What are we going to do about it? Possibly a solution may be found in a codicil to the will of Sir John David Rees, Bart., M. P. for East Nottingham, who was killed by a fall from the Scottish express near Chesterfield on June 2, 1922.

"Emou thanontos, when I shall expire.
Michtheto puri soma, burn with fire.
This clean and classic rite is dear, I trust,
Ta God, who gathers up his creatures' dust.
J. D. Rees.

"Note. I have communicated with the Cremation Society of England, 52, New Cavendish street."

In fairness to beneficiaries, it may be said in conclusion that they do not often question the validity of endowments for cemetery care as in violation of the law of perpetuities, yet in the same connection, it must be remeinbered that as a rule such bequests are not in large amount, and therefore, the temptation is lessened.

But courts are not always without sentiment in such matters as is evidenced by a West Virginia decision. A certain town attempted to sell a cemetery which it deemed no longer useful, and alleged that it was overrun by blackberry vines. Relatives of an individual who was therein buried obpected to this procedure, and they were sustained by the Supreme Court, which said:

"If relatives of blood may not defend the graves of their departed, who may? Alwaysthe human heart has rebelled against the invasion of the cemetery precincts; always has the human mind contemplated the grave as the last and enduring resting place after the struggles and sorrows of this world. * * Everything else has changed; but that sentiment remains steadfast today." Further the court said: "The briers and weeds grew up in it. What of that? The blackberry's flower is as sweet to the dead as any. The weed, though so called, spreads `its perfume on the desert air. They, too, are Nature's tributes to the dead.

'Above the graves the blackberry hung,
In bloom, and green its wreath;
And harebells swung as if they sung,
The chimes of peace beneath.'"

EQUITABLE TRUST COMPANY OF NEW

YORK

The strong position of the Equitable Trust Company of New York is shown in the September 10th statement with resources aggregating $327,188,646, including cash on hand and in banks of $36,695,000; exchanges, $17,186,000; due from foreign banks, $2,577,000; public securities, $25,517,000; bonds and mortgages,, $7,637,000; short term invest ments, $2,534,000; other stocks and bonds, $16,454,000; demand loans, $46,205,000; time loans, $29,685,000; bills discounted, $86,556,000; acceptances, $19,968,000; foreign offices, $29,150,000. Deposits, including for eign offices in London, Paris and Mexico City, $257,842,000. Capital is $23,000,000; surpius and undivided profits, $10,224,691.

"I Knew Her When" is the caption of an illustrated folder issued by the Peoples Savings and Trust Company of Pittsburgh, which has as its text the loss of inheritance and insurance money suffered by widows of men who have neglected to make due provision for the protection of estates.

"The Fortune Founder" is the title of a leaflet put out by the Cleveland Trust Company, which describes a practical method of putting aside savings from salary or income after meeting fixed expenses without involving bookkeeping or budget making.

The Madison Trust Company of Madison, Conn., has taken possession of its new banking home.

T

HERE are many ways of approaching

the subject of disposition and conservation of estates. Sooner or later, however, the successful and discerning business man is bound to become interested in the merits of so-called Living Trust agreements. This agreement provides, in effect, for "incorporation" of one's estate and is usually governed by three general provisions, as follows:

(1) Specifies what the trust company is expected to do in connection with the estate during the owner's lifetime; namely, to accept and retain custody of property delivered to it under trust, and perhaps collect income or make investments and reinvestments.

Dispenses With Need of Will

After owner's death, to continue to manage the property, disburse income to beneficiaries and finally distributè principal as directed.

(2) Outlines the rights and powers with respect to the trust estate of the donor or creator of the trust: to receive income, if so specified, or to have distributions from principal in case the trust be revocable in form; to have a final voice in investment or reinvestment matters if desired; to revoke the trust totally or partially or to add to its total. It will be seen that in this way an estate is received as a "going business" and may be operated as such jointly by the owner and the trust company. The advantages to a business man during his lifetime seem easily apparent. The cost of such service rendered to him is quite small, at the present being 5 per cent. of the gross income collected by the trustee. When necessary, it may be possible for him to borrow as against the trust estate. But far more interesting than this is the opportunity the creator of the trust has during the course of his lifetime to closely watch and become acquainted with the trust company he has selected to safeguard his family's financial interests after his death.

(3) An outstanding feature of a Living Trust Agreement is that part devoted to administration of the trust estate after the death of the creator of the trust. This might also be said to dispense with the need of the ordinary will, so that upon the death of the creator of the trust, the estate is automatically "settled" without the customary "probate" proceedings attendant upon ordinary wills. This, of course, does away with needless expense, delay and publicity, and the dependents of the creator of the trust are entitled to receive the income from the estate and amounts from principal as may be directed by the provisions of the trust, without the formal action and without the publicity, delay and expense already mentioned and usually incident to probate administra. tion.

The estate of the average business man may be said to consist of insurance, real estate, stock bonds, royalties, rents and contracts, etc. If he, in later life, should be. come enfeebled in mental powers, the chances for loss and depreciation of his estate under his management are increased proportionately with his failing strength. By incorporating his assets under a Living Trust Agreement during the prime of his strength, it may save him from resultant loss and dependency upon relatives for subsistence in later years. It is often said that insurance money in the hands of widows and orphans lasts but a few months or years. If that is true, it need hardly be doubted that other inheritance would tend to be dissipated if left under a plan of outright distribution to one's dependents as may be usually outlined in the average will.

Modernizing a Will

To modernize a will seems essential, and this may well be done by the observance of three broad essentials.

(1) Treat the property to be held or distributed as a unit, and apportion shares or percentages, for distribution or trust purposes.

(2) Appoint a corporate executor, in any event but, if possible, shape the estate into a trust and name a corporate trustee which will insure economical, safe and sound investment administration and management. A trust may be provided for under a will, and a trustee named as described; but a better way is to establish by a Living, Trust. To illustrate the possibilities of a Living Trust Agreement and how it operates-consider any one of the gentlemen here and let us suppose his insurance amounts to $100,000 more or less. This probably has been taken out, carried, and looked upon as a "backlog" of protection, and should not be mingled with the other holdings. The money would be needed for support of dependents if all else were lost; or perhaps, for the protection of other investment holdings, or for the payment of debts, etc. The entire net income might be made payable to his wife, and should she require amounts from principal for her support it could be paid at the discretion of the trustee.

Instructions to Trustee

After the death of the wife the trust could be held for the children and income paid in equal shares until they became of age and entitled to receive part or all of their shares as distributable to them. Some distinction ought likely to be made should one or more of the children be daughters. Perhaps their shares might be held in trust for them, and income paid throughout their lives, and they might pass any remainder by will to their children; or otherwise as they might wish. In this connection, a home suitable to her station in life might be purchased for each daughter, and title could be kept in the name of the trustee to insure the permanence to her of her home. Perhaps, too, the trustee might be empowered to advance from principal in case of her real need-in other words, great elasticity might be used in the set-up of the trust agreement as to make it possible for the trustee to act for the best existing interests of the daughters after the death of their parents, as the father might, if living. In the case of a son or sons, the trustee could be authorized to make a partial or total distribution to them of their respective shares, but contingent, of course, upon their demonstration to the trustee, if desired, of their ability to handle the principal with discretion.

The owner might direct that the home be held intact for the use of the wife if she survived and cared to occupy it. If not, or after her death, the proceeds of its sale would of course be divided and distributed,

or held in trust as directed, along with the other holdings which might make up the substance of the Living Trust Agreement. The provisions of this agreement might well be the same as those of the Insurance Trust Agreement, just described. However, this would not be at all essential. The maker of this trust might desire to mention, in addition, other relatives as beneficiaries. In any event, he might well direct the distribution of a few thousand dollars to each child upon his death. He might well give the wife, if she survived him, the right to dispose of a third, more or less, of the whole estate by her will upon her death; or, give her the right to have that amount distributed to her upon her written order, but this would not be subject to the discretion of the trustee.

This is only a hint of what may be accomplished under trust agreement. The many advantages of trust agreements over wills are clearly apparent to those who have substantial property and have experienced the pleasure, convenience, and satisfaction arising from a use of the facilities of this modern trust arrangement. It may be borne in mind, however, that any property not delivered and conveyed to the trustee by the maker of the trust during his lifetime may be willed by the owner to the trustee under a will, and the trust agreement will in that event specify that such property so willed and following administration shall be added to the trust. Any will, however, must of course be probated in the regular way as just mentioned.

Any owner of property of $50,000 or more, particularly in the form of investment securities or real estate income producing holdings, cannot but be impressed very greatly with the many advantages awaiting his consideration within the form of modern Living Trust Agreement.

The seven judges to award the Edward W. Bok $100,000 prize to be awarded for the best practicable plan to prevent war-the securities to cover the fund having been deposited with the Girard Trust Company of Philadelphia are Col. Edward M. House, General James Harbord, Ellen Fitz Pentleton, Roscoe Pound, Elihu Root, William Allen White and Brand Whitlock.

The Union Trust Company of Toronto, Canada, which had total assets of $13,301, 000 including $6,538,000 trust assets, at the close of the last year, is issuing some very attractive trust literature descriptive of corporate fiduciary service.