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Wills, Trusts & Estates Keyed to Bonfield
Estate of Janes
Citation:
681 N.E.2d 332 (N.Y. 1997)Facts
Rodney B. Janes, a former State Senator and businessman, died in 1973, leaving a $3,500,000 estate, primarily consisting of Kodak stock worth about $1.8 million at the time of his death. His 1963 will and 1969 codicil created three trusts: a marital trust for his wife Cynthia Janes, a charitable trust, and a third trust for the estate’s balance. Following his death, Mrs. Janes, who lacked business experience, consented to the sale of Kodak stock, advised by the estate executors. However, no detailed investment strategy was discussed at the meeting. By the end of 1973, the Kodak stock’s value had fallen to $109 per share, continuing to decline over the years, with the remaining shares worth around $530,000 by 1980. The shares were used to fund the trusts between 1986 and 1987, and judicial settlement was sought in 1981.
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