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bequests of cash on hand in two savings accounts to petitioner
and her sister, respectively, and monetary bequests of $25,000
each to two family members3 and a friend. The "rest, residue and
remainder" of the estate was to be divided between petitioner
(25%), her sister (25%), and a trust (50%) to be created by the
executors for the benefit of the children of petitioner and her
sister.
In her will, the decedent named her brother-in-law,
William F. Hyland (Hyland), and Patrick J. Scinto (Scinto) as
co-executors of her estate. The co-executors were granted broad
power to administer and distribute the estate, including the
power to sell, lease, invest and reinvest all or part of the
decedent's estate, "real, personal and mixed".
The estate
Along with the previously mentioned savings accounts, and
miscellaneous personalty, the estate included 4 parcels of real
property that were disposed of as follows: (1) The decedent's
personal residence in Bronxville, New York, was sold by the
executors on February 23, 1983; (2) a vacant lot in Yonkers, New
York, was sold by the executors on May 18, 1983; (3) commercial
property in Mobile, Alabama, was sold by the executors in May of
1985; and (4) commercial property in Chicago, Illinois, was sold
by the executors on October 31, 1986.
3Mark Hyland and Sharon Hyland, adult children of co-
executor William F. Hyland.
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