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Reynolds v. Harrison

The affidavit of the attorney who drafted the testator's will could not be used to shed light on the testator's intent where the terms of the will were plain and unambiguous.

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The question for decision in this declaratory judgment action is whether a majority of the co-executors can sell the stock of a non-publicly traded corporation which is not expressly bequeathed by name to a beneficiary, even though the estate is fully able to meet its financial obligations. The answer is “yes.” Robert H. Harrison died testate. His will names his wife, Patsy Hall Harrison, and his two daughters, Bobbie Ann Harrison Reynolds and Kelley Hall Belcher Tison, as co-executors of his estate. The will provides that decisions and acts of the executor are to be made by a majority vote of the co-executors.

The will divides the residuary estate into two parts. One part is to be distributed to The Luther & Susie Harrison Foundation, Inc., a private foundation created by the testator. This bequest is to be funded “to the extent possible . . . with marketable securities traded on a national exchange.” The other part, the “marital share,” is to be distributed to two trusts, an exempt marital trust, and a non-exempt marital trust.

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