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Mrs. Reichardt authorized decedent to sell, lease, or otherwise
dispose of any of the property subject to the life interest on
terms that he deemed advisable, without requiring him to account
for or replace any of it. Her will provided that decedent would
lose his life interest in her separate property if he remarried.
Mrs. Reichardt left the remainder interest to her children and
appointed decedent and their children as joint independent
coexecutors.
3. Probate of Mrs. Reichardt’s Estate
On May 17, 1993, decedent signed and filed an inventory in
the probate court for his wife's estate without consulting his
children. Decedent reported that Mrs. Reichardt's estate
included $744,597.50 in separate property and $612,648.50 in
community property (a total of $1,357,246). Decedent mistakenly
reported that her estate included no real estate in Nueces
County, Texas, and that some securities were both community and
separate property.
In November 1993, Thomas L. Goade (Goade), a real estate
appraiser retained by Mrs. Reichardt’s estate, concluded that, as
of September 15, 1993, her estate had $411,178.50 in community
assets and $775,986.67 in separate assets (a total of
$1,187,165.17). On November 30, 1993, decedent and his children,
as coexecutors, filed an amended inventory using the asset values
provided by Goade.
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