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Wills, Trusts & Estates Keyed to Sterk
In re Estate of Janes
Citation:
659 N.Y.S.2d 165 (1997)Facts
Rodney B. Janes, who passed away in 1973, left a $3.5 million estate, with $2.5 million in stocks, including a high concentration of Kodak shares valued at $1.79 million. His will created three trusts, benefiting his widow, Cynthia, and selected charities, with most assets ultimately passing to Shriners Hospitals and others. Despite an early recommendation to sell some Kodak shares to meet administrative expenses, coexecutors retained the majority of the stock without discussing diversification or investment strategy with Cynthia, who lacked business experience. Between 1973 and 1980, the Kodak stock’s value plummeted, falling from $139 to $47 per share. Objections were filed by Cynthia and later by the Attorney General on behalf of charitable beneficiaries, alleging that the coexecutors violated the “prudent person rule” by failing to diversify the estate’s investments, resulting in significant financial losses.
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