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Wills, Trusts & Estates Keyed to Gallanis
Estate of Janes
Citation:
681 N.E.2d 332 (N.Y. 1997)Facts
Testator’s 1963 will and a 1969 codicil bequeathed most of his estate to three trusts. On June 6, 1973, the testator’s will and codicil were admitted to probate. Letters testamentary issued to petitioner’s predecessor, Lincoln Rochester Trust Company, and Mrs. Janes, as coexecutors, on July 3, 1973. Letters of trusteeship issued to petitioner alone. In an August 9, 1973 memorandum, Patterson recommended raising the necessary cash for the foregoing administrative expenses by selling certain assets, including 800 shares of Kodak stock, and holding the remaining issues until the trusts were funded. When petitioner filed its initial accounting in February 1980, the remaining 11,320 shares were worth approximately $530,000, or about $47 per share. Most of the shares were used to fund the trusts in 1986 and 1987. Objectants asserted that petitioner’s conduct violated the “prudent person rule” of investment.
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