- 5 -
would be burdensome to her/my estate, then she may
execute promissory notes in their favor with such
interest rate and on such terms as she deems reasonable
and appropriate; provided that she shall remain liable
on such notes to the extent she continues to utilize
any funds from my estate which otherwise would have
been used to satisfy such bequests/gifts.
Earl's will also provided for a $150,000 legacy to be held in a
spendthrift trust for the benefit of Rory and a $5,000 legacy to
David and Harvey to finance a party in remembrance of Earl on the
first anniversary of his death. The residue of the estate and
Earl's personal effects were bequeathed to Bonnie.
Earl died in February of 1985. At the time of his death, he
held a one-half interest in a promissory note receivable from
Shoshone Coca-Cola Bottling Co., Inc. (the Shoshone Note). The
Shoshone Note had a principal balance of $417,600 due to be
repaid in 1994. After Earl's death, Bonnie took possession of
the Shoshone Note.
Earl's will was never probated, and no distributions were
made to Rory, David, or Harvey. Bonnie, however, decided to pay
each of them an amount equal to his respective legacy under
Earl's will. On October 20, 1986, Bonnie deposited $150,006.59
in an account she and Rory held as joint tenants (the Joint
Tenancy Account). Bonnie made additional deposits of $6,357.36
on October 30, 1986, and $100,017.60 on December 19, 1986. The
Joint Tenancy Account had a balance of $317,879.35 on January 28,
1989, the date Bonnie died. On October 1, 1987, Bonnie executed
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