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of that date. Second, on January 1, 1982, the terms of the
Lillie Investment Trust were amended to state that the trustee
could buy, sell, or trade securities on margin. Third, on
August 23, 1989, the terms of the Lillie Investment Trust were
amended upon the advice of decedent’s estate planning attorney,
Stuart Feldman (Feldman), to restate the terms of the Lillie
Investment Trust by revoking all of the then-existing provisions
and replacing them with new ones. In relevant part, the new
provisions changed the order and amounts of distributions to be
made upon decedent’s death and stated specifically that
decedent’s children would serve as successor cotrustees in the
event decedent was unable to manage her affairs. The new
provisions also stated:
I [decedent] shall be considered to be unable to manage
my affairs if I am under a legal disability or by
reason of illness or mental or physical disability am
unable to give prompt and intelligent consideration to
financial matters, and the determination as to my
inability at any time shall be made by my son, HERBERT
J. SILVER, and daughter, ILENE FIELD, and the trustee
may rely upon written notice of that determination.
The provisions of the Lillie Investment Trust, both before and
after each amendment, allowed decedent (or any successor trustee)
to control and manage her assets and to make gifts to her
descendants as desired. Also on August 23, 1989, Feldman
prepared a will for decedent that listed her children as the
co-personal representatives of her estate.
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