Wills, Estates & Trusts: A Manual of Law, Accounting, & Procedure ...

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Ronald Press Company, 1921 - Estates (Law) - 825 pages
 

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Contents

Public Administrator
18
Letters of Administration
19
III MAKING A WILL 16 Who Can Make a Will
22
Why a Will Should Be Made
23
Employing a Lawyer to Make a Will
25
The Form of a Will
27
Essentials of a Will
29
Choosing an Executor
32
Custody of a Will 23 Adding a Codicil to a Will
34
Revoking a Will
35
WellConsidered Wills
36
COMMON MISTAKES IN MAKING WILLS 26 Procrastination
40
Complexity of Provisions
41
Trying to Control Estate Too Long
42
Making Requests That Bind Legatees
44
Making a Will When Mind and Body Are
45
Making Will an Expression of Vindictiveness
46
Making No Provisions for Deaths and Births
47
Leaving Estate in Bad Shape
48
Sundry Mistakes
49
PROBATING A WILL 52 35 The Probate Court
52
Where a Will Is Probated
53
Who May Probate a Will
54
How a Will Is Probated
55
Who Are Cited to Attend the Probate
56
Examination of Witnesses
58
Proving a Lost Will
59
Issuance of Letters Testamentary
60
CONTESTING A WILL 62 43 Difficulty of Breaking a Will
62
Grounds of Contest 45 Mental Weakness
64
Insanity of Testator 47 Causes of Rejection
66
CHAPTER IX WHEN AN ADMINISTRATOR Is APPOINTED 68 Appointment of Administrator
68
The Question of Jurisdiction
69
How Contest Is Initiated 49 Who May Contest a Probate 50 Who May Defend a Will
70
Compromising
71
Administration by a Corporation
72
73 52 Property in Trust
73
Title to Trust Property
74
The Trustees Duty
75
The Beneficiarys Rights 56 The Object of Creating a Voluntary Trust 57 The Declaration of Trust
77
Transfer of Income on Contingency 59 Termination of Trust Estate
80
Part IIThe Settlement of Estates By Thomas Conyngton
83
APPOINTMENT OF EXECUTOR 60 The Executors Authority
85
Necessary Qualifications of an Executor
86
Positive Disqualifications for Executorship 63 Alternate or Successive Executors
87
CoExecutors
88
Acceptance or Refusal
89
Giving Bond 67 Granting of Letters Testamentary
90
The Public Administrator 75 Granting Letters of Administration
97
Giving Bond 77 Issuing Letters of Administration 78 Settlement Without Administration
98
IOI SPECIAL Forms Of ADMINISTRATION 79 Administrator with the Will Annexed
101
Ancillary Administration
102
Administrator of Goods Not Already Admin istered
103
Temporary Administrations 83 Administration During Minority Durante Minore Aetate 84 Administration During Absence Durante Ab sentia 85 Ad...
104
Administrator ad Litem 87 Administration ad Colligendum
106
Termination of Temporary Administration
107
TAKING POSSESSION OF THE Assets 8 89 The Title to the Assets
108
Time When Title Vests in Representative 91 The Title of the Personal Representative Is Paramount
109
All Personal Property Is to Be Taken Over 93 Right of Representative to Search for Assets
110
Enumeration of Property to Be Taken Over
111
All Claims Must Be Collected
112
CARING FOR ESTATE FUNDS 96 Bank Deposits
114
Investment of Money
116
Disposing of Unauthorized Investments
117
Authority to Retain or to Change Investments 100 General Rules
119
Business Ventures
120
MAKING AN INVENTORY 102 Objects of Taking Inventory
122
How an Inventory Is Made
123
Time for Filing
124
How Far Inventory Is Conclusive
125
ASSEMBLING CLAIMS AND PAYING DEBTS 126 107 Payment of Claims Requires Care 108 Notice to Present Claims
126
Method of Presenting Claims
127
Charges upon Estate Prior to Prefe red Claims III Preferred Claims
128
Invalid or Doubtful Ciaims
131
Failure of Assets 114 Paying Debts Promptly
132
XV
135
What to Sell First
136
How to Sell Goods and Chattels
137
Selling Securities 120 Consultation with Beneficiaries
138
Disposing of a Going Business
139
Disposing of a Partnership Interest
140
SELLING REAL ESTATE 123 The Usual Course as to Real Estate 124 Paying Debts from Personal Estate
143
Selling Real Estate to Pay Debts
144
Selling Real Estate under Will
145
Existing Contracts Relating to Realty
146
PAYING AND DELIVERING LEGACIES 128 Definitions
149
General Legacies 130 Specific Legacies 131 Residuary Legacies
150
Conditional Legacies
151
Vested Legacies
152
Bequests Void for Uncertainty or Perpetuity 135 When a Legacy Is Payable
153
To Whom Should a Legacy Be Paid 137 Delivery or Payment of Legacy
154
Abatement of Legacies to Pay Claims 139 Refunding Legacies
155
Residuary Legatees
156
GUARDIANS FOR Minors 141 Definitions 142 Common Law and Statutory Guardianship
158
Guardianship in Socage
159
Appointment of Guardian
160
Rights and Responsibilities of Guardians
162
The Guardians Care of Property
163
Termination of the Guardianship
164
PARTNERSHIPS AND PARTNERSHIP PROPERTY
166
Executors Risk in Business 152 Inventory and Appraisement
167
Sale of Partnership Interest 154 Settlement of Business by Surviving Partner
169
Existing Contracts
170
Sale of Assets 157 Disposition of GoodWill
171
Paying Debts 159 Dividing Surplus
172
Provisions for Death in Articles
173
RENUNCIATION REVOCATION AND RESIGNATION 161 Definitions 162 Acceptance 163 Renunciation
176
Revocation 165 Revocation by Testator 166 Procedure for Removing Representative
178
Revocation by Probate Court
179
Resignation
180
Procedure for Resignation
181
XXI TestaMENTARY TRUSTEES 170 Trusts
183
Trustees 172 Testamentary Trustees 173 Executors Who Are Trustees
186
Trustees Bond and Oath
187
Resignation or Removal of Trustees
188
Filling Vacancies
189
DUTIES OF TESTAMENTARY TRUSTEES 177 Care of Funds 178 Rules as to Investments
192
The Management of Property
194
Relations to Beneficiaries 181 Statutory Requirements
196
Carrying on a Business 183 Keeping Accounts
197
CHAPTER PAGE XXIII EMPLOYMENT OF COUNSEL 185 The Usual Course
201
The Executors Counsel 187 Rules as to Employment of Counsel
202
Trust Companies and Counsel
203
In Event of Litigation
204
The Lawyers Fees
205
The Lawyer as Executor 192 The Work of the Family Lawyer
207
COMPENSATION OF Those Who SETTLE ESTATES
209
Compensation of Personal Representatives 195 Compensation Fixed by Testator
210
Commissions Fixed by Statute
211
Compensation for Counsel
213
215 XXV ACCOUNTING 198 Objects of Accounting 199 Form of Records
215
CORPUS AND INCOME
216
The Probate Courts Supervision
217
Settlement out of Court
218
Settlement in Court 203 Conclusiveness of Final Settlement
219
Part IIITaxes
221
By Paul W Pinkerton 223 XXVI PAYING Taxes DUE 204 Taxes Due a Preferred Claim 205 Taxes on Personalty
223
When Taxes on Realty Are Paid from Per sonalty
224
Taxes on Realty Are Not Apportioned
225
Payment of Income Taxes to Date of Death
226
FEDERAL INCOME TAXES ON FIDUCIARIES 209 Income Taxes Pending Distribution and Final Return 210 The Duties of a Trustee as to Incom...
228
Returns of Income Rarely Correct
229
Advantage of Expert Assistance 213 Administration of the
230
Law as to Fiduciaries
231
Returns for Estate
232
Return Where There Are Two Trusts 217 Returns Must Indicate Each Beneficiarys Share 218 Personal Liability of Fiduciary
233
FEDERAL INCOME TaxRULES FOR FIDUCIARIES 235 219 When Tax Runs Against Fiduciary 220 When Tax Runs Against Beneficiaries
235
Estates and Trusts Which Cannot Be Treated as a Unit
236
Voluntary Trusts
237
Credits to Which Beneficiaries Are Entitled 224 Exemption for Liberty Loan Bonds
238
Gross Income Defined
239
Normal Tax Credits
240
Deductions Allowed in Determining Net
241
Deductions for Losses
242
Computation of Tax 230 Certain Penalties Not Applicable 231 Exemption Allowed Surviving Husband or Wife
243
Returns of Information 233 Fiduciaries as Withholding Agents
244
State Income Tax Laws 235 Bibliography
245
PeculIAR FEATURES OF INHERITANCE Taxation
248
Inheritance Taxes Are Constitutional
250
The Federal Transfer Tax 240 What Transfers Are Subject to the Inherit ance
251
Double Taxation 242 Rates of State Taxation
252
PROPERTY AFFECTED BY TRANSFER Taxes 243 Comprehensiveness of Transfer Taxes
255
Situs of Property
256
Rule as to Real Estate
257
Personal PropertyTangible
258
Personal PropertyIntangible 248 Rule as to Life Insurance
259
Dower and Curtesy 250 Property Held Jointly or by Tenants in the Entirety
260
Transfers by Decedent in His Lifetime
262
Property Passed Under Power of Appointment
263
MATTERS OF PROCEDURE 253 Domicile
267
Jurisdiction 255 Inventory and Appraisal
269
Ascertaining Values for Taxation 257 Assessment of
270
Appeals from Assessment
271
Payment of State Tax 260 Payment of Tax on Land Values
272
Payment of Tax on Legacies 262 Responsibility for Payment of Inheritance Taxes
273
Special Cases
274
DEDUCTIONS AND EXEMPTIONS 264 Deductions 265 Funeral and Burial Expenses 266 Allowances to Family 267 Taxes Due at Time of Death ...
276
Usual State Exemptions
279
INVENTORIES 281 272 Importance of Inventory
281
The Inventory the Basis of Accounts 274 Time of Filing Inventory
282
Inclusion of Real Estate 276 Inclusion of Accruals
284
Assets of No Value or Doubtful Title
285
Articles Reserved for Decedents Dependents 279 Summary of Inclusions 280 Forms of Inventory
286
Schedules
287
Amount of Description Required
288
Certificate
289
APPRAISEMENT 284 Authority of the Federal Regulations 285 Who Makes the Appraisement
291
Appraisement of Official Appraisers 287 Qualifications of Appraisers
293
Notice of Appraisal 289 Procedure at Appraisals
294
Ascertaining ValuesGeneral Rules
295
Ascertaining the Value of Real Estate 292 Ascertaining the Value of Stocks and Bonds
296
Rights to Subscribe to Stock
314
Distinguishing Between Corpus and Income
315
Discharging a Mortgage
316
Balancing Equities 315 Taxable_Income Not Synonymous with Trust Estate Income
317
Proceeds of Insurance Policies 317 Live Stock and Crops
318
Miscellaneous Assets 319 Effect of Federal Tax Laws
319
ESTATE FOR LIFE OR FOR YearsREMAINDERS AND ANNUITIES 320 Use of Terms 321 Taxability of Such Interests
321
How Values Are Calculated 323 Using Mortality Tables
323
Case of an Annuity
326
Hypothetical Annuities
327
Value of Remainders
328
FEDERAL Estate Tax 327 Nature of the
330
Exempt Estates 329 Estates of NonResidents Taxed
331
Transfers That Are Taxable 331 Life Tenancies and Remainders
332
Gross Estate
333
Transfers by Decedent in His Lifetime 334 Taxable Insurance
335
Location of Property as Affecting Inclusion 336 Held Jointly or as Tenants in Entirety
336
Payment of
337
Responsibility for Payment
338
DEDUCTIONS UNDER THE FEDERAL LAW 339 The Net Estate
340
Funeral and Administration Expenses
341
Claims Against the Estate
343
Unpaid Mortgages 343 Losses from Casualty or Theft
344
Support of Decedents Dependents
345
Property Previously Taxed 347 Specific Exemptions
346
Deductions Allowed NonResident Decedents
347
PROCEDURE UNDER FEDERAL Law 349 Filing Papers for Federal Tax 350 The SixtyDay Notice
350
Filing the Federal Return
351
Nature of Return
352
Extension of Time for Filing Return 354 Computation of
353
Penalties
354
Part IVThe Law of Trusts By Thomas Conyngton
357
XL THE NATURE OF TRUSTS 356 TrustsDefinitions 357 Common Law Titles 358 Courts of Equity 359 Equitable Titles
359
The Legal Title in the Trustee
362
The Equitable Title in the Beneficiary 362 Creating a Trust
363
The Instrument That Creates a Trust
364
Express Trusts 365 Implied Trusts
365
Duration of Trusts
366
Powers of Trustees 368 Trust as Meaning a Trade Monopoly
367
Why Trusts ARE FORMED 369 The Objects of Trusts 370 Trusts to Hold Property in Family
370
Trusts to Accumulate Income
372
The Rule Against Perpetuities
373
Trusts for Charity
375
PARTIES 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 379 Other Corporate Bodies as Trustees
380
Banks and Trust Companies as Trustees 381 Unincorporated Associations as Trustees 382 Capacity for Trusteeship
381
Who May Be a Beneficiary
382
IMPLIED Trusts
399
RIGHTS OF BENEFICIARY
419
How Powers Are to Be Exercised
430
Fault of CoTrustee
437
Investments of Principal
447
CHAPTER
455
ISTRATOR
467
ADVANTAGES OFFERED BY CORPORATE FIDUCIARIES
477
Investments
492
A Typical Case
493
Contrasted Administration by Bank or Trust Company
494
Relation of Trustee to Beneficiaries
496
A Corporate Fiduciary Will Keep Accurate Records
497
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
The Difficulty of Securing Honest Administra tion 504 Cases in Point
502
Why a Corporate Fiduciary Cannot Be Dis
503
Summing Up the Qualifications of a Fidu ciary I
505
CUSTODIAN AGENT AND DEPOSITARY 507 Sundry Fiduciary Relations 508 Banks and Trust Companies as Custodians
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
LX
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
LXI
532
Who May Act as Transfer Agent
533
The Advantages of an Outside Corporation as Transier 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
ORGANIZATION OF A Trust DEPARTMENT OF A Bank OR Trust COMPANY 547 537 Divisions of a Trust Department
547
The Trust Committee 539 Duties of the Trust Officer
550
The Duties of the Assistant Trust Officer
551
THE RELATION OF THE LEGAL PROFESSION TO BANK OR TRUST COMPANY ACTING IN A FIDU CAPACITY 553 541 The Advice of Co...
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 CIARY
559
1
561
Part VIAccounting for Estate of Decedents By Paul W Pinkerton 565 LXIV PURPOSE AND THEORY OF Estate ACCOUNTING 8 549 Purpose of E...
565
Lack of Knowledge of Subject
566
Increasing Importance of Subject
567
The Legal Obligation to Account 553 General Principles of Estate Accounting
568
Separation of Corpus from Income Must Be Maintained 555 All Assets Must Be Accounted
569
Need of Full Explanations of Entries
570
Service of the Public Accountant
571
Choice of the Accountant
572
Extent of His Employment
573
Purpose of Part VI
574
PRELIMINARY MATTERS
576
ACCOUNTS REQUIRED FOR ADMINISTRATORS
585
Books To Be KEPT BY ADMINISTRATORS
597
TYPICAL ENTRIES FOR THE ADMINISTRATOR
606
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
EXECUTORSHIP ACCOUNTING 631 619 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
Payments of Income
636
Real Estate Passing Directly
637
CLOSING THE Books AND PREPARING 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
Credits from the Realization Account
644
Realizatior of Assets 635 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
PRINCIPLES OF TRUSTEESHIP ACCOUNTING 652 643 Preliminary Matters
652
Trustees Duties Less Involved Than Execu tors
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 KEEPING THE TRUSTEES ACCOUNTS
660
655 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 678 673 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
ACCOUNTING BY TRUST COMPANIES 693 684 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
10
705
Analysis of Preceding Will
712
Declaration or Deed of Trust
721
Petition for Revocation of Letters
727
Appointment of Bank as Transfer Agent
733
Certificate of Stock by Bank as Transfer Agent
739
Synoptic for the Accounts of an Administrator
753
30
760
Detailed Accounting Forms of a Trust Department
766
340
782
Appraising Patents TrakeMarks Copyrights 300 Insurance 301 Valuing Other Property 302 Report of Appraisers
814
Compensation
822
22
824
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Popular passages

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 242 - ... pursuant to the terms of the will or deed creating the trust...
Page 235 - ... (1) income accumulated in trust for the benefit of unborn or unascertained persons or persons with contingent interests, and income accumulated or held for future distribution under the terms of the will or trust...
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, registrar of stocks and bonds, guardian of estates, assignee, receiver, committee of estates of lunatics, or in any other fiduciary capacity...
Page 335 - ... to the extent of any interest therein of which the decedent has at any time made a transfer, or with respect to which he has created a trust, in contemplation of or intended to take effect in possession or enjoyment at or after his death, except in case of a bona fide sale for a fair consideration in money or money's worth.
Page 352 - If the executor is unable to make a complete return as to any part of the gross estate of the decedent, he shall include in his return a description of such part and the name of every person holding a legal or beneficial interest therein, and upon notice from the collector such person shall in like manner make a return as to such part of the gross estate.
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 244 - All persons, In whatever capacity acting, including lessees or mortgagors of real or personal property, fiduciaries, employers, and all officers and employees of the United States, having the control...
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 94 - ... 1. Where the decedent was, at the time of his death, a resident of that county, whether his death happened there or elsewhere.

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