The Mankato free press. [volume] (Mankato, Blue Earth County, Minn.) 1879-1924, 1913-06-27

+ Will act as executor and ad- +
j. ministrator of estates and in +
+ probating of wills, guardian, +
+ trustee or receiver in bank +
+ ruptcy.
+ Capital stock is 100000; 4
& surplus fund, $4,000 limit Of +
+ indebtedness, 100000. +
+ Organizers, officers connect +
+ ed with the First National +
+ bank.
+ Will begin business before +
+ August I. Z
+ Z + + r + + + + = + + + + =
From Saturdays Daily.
An important financial institution
will soon begin business in Mankato.
In this issue of The Free Press
will be found the articles of incor-
poration of the Mankato Loan and
Trust company. AS stated in the
certificate the general nature of its
affairs will be the transaction or the
business and the functions OF
trust company in accordance with
the laws of the state OF Minnesota,
and under the direct supervision of
the state banking department.
Like other trust companies 1t is
peculiarly an American institution
and organized to meet the demands
of existing business conditions. 1t
may loan and invest money upon
real estate securities for its own
account OF as an agent or as a trus-
tee for others 1t may agree to ac-
cept trusts of any nature and to act
as trustee or as executor or admin
istrator' under wills.
Like state banks it may loan mon
ey and receive security for such
loans by mortgages, trust-deed or by
other pledges. These may be sold
or assigned TO the purchasers to-
gether with the security. Payments
on principal and interest amounts
will be payable to and collected by
the Trust company. Titles to secur.
tiles sold and transferred will be
guaranteed.
The general provisions of it's
charter will give the trust company
the power. 10 act in the place of in
dividuals in all fiduciary relations
especially as executor, administrator
guardian, trustee, assignee, receiver
registrar, depository or escrow agent
1t is only reasonable that one who
has spent his life in the accumula
ton of property in order that his
family may not come to want, should
give careful thought to the manage
ment of his estate after his death
BY means of last will or testament
person may continue to protec,
his property after his decease. 1t is
advisable to name an executor and
a trustee so it is then possible to
preserve the principal of an estate
and keep the same invested in in
terest-bearing securities while the
income may be distributed in accord
ance with the instructions as named
in the will.
Executor May Die.
Where an individual, is selected a.
executor or trustee it often occur
that such person dies before hi
work is completed In such in
stances his successor is appointed b.
the court. Frequently it happens
that such successors would not hav,
been selected or considered by tn
testator. By the appointment OF
trust company the risk from thi
danger is done away with becaus
its life is perpetual. This is tn
most important matter for any on
to consider in providing for the care
full administration of his estate.
will should be prepared by con
petent and experienced attorney
Unlike other trust companies the Il
cal organization will cooperate with
attorneys. No particular attorney wi
be selected to handle all of the probat
court matters, but a special efTol
will be made to have each attorne
represent his own client. Where
certain attorney has prepared til
final testament it is only reasonab
that he should be engaged to act 8
attorney for that particular estate.
trust company, like other co
porations, cannot die and it's service
are at all times available Individ
ais selected may be unwilling, unab
or unfit to act or on account of sic
ness, necessary absence or press
private business and on such accoul
may subject the trusts to neglect
oversight and thereby cause an actu
loss to the estate.
There Are Other Advantages.
Another great advantage in de;
ing with a permanent organizatfo
such as a trust company, is the ia
tdat the matter of fees or the +,
payment of services can be agre
upon at the time OF the will or t
declaration of trust is executed, II
would do away with unreasonat
fees and other unnecessary expens
for such a company is usually
equipped that it can handle all
the details in connection with
estate. Such duties are natura
burdensome for the average busine
man, while the trust company "
become very expert in such imp
tant matters and the duties will
performed in a most satisfactc
manner.
Throughout the United States
%r,st oomnanv iS being recOgniZ