him in a few minutes and wanted you to work through some documents with us.â
Relieved that the meeting was not about her foibles of the previous day, Alexia relaxed.
âWhat kind of documents?â 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. âThis was prepared by Dennis a couple of weeks before he left. Itâs short and to the point.â
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 arenât subject to estate tax so there wasnât any need for fancy trusts. She couldnât imagine why there would be a problem with the will. She shifted into divorce lawyer mode.
âWas there a prenuptial agreement?â
âNo,â Leggitt responded. âDennis drafted one to protect Baxter in case Rena filed for divorce, but Baxter didnât 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
âYoung love believes it will bloom forever,â Pinchot added dryly.
âI wish some of the wives I represent had been so lucky.â Alexia shrugged. âIs there life insurance on Baxterâs interest in the family businesses in case he dies?â
Leggitt turned to Bruce Fletchall. âThatâs your area.â
The studious lawyer spoke in a soft voice. âThere 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
âHow much insurance?â Alexia asked.
Fletchall rubbed his left temple while he ran mental calculations. âAround twenty-five million.â
Alexia was stunned. âFor a minority interest?â
âYes.â
âAnd how much would Rena get outside the business holdings?â
âStandard stuffâthe house, personal belongings, and any personal insurance Baxter was carrying.â
âHow much would that be worth?â
âA 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
âBad timing on the accident from Renaâs point of view,â Alexia replied.
Ralph Leggitt answered, âMaybe, but thatâs not the problem. Baxter is still alive, and we donât have a fight between Rena and the family over the assets of an estate. The immediate concern is control of Baxterâs medical care. In addition to the will, Dennis prepared a health care power of attorney that gives Rena the right to make decisions about Baxterâs medical treatment. Dennis didnât cross-check other Richardson filesââLeggitt paused and looked over his glasses at Alexiaââa 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
âWhich wasnât revoked after the marriage,â 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