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(2) a Quality Inn in Ridgecrest, California (the California
motel). Decedent’s grown children managed the motels.
The California motel was located on two parcels of land.
One of these parcels (parcel 1) was owned by C&L Bailey. The
other parcel (parcel 2) was titled to decedent and Ethel jointly
as to an undivided one-half interest and to C&L Bailey as to the
remainder. After Ethel’s death, decedent owned an undivided one-
half interest in parcel 2.
After providing for certain specific bequests that are not
relevant here, decedent’s will directed that the residue of his
estate, including all real and personal property, would go in
equal shares to three of his and Ethel’s six children; namely,
Frances, Roger, and Harold Lewis Bailey (Harold).
Assignment of Promissory Note
On February 19, 1993, decedent created the Lewis A. Bailey
Family Trust, a revocable grantor trust (the grantor trust).
Decedent was the trustee. The corpus of the grantor trust was
composed of certain of decedent’s separate property, including
real property located at Lake Catherine, Route 6, Box 870, Hot
Springs, Arkansas (the Lake Catherine property). Pursuant to the
terms of the grantor trust agreement, the grantor trust was to
terminate upon decedent’s death, with all the trust assets to be
distributed equally to decedent’s six children.
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Last modified: May 25, 2011