Wills, Estates, and Trusts: A Manual of Law, Accounting, and Procedure, for Executors, Administrators, and Trustees, Volume 2

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Contents

Trusts to Accumulate Income
372
The Rule Against Perpetuities
373
Trusts for Charity
375
Part1es to Trusts 374 Who May Create a Trust 375 Corporations May Create Trusts
377
Trusts Created By Minors Lunatics or Aliens
378
Who May Be a Trustee
379
Corporations as Trustees
380
Other Corporate Bodies as Trustees 380 Banks and Trust Companies as Trustees 381 Unincorporated Associations as Trustees
381
Capacity for Trusteeship 383 Who May Be a Beneficiary
382
Trustees Page 385 S 384 Appointment of Trustees 385 Rules for Appointing Trustees
385
Acceptance or Disclaimer 387 Executors Acting as Trustees
387
Removal or Resignation
388
SelfPerpetuating Boards of Trustees
389
Powers to Appoint
390
Express Trusts
392
Testamentary Trusts
393
Voluntary Trusts 395 Reserving the Right to Revoke a Trust
394
Revoking a Trust 397 An Agreement to Create a Trust 398 Trustees to Carry out Subscription Agreements XLV Impl1ed Trusts
396
399 Trusts That Are Implied
399
When a Trust Is Implied 401 Wills Should Avoid Ambiguity
400
Resulting Trusts
401
Constructive Trusts
403
The Trust Property
404
How Courts of Equity Control Trustees
405
The Law That Governs a Trust 409 The Trustees Estate in Hand 410 The Trustees Estate in Personalty
406
Care of the Trust Estate 408 5 411 The Trustees Duty to the Estate
408
A Trustee May Not Delegate His Authority
409
Trustee May Make No Profit for Himself
410
Trustees Duty to Take Possession 415 Trust Property Must Be Kept Separate
412
The Conversion of Trust Property
413
The Law as to Making Investments of Trust Funds
414
The Trustees Control of the Property
418
Trustees Duty to Make an Income XLVIII R1ghts of Benef1c1ary
419
Right to Restrain Injurious Action
420
Right to Follow the Trust Fund 424 Remedy Against Trustee
421
Powers of Trustees 423 425 Classification of Powers 426 General Powers 427 Mandatory Powers
423
Discretionary Powers
428
Power to Forbid Marriage
429
Courts Control of Discretionary Powers 431 How Powers Are to Be Exercised L A Trustees L1ab1l1t1es
430
Making Bad Investments
431
Negligence in Investing Funds
432
Theft or Robbery
436
Accident 438 Fault of CoTrustee 439 Mingling Trust Funds LI Trustees for Marr1ed Women
437
The Common Law and Trust Estates 442 Marriage Settlements
438
Creating a Wifes Separate Estate
439
The Modern View
440
Guard1ans for Infants
442
Maintenance and Education
446
Using the Principal 448 Investments of Principal 449 Payments by Guardian LIII Trustees for Inst1tut1ons
447
Management by Boards of Trustees
448
Powers of Members of Board 453 Trustees of Charities
449
Duration of a Charitable Trust
450
Trustees of Charitable Trusts 456 Trustees for Public Institutions 457 Educational Institutions
455
Reimbursement of Expenses 461 Rules in Regard to Compensation
456
Amount of Compensation
457
Term1nat1on of Trust
459
Termination of Trust by Fulfillment 465 Termination of Trust by Consent
460
Trusts That Cannot Be Terminated by Consent 467 Formalities of Termination
461
Part VBanks and Trust Companies as Trustees By Harold C Knapp
465
A F1nanc1al Corporat1on as Executor Adm1n 1strator or Trustee
467
Financial Corporations as Trustees 471 Trust Companies and State Banks as Trustees
468
National Banks as Trustees 473 Decisions of the Courts
469
All State Rules Must Be Obeyed
470
How Trust Assets Are Protected
471
Rules as to Issuance of Permits to National Banks 477 Management of Trust Funds by National Banks
473
Rules as to the Investment of Trust Funds
474
Rules as to Court Trusts 480 Trust Funds Awaiting Investment
475
Advantages Offered by Corporate F1duc1ar1es
477
The Accessibility of a Corporate Fiduciary
478
Competency of Corporate Fiduciaries
479
The Manifold Duties of an Executor
480
Necessity of Keeping Accurate Records
481
Care Required for Manifold Details 488 The Question of Expense
482
Prel1m1nary Matters
483
Individual Administration of Large Estates
484
Care Required to Conserve Income
486
Corporate Fiduciaries for Long Terms
487
Corporate Fiduciaries Are Skilled in Making Investments
492
Effect of Family Dissensions 495 A Typical Case
494
Contrasted Administration by Bank or Trust Company 497 Relation of Trustee to Beneficiaries
496
A Corporate Fiduciary Will Keep Accurate Records 499 Caring for the Assets of an Estate
498
Cases on Care of Funds
499
How a Corporate Trustee Keeps Funds
500
How a Corporate Fiduciary Keeps Informed as to Securities
501
A Case in Point
502
Why a Corporate Fiduciary Cannot Be Dis
503
Summing Up the Qualifications of a Fidu ciary
505
Custod1an Agent and Depos1tary
507
Banks and Trust Companies as Agents
508
Banks and Trust Companies as Fiscal Agents
511
Banks and Trust Companies as Depositaries 512 Depositaries Under Escrow Agreements
514
Depositaries Under Voting Trust Agreements
515
General Duties of a Depositary
516
A Bank or Trust Company as Corporate Trustee for Bondholders
519
The Purpose of a Trust Agreement
520
The Usual Forms of Trust Agreements
521
The Legal Effect of Trust Agreements
523
Investigation of the Offering
524
Examination of Property and Securities
525
Provision for Sinking Fund
526
Trustees Action in Case of Default
527
Paying the Bondholders
528
The Fees Paid the Trustee
529
The Transfer Agent and Reg1strar
532
Who May Act as Transfer Agent
533
Chapter Page 528 The Advantages of an Outside Corporation as Transfer Agent 529 Acceptance of Agency 530 Duties of the Transfer Agent
534
Entries in the Transfer Record
537
Transfer of Stock Belonging to an Estate
539
Lists of Stockholders for Dividend Payments 534 Definition of Registrar
543
Duties of the Registrar 536 Fees
544
Organ1zat1on of a Trust Department of a Bank or Trust Company
547
The Trust Committee 539 Duties of the Trust Officer
550
The Duties of the Assistant Trust Officer
551
The Advice of Counsel 542 Friction Between Trust Companies and the Legal Profession
553
Requirements for Admission to the
554
Duties of a Lawyer in Preparing a Will
555
Why a Bank or Trust Company Should Not Do Legal Work
557
What a Lawyer May Advise 547 How Far a Bank or Trust Company May
558
The Attorney for the Estate
559
Purpose and Theory of Estate Account1ng
565
Lack of Knowledge of Subject
566
The Account to Be Rendered 581 564 The Final Accounting
581
Effect of Accounting 566 Time of Accounting
582
Procedure in Accounting 568 Form of Account 569 Vouchers for the Account
583
Accounts Requ1red for Adm1n1strators
585
Separation of Corpus from Income Advisable 573 Other Accounts Needed
586
Liabilities
587
Uses of Accounts
589
General Scheme
591
Method of Closing
592
Subdivision of the Inventory Account
593
Summary
595
Books to Be Kept by Adm1n1strators
597
The SelfPosting Ledger Journal Ledger or Synoptic
598
Principle of the Synoptic
599
Advantages of the Synoptic
600
The Realization Account
601
Assets Not in Inventory 587 The Check Books
603
Diary 589 Other Books
604
Typ1cal Entr1es for the Adm1n1strator
606
Entries before Appraisal
607
Funeral and Administration Expenses 593 Taking over Decedents Bank Account
608
Distribution of Cash and Other Assets
609
Outstanding Checks of Decedent 596 Entering the Inventory
610
Payment of Tax on Decedents Income 602 AfterDiscovered Assets
615
Gain or Loss on Realization 604 Payment and Collection of State Inheritance Taxes
616
Payment of Federal Transfer
617
Loss by Theft
618
Sales of Pledged Assets
619
Deferred Expenses
620
Deferred Income 610 Dividends Received
621
Loss by Bank Failure 612 Loss by Fire 613 Assets Erroneously Included in Inventory
622
Realization of Debts Receivable
623
Real Estate Passing Directly 616 Collection of a Mortgage Note 617 Operation and Sale of a Going Business
624
Accounting for Partnership Interests
627
619 Executors Accounts Similar to Those of Ad ministrator
631
Additional Accounting Needed by Executor 621 General Books to Be Kept by Executors 622 Payments on Legacies
633
Legatees Ledger
634
Inheritance and Transfer Taxes
635
6?S Payments of Income
636
Real Estate Passing Directly
637
Clos1ng the Books and Prepar1ng the Account
638
The Trial Balance
639
Balancing the Subsidiary Records
640
Reconciling the Bank Account
641
Preparing the Closing Entries
642
Debits on Account of Corpus
643
Realization of Assets
644
Other Corpus Credits
645
The Income Summary
646
Reconciliation 638 Decree of Distribution 639 Expenses of Accounting 640 Executors Commission
648
Interest on Legacies 642 Final Distribution as Executor
649
Pr1nc1ples of Trusteesh1p Account1ng
652
Payment of Taxes on Real and Personal Prop erty 598 Income 599 Debts of Decedent 600 Expense against Income
653
Betterments Repairs and Replacements
654
Paying Off Encumbrances 649 Expenses
655
Fewer Accounts Needed by Trustees
656
Must Account Separately for Each Trust
658
Supposititious Case
659
Trust Reports to the Court 654 When Executor Is Also Trustee LXXIII Keep1ng the Trustees Accounts
660
No Need for Complicated System
662
Form of Records 657 Opening the Books
663
Posting to the Trust Ledger 659 Investment of Cash
665
Sales of Assets 661 Receipts and Disbursements of Income
667
Payments of Income to Trustee by Executor
668
Expenses 664 Investment of Income
669
Interest on Bank Accounts 666 Trust Fund Passing by Will
670
Reversion of Trust Fund to Estate
671
Reason for Amortization of Bond Premium and Discount
672
Law of Amortization
673
Methods of Calculating Amortization 671 The Annuity Method
674
Entries of Amortization
676
Trustees Reports 673 General Form 674 Valuations Used
678
Closing the Books
679
Index to the Report
680
Summary Statements of Trusts
681
Schedules of Principal 679 Inventory Schedules
683
Schedule of Sales
685
Schedule of Purchases 682 Reconciliations of Principal
687
Schedules of Income
689
Form Page 600 Accrued Receivables Schedule 691 Real Estate and Mortgages Schedule
691
Miscellaneous Schedule
692
Account1ng by Trust Compan1es 684 Separate Books for Each Estate Impossible 685 Systems in Use by Trust Companies
693
The Control Sheet
694
Bank Balances Schedule
695
Stocks Schedule 689 Investments Schedule
696
Accounting for Income
699
Other Records Kept
704
Part VIIForms
707
Last Will and Testament 700712
709
Analysis of Preceding Will 712713
712
Will of Grover Cleveland 7I374
713
The Will of Edward Harriman 714715
714
Codicil to a Will
715
Declaration or Deed of Trust 721722
721
Petition for Probate 722723
722
Order for Issuance of Citations in Foreign Jurisdictions
723
Order for Citation within Jurisdiction
724
Letters Testamentary 725726
725
Oath of Executor
726
Petition for Revocation of Letters
727
Inventory 729730
729
Notice of Appointment of Appraisers
731
Appointment of Bank as Transfer Agent 733735
733
Appointment of Bank as Registrar 736738
736
Incineration Certificate of a Trust Company
738
Certificate of Stock by Bank as Transfer Agent 739740
739
Certificate of Stock by Bank as Registrar 740741
740
Charts Showing Formation of a Model Trust Department 742751
742
Synoptic for the Accounts of an Administrator 752753
752
Realization Account
754
Account of Proceedings 755757
755
Synoptic for Accounts of an Individual Trustee 758759
758
Trust Ledger 760761
760
Typical Synoptics Used by Trust Companies 762763
762
Detailed Accounting Forms of a Trust Department 763769
764
Appendix
771
Append1x ACases 77379
773
BGlossary 791795
791
Executorsh1p Account1ng 631
799
Unincorporated Associations
823

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Page 715 - Signed sealed published and declared by the said Robert Flint as and for his last will and Testament in the presence of us who at his request and in his presence and in the presence of each other have subscribed our names as witnesses thereto.
Page 469 - To grant by special permit to national banks applying therefor, when not in contravention of State or local law, the right to act as trustee, executor, administrator, or registrar of stocks and bonds under such rules and regulations as the said board may prescribe.
Page 728 - California, for which payment well and truly to be made, we bind ourselves, our and each of our heirs, executors and administrators jointly and severally, firmly by these presents.
Page 710 - All the rest, residue, and remainder of my property, both real and personal, of every kind...
Page 714 - Hastings executor of this my last will and testament. Witness my hand and seal at Princeton, New Jersey, this twenty-first day of February, one thousand nine hundred and six.
Page 473 - In passing upon applications for permission to exercise the powers enumerated in this section, the Comptroller of the Currency may take into consideration the amount of capital and surplus of the applying bank, whether or not such capital and surplus is sufficient under the circumstances of the case, the needs of the community to be served, and any other facts and circumstances that seem to him proper, and may grant or refuse the application accordingly...
Page 472 - In the event of the failure of such bank the owners of the funds held in trust for investment shall have a lien on the bonds or other securities so set apart in addition to their claim against the estate of the bank.
Page 469 - Currency shall be authorized and empowered to grant by special permit to national banks applying therefor, when not in contravention of State or local law, the right to act as trustee, executor, administrator, registrar of stocks and bonds, guardian of estates, assignee, receiver, committee of estates of lunatics, or in any other fiduciary capacity in which State banks, trust companies, or other corporations which come into competition with national banks are permitted to act under the laws of the...
Page 469 - Whenever the laws of such State authorize or permit the exercise of any or all of the foregoing powers by State banks, trust companies, or other corporations which compete with national banks, the granting to and the exercise of such powers by national banks shall not be deemed to be in contravention of State or local law within the meaning of this Act.
Page 714 - SIGNED, SEALED, PUBLISHED AND DECLARED by the ) Testator as and for his Last will and Testament...

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