or maintenance of the nursing home.

C. 5 percent thereof to Saint Demetrios High School of Astoria, located in Astoria, New York, to be used for its general purposes, and…

D. 5 percent thereof to Hellenic American School of the Holy Trinity, located in Lowell, Massachusetts, to be used for its general purposes.

SIXTH, My final testament to my Church, and to my people, is to remain steadfast and devoted to Greek Orthodoxy; to maintain the valiant struggle to perpetuate the Greek language in the Americas as a living symbol to both our Faith and our glorious heritage; and to encourage an ever-increasing participation in the ecumenical objective of the unity of Christendom to its never-ending and universal quest for the greatest good of all mankind.

SEVENTH, I name Bishop Gerasimos of Krateia (now Metropolitan of San Francisco), Bishop Andonios of Phasiane and Paulette Poulos as Executors of this Will. If any of them shall fail to qualify, or cease to serve, the remaining person or persons may continue to serve.

The last remaining individual Executor serving under this Will shall have the right to designate any individual or any bank or trust company having trust powers as Successor Executor in the event such Executor resigns or ceases to serve. The designation shall be made by written instrument or by will, and may be revoked at any time before it becomes effective. The appointment shall become effective after the Executor resigns or ceases to serve, and upon written acceptance of fiduciary duties by the Successor Executor.

I direct that no bond or other security be required of any Executor under this Will for any reason, including the advance payment of commissions, in any jurisdiction.

I authorize and empower any fiduciary, at any time acting hereunder, to resign without leave of court. Any such resignation shall be effective upon delivery of a written instrument of resignation, duly signed and acknowledged, to any other then-acting fiduciary or, if none to the fiduciary named or appointed, to serve as a successor.

Any fiduciary may settle its account at any time by agreement or judicially. An agreement made with those beneficiaries who are subject to no legal disability, and who at the time are entitled to income, or would be entitled to the principal if the same were then distributable, shall bind all persons, whether or not then in being, or of legal capacity, then or thereafter entitled to any income or principal, and shall release and discharge my fiduciary for the acts and proceedings embraced in the account as effectively as a judicial settlement.

The term "Executor," and the pronouns therefore, shall include the masculine, feminine and neuter; the singular and the plural; and shall, unless the context otherwise requires, be interchangeable, and shall refer to each fiduciary serving at the time, including any successor. All powers, authority and discretion herein granted to my Executor may be exercised by any survivor, successor or administrator with the Will annexed, as often as may be deemed advisable, and without the necessity of any application to, or approval by, any court.

EIGHTH, Except as may otherwise be provided in this Article, or in any other Article of this, my Last Will and Testament, I hereby grant to my Executor, with respect to any and all property, whether real or personal, which I may own at the time of my death, or which shall at any time constitute part of my estate, the following powers, in addition to those conferred by law:

1. To retain any such property; to acquire by purchase or otherwise any kind of property, subject to the Prudent Investor Standard EPTL 11-2.3; and to delegate investment and management functions pursuant to that statute.

2. To sell or otherwise dispose of property at public or private sale for such consideration, and upon such terms, including credit, as my Executor shall deem advisable.

3. To manage and to lease real property for periods beginning presently, or in the future, without regard to statutory restrictions on leasing.

4. To borrow money from any source, including an Executor, and to pledge or mortgage any property for any purpose.

5. To renew, assign, extend, compromise, release with or without consideration, or submit to arbitration, obligations or claims held by, or asserted against, an Executor, or which may affect estate assets.

6. To deposit funds in a savings or other account of any bank without limitation as to the duration or amount.

7. To employ and compensate persons deemed necessary to advise or assist in the administration and settlement of the estate including, but not limited to, agents, accountants, brokers, attorneys-at-law, attorneys-in-tact, real estate managers, rental agents, realtors, appraisers, and investment counsel, custodians and other professional advisers as reasonably may be required or desired in managing, investing and protecting the estate assets.

8. To distribute principal, in kind or in cash, or partly in kind and partly in cash, including undivided interests, and to allocate particular assets or portions or undivided interests, to any one or more of the beneficiaries.

9. To remove estate property to another state in which, an Executor may reside, without posting bond.

10. To determine whether to claim deductions available to me or to my estate on estate tax or on income tax returns and to determine the date upon which to value my estate for estate tax purposes, all in such manner as it may deem advisable.

11. Any decision of my fiduciary with respect to the exercise or nonexercise by it of any discretionary power hereunder, or the time or manner of the exercise thereof, made in good faith, shall fully protect it and shall be binding and conclusive upon at persons interested in my estate or any trust hereunder.

12. Persons dealing with my fiduciary shall not be obligated to look to the application of any moneys or other property paid or delivered to my fiduciary or to inquire into the authority of my fiduciary as to any transaction. All powers granted to my fiduciary shall continue until actual distribution of the property.

13. To manage any real property in the same manner as if the absolute owner thereof, including, without limitation, the power from time to time to lease, or grant options to lease, any such real property for any period of time, and although any such period may extend beyond the duration of any trust under this, my Will, with any provisions for renewals thereof, without application to any court; to enter into any covenants or agreements relating to the property so leased, or to any improvements then or thereafter erected thereon; to insure against loss by fire or other casualty; and to make partition, or enter into any agreements of partition of any real property which, or an interest in which, shall at any time constitute part of my estate, even though it may hold an interest in the same property in its own right, or in some other capacity, and to give or receive money or other property for equality of partition.

14. In satisfying any general legacy, or in dividing or distributing my estate or any trust under this, my Will, or any part thereof, to make partition, division or distribution of property in kind without being required to make pro rata distributions of specific assets, and for any such purpose, to determine the value of any such property so far as permitted by law.

NINTH, Payment of Estate Taxes: I direct that all estate transfer or death taxes (including any interest and penalties thereon) imposed upon my estate, whether with respect to the property passing under this Will or otherwise, shall be paid, without apportionment, out of my residuary estate.

In witness whereof, I have signed and sealed this Will, consisting of seven (7) pages, the first six (6) pages identified by my initials, AI, this 22nd day of December, Two Thousand and Four (signatures of Archbishop Iakovos and Dino T. Yotides beneath).

On the date last above written, while we were all in his presence, and in the presence of each other, Archbishop Iakovos subscribed the foregoing, declared it to be his Will, and requested us to sign as witnesses thereof. Immediately thereafter, while we all remained in his presence, and in the presence of each other, this clause was read aloud, and we signed as such witnesses (signatures of Dino T. Yotides and Philip T. Temple).

Each of the undersigned, individually and severally being duly sworn, deposes and says:

The within Will was subscribed in our presence and sight at the end thereof by Archbishop Iakovos, the within named Testator, on the 22nd day of December, 2004, at 31 Park Drive South, Rye, New York.

Said Testator, at the time of making such subscription, declared the instrument so subscribed to be the Last Will and Testament of the Testator. Each of the undersigned thereupon signed his or her name as a witness at the end of said Will, at the request of, and in the presence and sigh of the Testator, and in the presence and sight of each other.

Said Testator was, at the time of so executing said Will, over the age of eighteen (18) years, and, in the respective opinions of the undersigned, of sound, mind, memory and understanding, and not under any restraint or in any respect incompetent to make a Will. Said Testator, in the respective opinions of the undersigned, could read, write and converse in the English language, and was suffering from no defect of sight, hearing or speech, or from any other physical or mental impairment which would affect the capacity of the Testator to make a valid Will. The Will was executed as a single, original instrument and was not executed in counterparts.

Each of the undersigned was acquainted with said Testator at such time, and makes this affidavit at the request of the Testator. The within Will was shown to the undersigned at the time this affidavit was made, and was examined by each of them as to the signatures of said Testator and of the undersigned. The foregoing instrument was executed by said Testator and witnessed by each of the undersigned affiants under the supervision of Lisa Newfield, an attorney-at-law (signatures of Dino T. Yotides, Philip T. Temple and Lisa Newfeld – identified as Notary Public – beneath).



Volume 7 Number 24 - Tuesday, June 14th, 2005	A Publication of the ORTHODOX CHRISTIAN LAITY