Wills, Estates, and Trusts: A Manual of Law, Accounting, and Procedure, for Executors, Administrators, and Trustees, Volumen2

Thomas Conyngton, Harold C. Knapp, Paul Whittier Pinkerton

Ronald Press Company, 1921 - 825 páginas

Vista previa de este libro »

Dentro del libro

Páginas seleccionadas

Contenido

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 PAGE 359 370 Trusts to Hold Property in Family	370

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

561 Advice to the Accountant	576

Trusts to Accumulate Income	372

The Rule Against Perpetuities	373

Trusts for Charity	375

PARTIES TO TRUSTS	377

Trusts Created By Minors Lunatics 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

TRUSTEES	385

IMPLIED TRUSTS	399

CARE OF THE TRUST ESTATE	408

RIGHTS OF BENEFICIARY	419

Right to Have Trustees Removed	420

Right to Follow the Trust Fund 424 Remedy Against Trustee	421

POWERS OF TRUSTEES 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 LA TRUSTEES LIABilities 8432 General Liability of Trustees 433 Bre...	430

Making Bad Investments	431

Negligence in Investing Funds	432

Theft or Robbery	436

Accident	437

Fault of CoTrustee	438

Mingling Trust Funds LI TRUSTEES FOR MARRIED WOMEN PAGE	439

440 The Common Law and Married Womens	440

The Common Law and Trust Estates	441

Marriage Settlements	442

Creating a Wifes Separate Estate	443

The Modern View	444

GUARDIANS FOR INFANTS 445 Orphans Courts	445

Maintenance and Education	446

Using the Principal 448 Investments of Principal 449 Payments by Guardian 442 LIII TRUSTEES FOR INSTITUTIONS 447 450 Management of C...	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	455

Trustees for Public Institutions	456

Educational Institutions	457

TERMINATION OF TRUST 463 How a Trustee is Discharged	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 FINANCIAL CORPORATION AS EXECUTOR ADMIN ISTRATOR OR TRUSTEE 468 Introductory 469 Choosing an Executor	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 FIDUCIARIES 481 Difficulty of Selecting a Suitable Executor 482 Why a Bank or a Trust Company ...	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

Individual Administration of Large Estates	484

Care Required to Conserve Income	486

Corporate Fiduciaries for Long Terms	487

PAGE	488

Corporate Fiduciaries Are Skilled in Making 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

A Case in Point	502

Why a Corporate Fiduciary Cannot Be Dis	503

Summing Up the Qualifications of a Fidu ciary	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 LX A BANK OR TRUST COMPANY AS CORPorate Trustee FOR BONDHOLDERS 515 Corporate Trustees 516 Indi...	516

The Purpose of a Trust Agreement	517

The Usual Forms of Trust Agreements	518

The Legal Effect of Trust Agreements	519

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 Registrar 526 Definition of Transfer Agent	532

Who May Act as Transfer Agent	533

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

ORGANIZATION OF A TRUST DEPARTMENT OF A BANK OR TRUST COMPANY 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 CIARY CAPACITY 541 The Advice of ...	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 ACCOUNTING 549 Purpose of Estate Accounting	565

Lack of Knowledge of Subject	566

Increasing Importance of Subject	567

First Steps 563 Briefing the Will	577

THE ACCOUNT TO BE RENDERED 564 The Final Accounting	581

565	582

Procedure in Accounting 568 Form of Account 569 Vouchers for the Account	583

ACCOUNTS REQUIRED FOR ADMINISTRATORS	585

Separation of Corpus from Income Advisable 573 Other Accounts Needed	586

Liabilitics 575 Uses of Accounts	589

General Scheme	591

Method of Closing	592

Subdivision of the Inventory Account	593

Summary	595

BOOKS TO BE KEPT BY ADMINISTRATORS 580 Forms Not the Most Important Thing 581 Single Entry Not Suitable	597

PAGE	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

TYPICAL ENTRIES FOR THE ADMINISTRATOR 590 Purpose of Chapter	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

Income 599 Debts of Decedent	612

Expense against Income	613

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 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 PAGE	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

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

PRINCIPLES OF TRUSTEESHIP ACCOUNTING 643 Preliminary Matters	652

Trustees Duties Less Involved Than Execu	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

tors	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 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 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

Last Will and Testament	710

iii	716

4	721

15	727

Appointment of Bank as Registrar	736

25	742

597	752

Synoptic for Accounts of an Individual Trustee	758

PAGE	766

455	779

662	781

Y 18	787

459	789

606	798

693	800

APPENDIX ACASES	804

467	806

477	808

532	810

370	814

Unincorporated Associations	823

Derechos de autor

Otras ediciones - Ver todas

Wills, Estates, and Trusts: A Manual of Law, Accounting, and ..., Volumen2
Thomas Conyngton,Harold C. Knapp,Paul Whittier Pinkerton
Vista completa - 1921

Términos y frases comunes

administrator amount appointed appraised value assets attorney authorized balance bank or trust beneficiary bonds Butler University Cash certificates of stock cestui que trust charged CHARLES FRAZIER common law corporation court of equity create a trust creator death debit deposit discretion distribution duties entry Estate Corpus executor executor and trustee expenses express trust fiduciary filed Form 32a Gain on Realization guardian held implied trust income individual inheritance taxes instrument interest inventory investments issue Janet Dawson jurisdiction legatees letters testamentary liable Matter ment mortgage N. J. Eq National Bank necessary paid par value payment Perry on Trusts personal property principal probate real estate Realization account receipts records resulting trust REVIEW QUESTIONS rule Schedule securities sell statute synoptic testamentary trust tion transactions transfer agent trust company trust created trust department trust estate trust funds trust instrument trust property trustee's usually York

Información bibliográfica

Título	Wills, Estates, and Trusts: A Manual of Law, Accounting, and Procedure, for Executors, Administrators, and Trustees, Volumen2 Wills, Estates, and Trusts: A Manual of Law, Accounting, and Procedure, for Executors, Administrators, and Trustees, Paul Whittier Pinkerton
Autores	Thomas Conyngton, Harold C. Knapp, Paul Whittier Pinkerton
Editor	Ronald Press Company, 1921
Procedencia del original	Biblioteca Pública de Nueva York
Digitalizado	8 Oct. 2008
Largo	825 páginas

Exportar cita	BiBTeX EndNote RefMan

Acerca de Google Libros - Política de Privacidad - Condiciones de uso - Información para editores - Informar un problema - Ayuda - Página principal de Google