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“I’m glad to have him.” They agreed to a time and hung up.
Stone spent the rest of the day returning phone calls, catching up on paperwork with Allison, and replying to letters of condolence, including one from Herbie Fisher that was more legibly handwritten than Stone would have expected. “How’s it going with Herbie?” he asked Allison.
“We’re seeing a lot of each other,” she said.
“Why don’t you take over his legal work?”
“If he has no objection,” she said.
“I don’t think he’ll have any objection,” Stone replied. “Don’t fill out a Woodman amp; Weld timesheet for that; Herbie is a special case. Give Joan your hours, and she’ll handle it.”
Stone made omelets for dinner for himself and Peter, and they went to bed early.
The following morning they met with a cabinetmaker to look at the plans Peter had drawn for his study, then they walked up to the Seagram Building to see Bill Eggers in his office, where a table had been prepared for them before the fireplace.
They finished lunch, then Stone took Arrington’s will from his briefcase and handed it to Eggers. “Here’s the original,” he said. “Peter, your mother met with Bill to draw up her will, then I sealed it and put it in my safe.”
“That’s true, Peter,” Eggers said. “Stone didn’t want to have knowledge of her estate planning, and he asked for nothing.”
“I understand,” Peter said solemnly.
Eggers broke the seal on the envelope and opened it. “Most of it is boilerplate,” he said. “Peter, that’s just necessary legalese. Your mother left substantial sums to a dozen charities, coming to about twenty million dollars, but the heart of the will is what she bequeathed to you and your father.”
Peter nodded.
“Stone, she left you approximately half of her liquid assets and the Bel-Air property. That’s it. Peter, she left you the remainder of her estate-a little more than half of the total, including the Virginia property and horse farm and all the Centurion Studios stock.”
“Wow,” Peter said softly.
“Because of your youth, all this was left to you in trust. Do you understand what a trust is?”
“I think so,” Peter replied. “It means that someone will be in charge until I reach a predetermined age, and I won’t be able to draw money from the trust or sell any property unless the trustees agree.”
“That’s correct,” Eggers said. “Your mother felt strongly that you should not have unrestricted access to your inheritance until you are thirty-five years old, perhaps earlier, if the trustee agrees.”
Peter nodded.
“Stone is the trustee, and should anything happen to him, I am his alternate. If something happens to me first, Stone will appoint my replacement.”
“I understand. That’s fine with me,” Peter said. “One thing, I’ve already told my dad I don’t want the Virginia property or the horse farm. I don’t have any interest in the horse business, and hardly any connection with the house.”
“I think we’ll put it on the market,” Stone said. “ Architectural Digest will be running a feature on the place soon, and that might spark some interest.”
“Let’s not list it with a broker just yet,” Eggers said. “Properties of this size often create interest among qualified buyers before they’re listed, and if we can sell it directly, you wouldn’t be paying a huge commission to a realtor.”
Both Stone and Peter nodded agreement.
“There are some other things you should know,” Eggers said, “and there’s some good news. First of all, Arrington divided her liquid holdings into two accounts, roughly equal. She left the more conservatively invested account to you, Peter, and the more growthrelated account to you, Stone, so there won’t be any need to have to divide the assets.”
“What’s the good news?” Peter asked.
“First of all, you should know that the total value of Arrington’s estate, as of this morning, is approximately two point six billion dollars. Stone, your share, including the investments and the Bel-Air property, comes to about eight hundred million dollars. It was Arrington’s wish that you bequeath Peter your wealth inherited from her upon your death. Peter, if you should precede Stone in death, your trust will revert to him. Your trust from your mother will amount to approximately one point eight billion dollars.”
Peter’s eyes widened. “Then I’m a billionaire?”
“Not until you’re thirty-five,” Eggers said, smiling.
Stone spoke up. “Let me tell you how we’re going to handle this, Peter. We’re going to manage your trust through the existing banking and investment programs, because they’re doing very well, and we’re not going to touch the principal of the trust until it’s turned over to you, or until there is some other very good, unanticipated reason. All of your needs will be met from my personal funds. When I die, I will bequeath you the remainder of my inheritance from Arrington.”
