delivered. Can be had of D. A. Keister & Co., Accountants and Auditors, 88 Wall Street, New York City. 7. Yes, this system is fully illustrated and explain ed in the work referred to in answer six above. Administrators and Executors. Questions. 1. How is property disposed of by Will? 2. What is a Codicil? 3. How are wills revoked? 4. By whom are executors and administrators appointed and what are their general duties? 5. Can a corporation act as an administrator or executor? 6. What is the mode of transferring shares in names of joint executors? 7. What is the responsibility of a corporation in case of an administrator's sale of shares under order of Court? 8. Is a corporation chargeable with notice of the fiduciary character of an administrator and assignee holding its shares ? 9. Has an administrator or executor the right to vote at corporate elections? 10. What is the duty of a corporation in case of an administrator's sale of shares? 11. Is an administrator or executor personally liable as a shareholder? 12. If an administrator or executor deposits the estate funds in the name of the estate, as executor or administrator, and the bank fails, is he personally liable? 13. If an administrator or executor deposits the funds in his own name, is he personally liable if the bank fails? 14. In dealing with an administrator or executor, what are the principal things to guard against? Administrators and Executors. Answers. 1. It is very difficult to make an unobjectionable will. There are some blank forms for wills printed, but there are but few cases in which they can be applied, as they are made under a great variety of circumstances. One may be called upon to make his own will, or for a friend or neighbor, under circumstances that would not permit delay, and they may be properly drawn where the author has a knowledge of the legal principles, but in every instance a competent lawyer, experienced in this branch of law, should be consulted whenever it is possible so to do. Any person of full age and sound mind and memory, and not under any restraint, having any property, personal or real, or any interest therein, may give and bequeath the same to any person by the last will and testament lawfully executed. In some of our States minors may bequeath personal property, and a frequent limitation of the age for such bequests, is eighteen. years for males and sixteen for females. The testator should say distinctly, in the beginning of the instrument, "that it is his last will, while the law gives effect to a last will always, it is well and usual to say "Hereby revoking all former wills, " provided, however, other wills have been made. Every last will and testament should be in writing, and signed at the end thereof, by the party making the same, or by some other person in his presence and by his express directions, and should be attested and subscribed in the presence of such party, by two or more competent witnesses, who saw the testator subscribe, or heard him acknowledge the same. The witnessing part is of very great importance. The requirements in the different States are not precisely alike; but they are all intended to secure such attestation as will leave the fact of the execution of the will, and its publication as such, beyond doubt. A testator should sign, seal and declare it to be his last will and testament in the presence of two or more disinterested persons as witnesses, and each should then, in the presence of the testator and of the other witnesses, sign his name as witness. Each should see the execution which he says he witnesses; and the signing by the vitnesses should all be seen by the testator when possible. If the testator is too feeble to write his name, let him make his mark, which is usually the cross. It is important that witnesses should be selected with great care, as their evidence is first to be taken if a question should arise regarding the testator's sanity. Married women, minors and any other person competent to transact ordinary business may be witnesses, but no person should be a witness who is a legatee, or an executor or otherwise interested in the will. When a legatee is the only witness by which a will can be proven, the devise or bequest to him is rendered void, thus leading to unintended results. In the body of the will, the testator should express his wishes as clearly and accurately as possible. The word "bequeath" applies properly to personal estate, only, the word "devise" to real estate only, therefore it is safe to begin, "I give, bequeath and devise my estate and property as follows: that is to say," then proceeds to say what shall be done with each piece of property, or sum of money. A testator should always name his executors; but the will is perfectly good without any executor being named, for the Court will appoint an "Administrator" with the will annexed. 2. A codicil is a small additional will, it is a testamentary disposition, not revoking the former will, but varying it in some way, or making changes. There can be but one will, and that the last; yet there may be any number of codicils, all valid. 3. A will shall be revoked by the testator tearing, cancelling, obliterating, or destroying the same, with the intention of revoking it, by the testator himself, or by some person in his presence, or by his direction; or by some other will or codicil, in writing, executed according to law. A will is revoked by the operation of law, if the testator afterwards marry and have a child. If after this a testator intends that his will shall take effect, he should expressly confirm it, or better still, make a new will. If a testator leaves anything to his wife, and intends that she should have it instead of dower, or of the additional rights which recent statutes in some of the States have given her, he should say so. Then she will not have both, but may choose between the provisions of the law and that of the will, taking whichever she prefers, and leaving the other. 4. An executor is a person named in the will of a deceased person, to settle his or her estate. There may be one or more, male or female. An administrator is one appointed by the Court to settle the estate of a deceased person. If the deceased left a will, but did not appoint an executor, or the appointed executor refuses to act, resigns, or dies, or for any other reason fails to act, an administrator is appointed by the Court, "with the will annexed." The wife of a deceased husband or the husband of a deceased wife, generally has the right to be appointed administrator, after them the next of kin in the order of relationship. But the Courts have some discretion in the matter. In this country, the judicial officer, or judge who has charge of the settlement of estates, proof of wills, and of proceedings under them, is generally called the Judge of Probate, Surrogate, Registrar of Wills or Probate, Judge of the Orphan's Court, etc. The Judge of Probate, etc., is usually a county officer, and his jurisdiction is limited to his own county. An administrator derives his authority from the Court. While the title of an administrator does not exist until the grant of administration, it goes back to the death of the deceased, but then only in order to protect the estate, and not for any other purpose. The duties of an administrator are substantially the same as those of an executor; excepting that he must distribute and dispose of the estate as the law requires, as he has no will to direct him, unless he is an administrator with the will annexed. An executor derives his authority from the will, and his duties begin at the death of the testator. While the property of a testator must be distributed and disposed of as directed in the will or by order of the Court, the law must in all cases be complied with. Many persons are appointed to act as executor or administrator who have little or no knowledge of the law governing their duties and actions, but in all cases, and at all times, the Court will instruct and direct upon all matters, and its orders must be carried out. For an executor or administrator to properly conduct and close up an estate, they should make a complete study of all laws governing such matters of the State in which the estate is located. This is a broad, deep subject, and should be thoroughly understood, as one is apt to be called upon at any time to serve in this capacity. When an estate consists of real estate only, it is not so difficult to close up as when it consists of real and personal property, that is, when the testator was a joint or sole owner in a mercantile or manufacturing busi ness. Every executor.or administrator shall, within three months after his appointment, make and return upon oath, into Court, a true inventory of all the goods, chattels, moneys, rights and credits of the deceased, which are, by law, to be administrated, and which shall have come to his possession or knowledge. If the Court, at the time of granting letters of ad- . ministration or letters testamentary, shall think proper, it may also order the executor or administrator to also include in the inventory an appraisement of all the real estate of the deceased. The estate and effects comprised in the inventory shall be appraised by two (in some States three), suitable, disinterested persons, who shall be appointed by the Court, and sworn to a faithful discharge of their trust. A notice of the time and place of making such inventory and appraisment shall be served by the executor or administrator not less than five days previous thereto, on the widow, creditors, legatees, and next of kin. At the appointed time, the appraisers shall, in the presence of such legatees, or creditors of the testator, as shall attend, proceed to estimate and appraise the property and estate; and each article or item shall be set down separately with the value thereof, in dollars and cents, in plain figures. The inventory shall contain a particular statement of all bonds, mortgages, notes and all other securities for the payment of money, belonging to the deceased which are known to such executor or administrator, specifying the name of the debtor in each security, the date, the sum originally payable, the indorsements thereon, if any, with their dates, and the sum which, in the judgment of the appraisers can be collected on each claim. The inventory shall also contain a statement of all other debts and accounts belonging to the deceased, which are known to such executor or administrator, specifying the name of the debtor, the date, the balance or thing due, and the value or sum which can be col lected thereon, in the judgment of the appraisers. |