charge of the work in ample time, so that they may be taken care of in due course. REVIEW QUESTIONS 1. What is the advantage of having a separate set of books for each estate? Why is it not feasible for trust companies and banks? What is done to meet this situation? 2. What is the control sheet? What entries are made on the sheet? What is the first entry? 3. What is the purpose of the bank balance schedule? What goes into the credit column? What is the debit column and what goes into it? 4. What is the purpose of the stocks schedule? How is it arranged to accomplish this end? How are the entries made? 5. What is the purpose of the investments schedule? How are the entries made? 6. What is the object of the accrued receivables schedule? What is included in this class of assets? 7. What assets are recorded on the real estate and mortgage schedule? How will a bond and mortgage be entered? What details should appear on the record? How is the schedule used for real estate? 8. What is the miscellaneous schedule used for? 9. What assets are considered cash? What are the successive entries made to show a bank balance? If real estate were sold for cash, what would the entries be? What are the three debit columns for? What are the three credit columns for? 10. In making up the final account, what would be charged to the executor? Into what two accounts could this charge be divided? Into what six accounts? Which are the three credit schedules? What are the advantages of the procedure outlined? What is necessary to ensure correctness? II. What is shown in the Cash Income account? What are the debit entries? What are the credit entries? How is the accounting for income prepared? 12. What is the purpose of the personal trust department record? What is a tickler and how is it used? FORMS Form 1. Last Will and Testament I, Henry H. Beckwith of the City of New York, do hereby make, publish and declare this my last will and testament, hereby revoking all former wills by me made. 1. I give, devise and bequeath to my wife, Esther R. Beckwith, during her life, the use of my house, known as 91 West Seventy-second Street, in the City of New York, and the use of my garage in said city, all taxes and water rates and the cost of all necessary repairs on the said real estate to be paid by my said wife while she has the use of the same. 2. I give and bequeath to my said wife all my linen, bric-a-brac, works of art, household goods and furniture (useful and ornamental), china, plate, silverware, books, and pictures, and the motor cars and appurtenances thereto belonging that I may own at the time of my death. 3. I give and bequeath to my trustees, hereinafter mentioned, such sum, not less than two hundred thousand dollars ($200,000) nor more than three hundred thousand dollars ($300,000) as, in the opinion of my said trustees, shall be amply sufficient to produce an annual income of twelve thousand ($12,000) in trust, however, for the uses and purposes following: (a) To apply, during the life of my said wife, the income thereof, to the extent of twelve thousand dollars ($12,000) per year, in equal quarterly payments to her use, and during the same period, to apply the income, if any, in excess of that sum to the use of my lineal descendants, in equal shares, per stirpes, and not per capita. (b) Upon the death of my said wife, to dispose of the principal of the said trust fund as part of my residuary estate, in the manner directed by the tenth article of this will. I declare that the provisions of this will for the benefit of my said wife are to be in lieu and bar of her dower and of all other right, share, or interest of, in, or to my estate. 4. I give and devise to my son, Henry H. Beckwith, Jr., that certain parcel of land on which is my summer home at Bristol, Massachusetts, known as Birch Lodge, together with all other buildings thereon and the contents thereof and the appurtenances thereto, and all my land in the town of Bristol aforesaid, to have and to hold the same to him, his heirs and assigns forever. 5. I give and bequeath to my said son all my jewelry, wearing apparel, personal ornaments and effects. 6. I give and bequeath to my trustees, hereinafter named, the following sums in trust, for the uses and purposes following: (a) One hundred thousand dollars ($100,000) to apply the income thereof to the use of my brother, Rufus A. Beckwith, during his life. (b) Fifty thousand dollars ($50,000) to apply the income thereof to the use of Maud Beckwith, wife of my said brother, Rufus A. Beckwith, during her life. (c) Twenty thousand dollars ($20,000) to apply the income thereof to the use of my cousin, June Stimson, the widow of John Stimson, during her life. |