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Security Trust Company of Rochester (currently Fleet), Mr. Baird,
and Ms. Groetzinger would serve as co-executors. Mr. Baird and
Ms. Groetzinger are decedent's children and the residuary
legatees under the will.
On May 26, 1991, at the age of 98, decedent died. The
executors, in accordance with decedent's instructions, retained
HBW to provide all necessary legal services for petitioner.
Shortly after the decedent's death, Mr. Baird, Ms. Groetzinger,
Mr. Oddleifson, and Mr. David Lyddon (vice president and trust
officer of Fleet) met to review the assets of the estate and
discuss anticipated expenses of administration. These expenses
included the estate's obligation to satisfy all outstanding
liabilities, pay executor's commissions, pay attorney's fees, and
fund the trust created by decedent's will.
At the meeting, Mr. Lyddon produced a schedule estimating
the value of the gross estate and the expenses of administration.
Mr. Lyddon prepared the schedule the day decedent died. Based on
an estimated gross estate of $17,000,000, the schedule estimated
that each executor would receive a statutory commission of
$374,000. The schedule also estimated that HBW would be paid
$374,000 in attorney's fees. The estimate of attorney's fees was
consistent with the community practice that attorney's fees
approximate a single executor's commission.
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Last modified: May 25, 2011