They all looked attentive, as Sarah called the meeting to order. She had the documents in a file in front of her, along with a sealed letter Stanley had given to one of her partners six months before, and had written himself. Sarah had no previous knowledge of it, and when she gave it to her that morning, Sarah's partner said Stanley had instructed her not to open it until the reading of the will. Stanley had told Sarah's associate that it was an additional message to his heirs, but in no way altered or jeopardized what he and Sarah had set up before. He had known to add a line ratifying and confirming his previous will, and assured Sarah's partner it was in order. Out of respect for Stanley, Sarah had left the letter sealed that morning, per his request, and planned to read it after the will.
The heirs were looking at her with open expectation. She was glad that they had been respectful enough to come in person, and didn't just tell her to send the money. She had the feeling that Stanley would have enjoyed meeting all or most of them. She knew two of the women were secretaries and had never been married. The other two were divorced and had grown children. Most of them had children; some were younger than others. Only Tom looked as though he didn't need the money. The others had made an effort to leave their jobs, and pay their way to come to San Francisco. For the most part, they looked as though the windfall they were about to receive would leave their lives forever changed. Sarah knew better than anyone that the size of that windfall was going to amaze them. It was exciting for her to share this moment with them. She only wished that Stanley could be there, and hoped he was in spirit. She looked around the faces of the people seated at the conference table. There was dead silence as they waited for her to speak.
“I want to thank you all for coming. I know it took some real effort for some of you to be here. I know it would have meant a lot to Stanley that you came here today. I'm sad for all of you that you didn't know him. He was a remarkable man, and a wonderful person. In the years we worked together, I came to admire and respect him a great deal. I am honored to be meeting you, and to have worked on his estate.” She took a sip of water then, and cleared her throat. She opened the file in front of her and took out the will.
She sped through most of the boilerplate, explaining to them what it meant as she went along. Most of it related to taxes, and how they had protected his estate. He had set aside more than enough money to pay the taxes when it went through probate. The shares he had left for them, of his holdings, would be unaffected by the taxes the estate owed the federal government and the state. They looked reassured. Tom Harrison understood better than the rest of them what she was reading to them. And then she reached the list of bequests, which were in nineteen equal shares.
She listed their names alphabetically, including those who were not present. She had a copy of the will for each of them, so they could study it later, or have it examined by their own attorneys. Everything was in order. Sarah had been meticulous in her work.
She read off the list of assets to them, with current up-to-the-minute assessments of their worth, wherever possible. Some assets were more nebulous, in the case of properties he had held on to for years, like shopping malls in the South and Midwest, but in those instances, she had listed comparable recent values, to give them an idea of what they were worth. Some of it they were going to be able to keep individually, and in other cases they would have to make decisions about holding on to them as a group, selling the assets, or buying each other out. She explained each case separately, and said she would be happy to advise them, or discuss it with them at any time, or their attorneys, and make recommendations based on her experience with his portfolio and assets. Some of it still sounded like gibberish to them.
There were stocks, bonds, real estate developments, shopping malls, office buildings, apartment complexes, and the oil wells that had become his greatest asset in recent years, and still the most valuable for the future, in her opinion, particularly in the current international political climate. There was a fair amount of liquidity in his estate at the time of his death. And then there was the house, which she said she would explain to them in further detail after the reading of the will, and she had several options for them to consider in relation to its disposal. They continued to stare at her silently, trying to wrap their minds around the concepts she was exposing them to, and the list of assets that reached from one end of the country to the other. It was a lot to absorb at one time, and none of them was exactly sure what it meant. It was almost a foreign language to them, except to Tom, who was staring at her intently, unable to believe what he was hearing. Although he didn't know the details, he could figure out the implication of what she was saying, and was keeping track of it in his head.
“We will get you completely accurate appraisals of each asset in the days to come. But based on what we already have, and some fairly close assessments, your great-uncle's estate is currently valued, after taxes, which have been handled separately, at just over four hundred million dollars. In our estimation, that will give each of you a bequest of approximately twenty million dollars, give or take. Which, after taxes for you, should come to roughly ten million dollars each. There may be some float in that, by several hundred thousand dollars, depending on current market values. But I think that it's safe to assume that your after-tax inheritance will come to roughly ten million dollars each.” She sat back and took a breath as they stared at her in total silence, and then suddenly there was pandemonium in the room, as they talked with animation and astonishment. Two of the women were crying, and the cowboy let out a whoop that broke the ice, and made them all laugh. They felt exactly as he did. It was impossible to believe. Many of them had lived on small salaries all their lives, or even hand to mouth, just as Stanley had in the beginning.
“How on earth did he ever make all that money?” one of the great-nephews asked. He was a policeman in New Jersey, and had just retired. He was trying to start a small security business, and like Stanley had never married.
“He was a brilliant man,” Sarah said quietly, with a smile.
It was a remarkable thing to participate in a moment and event that changed so many lives. Tom Harrison was smiling. Some of them looked embarrassed, especially those who'd never heard his name. This was like winning the lottery, only better in some ways, because someone they didn't even know had remembered them, and meant for them to have it. Although he had no family of his own, those he was related to meant everything to Stanley. Even if he'd never met them. In his mind, they were the children he had never had. It was his one moment, after death, to be their loving father, and benefactor. Sarah was honored to be part of it, and only wished he could have seen it.
The cowboy was wiping his eyes, then blew his nose and said he was going to buy the ranch, or start his own. His kids were in state schools, and he said he was going to send them all to Harvard, except the one he said was in jail. He told the assembled group he was going to go home now, kick his son's ass, and get him a decent lawyer. He had been caught stealing horses, and had been on drugs all his life. Now maybe he had a chance. They all did. Stanley had given them that. It was his posthumous gift to all of them, even those who hadn't shown up. He cared about them all equally. Sarah was nearly in tears herself. It might have been unprofessional of her, but it was an unforgettable experience, sharing this with them. It was her brightest and most meaningful single event in the twelve years she'd been a lawyer. Thanks to Stanley.
“You all have a lot to think about,” Sarah explained to them, and brought them back to order. “There are assets you will own individually. Others you now hold jointly. I've listed them all separately, and I'd like to have a conversation with you today about what you want to do about them. It will be simpler for you if you sell the joint holdings, where reasonable to do so, and divide up the profits, depending on what our financial advisers recommend to you. In some cases, this may not be the right time to sell them. But if that's what you decide, we'll wait for the right time to sell, and advise you.” She knew better than any of them that it was going to take months, and in some cases years, to unravel. But she also explained to them that the individual portion of their bequests was in the vicinity of seven or eight million dollars each. The rest would come to them later after the joint assets were disposed of. Stanley had tried to keep it as clean as possible for them, without hindering his investments. He didn't want to cause a battle among nineteen of his relatives, whether he knew them or not. And he had done a brilliant job, with Sarah's help, of dividing up his estate, so it could be easily disposed of.
“There is also the matter of the house that your great-uncle lived in. I went through it with a realtor last week, to try and get a realistic appraisal. It's a remarkable place, and I think you should see it. It was built in the twenties, and unfortunately, it hasn't been remodeled, renovated, or modernized since. It's almost like a museum. Your great-uncle lived in a small portion of the house, the attic actually. He never occupied the main portion of the house. It has remained untouched since 1930, when he bought it. I had renovation architects, who specialize in this kind of project, look at it on Friday, to give me an assessment of what it would cost to bring it up to current code and get it in shape. There's a broad range of possibilities of what that work would entail. You could spend as little as five hundred thousand dollars to clean it up, make it livable, and bring it up to code, or ten times that if you really want to do it up and make a showplace of it. The same is true of selling the house. The realtor said we could get anywhere from a million to twenty million for it, depending on who buys it, and current real estate market values. In the current condition it's in, you won't get much for it, because it would be an enormous project for someone to undertake, and not many people want to live in a house that large anymore. It's roughly thirty thousand square feet. No one wants to employ staff to run a house that size these days, or can even find them. My recommendation to you would be to sell it. Maybe clean it up, take the boards off the windows, polish up the floors, and maybe put a coat of paint on the walls, but put it on the market essentially as is, without undertaking the more costly work of electricity and plumbing and renovation according to current code. That could cost a fortune. Unless of course one of you would like to buy the others out, and move to San Francisco and live there. I thought we could go to see it this afternoon. It might help you make the decision. It's a beautiful old home, and if nothing else, it's worth a visit.”
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