Life Support by Robert Whitlow Page B

him in a few minutes and wanted you to work through some documents with us.”
    Relieved that the meeting was not about her foibles of the previous day, Alexia relaxed.
    â€œWhat kind of documents?” she asked.
    Leggitt took the papers from Bruce and slid them across the table to Alexia. The top sheet read Last Will and Testament of Baxter Norris Richardson .
    Leggitt continued. “This was prepared by Dennis a couple of weeks before he left. It’s short and to the point.”
    Dennis Lipscomb, an estate-planning specialist, had worked with the firm for seven years before leaving to take a management position with the trust department of a bank in Columbia. The firm had not yet hired someone to fill his niche.
    Alexia flipped through the will. Because Baxter and Rena had no children, it was relatively simple. If Baxter died, Rena received everything. Testamentary transfers from husband to wife aren’t subject to estate tax so there wasn’t any need for fancy trusts. She couldn’t imagine why there would be a problem with the will. She shifted into divorce lawyer mode.
    â€œWas there a prenuptial agreement?”
    â€œNo,” Leggitt responded. “Dennis drafted one to protect Baxter in case Rena filed for divorce, but Baxter didn’t want to make her sign it. According to an e-mail in the file, he thought it would send the wrong message to Rena and told Dennis to drop it.”
    â€œYoung love believes it will bloom forever,” Pinchot added dryly.
    â€œI wish some of the wives I represent had been so lucky.” Alexia shrugged. “Is there life insurance on Baxter’s interest in the family businesses in case he dies?”
    Leggitt turned to Bruce Fletchall. “That’s your area.”
    The studious lawyer spoke in a soft voice. “There are several older agreements. We were in the process of changing them, and Baxter was scheduled to come in next week to sign several new ones. All of the buyouts signed before the marriage provide for payment to various Richardson companies if Baxter dies.”
    â€œHow much insurance?” Alexia asked.
    Fletchall rubbed his left temple while he ran mental calculations. “Around twenty-five million.”
    Alexia was stunned. “For a minority interest?”
    â€œYes.”
    â€œAnd how much would Rena get outside the business holdings?”
    â€œStandard stuff—the house, personal belongings, and any personal insurance Baxter was carrying.”
    â€œHow much would that be worth?”
    â€œA couple of million, and she would inherit his interest in companies not subject to buyout. The new buyouts would have given her over twenty million, but Baxter never signed them.”
    â€œBad timing on the accident from Rena’s point of view,” Alexia replied.
    Ralph Leggitt answered, “Maybe, but that’s not the problem. Baxter is still alive, and we don’t have a fight between Rena and the family over the assets of an estate. The immediate concern is control of Baxter’s medical care. In addition to the will, Dennis prepared a health care power of attorney that gives Rena the right to make decisions about Baxter’s medical treatment. Dennis didn’t cross-check other Richardson files”—Leggitt paused and looked over his glasses at Alexia—“a disturbingly common problem here at the firm. If he had, he would have discovered that Baxter had previously given his father authority over his affairs in a durable power of attorney.”
    â€œWhich wasn’t revoked after the marriage,” Bruce added.
    Alexia had a working knowledge of powers of attorney because they often came up in the divorce cases she handled. A health care power of attorney allowed a person to designate someone to direct his or her medical care in case of a serious illness or injury. A durable power of attorney was a much broader document that gave the holder the right to manage a