New Britain Herald Newspaper, September 28, 1926, Page 10

bl NEW BRITAIN DAILY HERALD, TUESDAY, SEPTEMBER 28, 1926. e ESTATE DISPOSAL ANINVOLVED TASK the making of wills, NO FUNDS FOR APPEAL 80 much of the tr = coroner. PRINCESS movement to have flannelette gar- |Joachim of Prussia, widow of former ments outlawed by parliament be-| Emperor William's youngest son, | cense o¢ the numerous accident | was married vesterday to Herr : “The number of inquests I have |Johann Mitchael Von Loe e !,;ml:«l):lo‘lld Lin“.- | held on deaths in this district from |son of Hans Von LDC!"A"?v "g:j:'{ | ts ability, says | this material Lti\'“ marshal of Anhalt. Prince Joachim [tn the ¢ tate of Senator Willlam A. |tate is valued at more than $50,000.- | Condemn Flannelette j Clark, copper magnate, John A.|00 As Household Danger Shelton, of counsel for the claimants | S — has announced. AMERICAN DROWNED Oswestry, England, Sept. 28 (A— Mr. Shelton said the time for filing | Tampico, Sept. 28 (A—John Drew | Flannelette, a popular article of appeal eal would expire October 2. |Hayes, American superintendent of [ wear for women and children, has district the Clark estate in Richmex Ol company, Was [become a common petition of ntly announced the dr erday when his boat ers T — t0So Court's Decision in Clark Case ‘Will Have to Stand (P —Lack vent an of es will pre an ap decision ving t 2 sha the the T is appa W. Aylmer Lewi ¢ H. H. Howard Tells of Traps in Path of Unwary | Speaking at a luncheon of the Lions club at the Burritt hotel this koon, Harry H. Howard, trust offi- ter of the New Britain Trust Co., outlined e Duties ot a Officer.” He dealt comprehensively with the disposal of an estate and | stressed points of importance which | #hould be taken into consideration | when a will is being made, In part, Mr. Howard spo low: You probably connect dutles of | a trust officer could hay en rath- | er easily defined. Today the task is | not so simple. The t of the | income tax, federal estate tax law, a multiplicity of eritance tax laws, together with changes in our own state law, make it the first duty | ©of a trust officer to keep fully and correctly in? d in these matters. Varions services are pub- lished yearly dealing with the in- coms tax, federal estate tax and state inheritance tax laws which are of in- estimable value to a trust officer in connection with his work. ‘ You probbly connect the duties of | a trust officer first, with the settle- | ment of estates and the handling of | trust funds. This is true to a limit- | ed extent and I assume that it is in | connection with this pont that you | may be most easily interested. i “It is not so much the size of an | estate that counts as it is the fact of | providing that the estate which we | leave shall be made to go just as far | as possible in furnishing the protec- | tion for our dependents which, if we are taken away, must be entrusted to other! “Statistics show that In excess of | 90 per cent of all insurance money | pald to beneficlaries in lump sums is lost or dissipated within a period of five yeasr. same lack of busi- ness judgment which 15 apparent in the case of beneficlaries in connec- tion with insurance money is notic able to a very marked degree in case of estate left to beneficiaries un- protected. “The law of the state in which you are domicilag at the time of your death governs the distribution of | your personal estate, if you leave no | will. It would pay each and every | one of you, if you have not already | done g0, to investigate and see how that law would affect your depend- | ents in event that'you were to be taken away. At first glance, you may say that the law will deal with your | property exactly as you would wisk it dealt with, but have you consid- ered the possibility of changed con- ditfons? Possibly both you and your wife might be taken in the same ac- cident or in event that your wife sur- | vived you, she might not live during | the entire period which would be re- quired to protect your children dur- | ing their minority. This is but one Trust | arise that makes it advi average man to execute a will. is simply a business matter and be attended to in a business- | The fact that a man made | a will never shortened his life, but the making of a will has, in some in- stances, served to prolong lives. Then why s it that so many men die with- | out leaving a will It is said that in New York city scarcely five out of | every thousand persons die testate or leaving a will. You may have | heard the argument advanced that | wills oftentimes fail to accomplish | the purposes tended. Almost without exception, the cause may be attributed to the | fact that the person who made the will did not treat it as a business matter, did not review it and keep it up to date as he d other matters pertaining to his personal business. | Then again, injustices of the law in cases of persons dying without wills and you will find that | the first mention almost | compare the 1 classes will should be ¢ ly executed document shoul tally drawn | e drafting | be trusted | nd it shou preferably supervisio must have threa witnesses affix their & erested as der the will act as a witness as ar ns would a ally ependents possible in- cofor ns We shon how t1 der an or to control in order t cash to settle t prov the T your } lateral w bank? been 1 estato, wld he In the tate wonld ¢ considered placing the same in order better to prot pendents and in addition effect a sa in taxes? Up to tt t, it may be t you ses no epecial connection tween dutles of a tr marks mads and t st officer, but the mat | matters per! | tration of t for which they were in- || iGobham Expected o Reach| ter of conferences in connection with !§ rring and estments, tea under “In connc ment of & ust officer It a bank is name ar will or is appoint your estate, im di- lity for the affairs went to his banker | olutely impo: e for him to make a certain paymi on a loan on account of | iness reverses which he had been | obliged to meet. The banker was pe ent and th irate borrower | finally sald to him: ‘Were you ever in the clothing business?’ The bank- er replied that he never was, ‘Well," sald the me nt, ‘you will be to-| morrow morning. This Is literally | true in connection with the settle- ment of estates. As exccutor may find himself confronted with the proposition of managing a dry goods tore, a plumbing business, etc., etc. experience of the trust officer ong the lines of general business the fact that he has the coop- eration and the advice of the other officers and directors of his bank go | far toward qualifying him to cope | with these and similar problems.” | At this point, Mr, Heward out-| lined 13 legal steps which must be en in disposing of an estate, from he filing of the will in t court of robate to the actual distribution of ( w6 estate. Continuing, he said: | 1 have attempted to outlin briefly the duties of a trust office) ach estate which is han trust which comes into our be administered brings its problems and you may rest assured that the work of a trust officer is| not monotonous. It not only volves a mass of detail, but it Is a | constant education not only in con- | nection with the actual business of the administration of the estates and4 trusts, but it furnishes an oppor-| tunity to study human nature that | few vocations present. | “The foregoing steps are the prin- ones in connection with the settlement of an estate. These do not take into consideration the hu- | man element side of the duties of a trust officer, the conferen with the widows and children regarding i to the adminis- | tate, the disposition | lity of con- certain problen ications with- | : the cap- tion of of finan too of the what disposition shall be made of a ertaln picce of real estate. These and other problems too numerous to | mention are constantly demanding | ttention of the trust officer. In | connection with trust n con- it supervision of the securities 1 is required. The income must » collected, income tax returns be prepared od, annual probate accounts cal re- | ports to b al ma 08 LST AP OF 26,000 MILE FLIGHT London This Week | 28 (A — Alan J. British flyer who re- trip to Australi return flight to g- is now about 3,000 miles London. Cobham flew yester- ) miles from Basra, Irak, to ria, landing T.ondon, Se ham, the made the on a om lay § Alexandretta, Bagdad en re It Cot continues to n 1s expected to officials of the g today re with his mes at West- hore by the houses of par- does not ar rush hours 1e Daily Mail 1y's flight T Basr: hole trip. ring. to alight and cading The sun, Mon- ms of it tdday the atmosphere with a heavy HARD O JUDGE BOOKS Volnmes Consideres] By to Be Among “The Best.” g 8 (A—Decause considered equal- W, dal for 1926 ury held the “the the award for ima of the y ary The nsidercd s e LD e D eI se s e et e s s e s eeessassssessssessessssaiessesisy u&wummmmm most 1eds from submitted volumes from 50 cents to Vi . 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