- 14 - provided for by decedent in her last will and testament that appoints her children to serve as coexecutors and devises her fee interest in the ranch properties to her children. There is no persuasive evidence that decedent granted oral options to extend or to modify the existing lease terms or that the postdeath leases reflect the terms of oral options. The testimony does not identify any specific discussion among decedent, Edwards, and Carson where decedent granted the right to lease the ranch properties indefinitely to Edwards and Carson. Our conclusion that no oral agreement was made is supported by the following: (1) Decedent and her children had a history and pattern of executing written leases, (2) the postdeath leases contained different terms from existing leases, (3) the existing leases, including one executed only 4 months before decedent’s death, required extensions and modifications to be in writing, and (4) decedent’s children continued to maintain control over the ranch properties as the coexecutors and devisees of decedent’s estate. Because we have concluded that no oral options existed at the time of decedent’s death, the postdeath leases are only agreements executed by Edwards and Carson as the coexecutors of decedent’s estate subsequent to the date of decedent’s death. The postdeath leases reflect only the arrangement between Edwards and Carson regarding the use of the ranch properties. BecausePage: Previous 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 Next
Last modified: May 25, 2011