First Western Bank & Trust Co. v. Duit

—Testator Edward McLaughlin died on December 19, 1962. His gross estate for federal estate tax purposes was $2,575,744.43.

Testator, in his will, directed: ‘1 Third: I give, devise and bequeath the sum of $40,000.00 cash lawful money of the United States, but not in excess of five (5%) per cent of the distributable assets of my estate, to Mrs. Louis E. Duit. . . .” First Western Bank and Trust Company is the executor and appellant. Eva Mae Duit (Mrs. Louis E.) is respondent.

Respondent is also the beneficiary of a $20,000 insurance policy on the testator’s life.

Clause Fifth gives the residue of…