The Richmond Virginian. (Richmond, Va.) 1910-1920, 1915-12-12

&rast this with the record Of millions
OF dollars Of estate funds and property
lost or wasted through dishonest or In
competent Individual trustees and ex-
ecutors For every one exposure Of
defaIcation or waste BY individuals
there are scores OF unpublished In
stances where heirs have suffered such
losses in silence or have compromised
shortcomings out Of court Neverthe-
less, the dockets Of the courts In this
country are crowded with cases in
yolving faithlessness OF trustees dis
honesty and waste.
The trust company appeals especial
4ly to men who have acquired large
fortunes. This Is shown by the in
creasing number of large estates which
are placed in charge OF trust COM
panies. Sometimes the testator makes
the provision that trust companies act
in conjunction with personal advisors
or individuals as co-trustees or ex-
ecutors. This device was employed
by the late Chief Justice of the Su-
perme Court. Melville W. Fuller. and
by the late Marshall Field, of Chi
cago, who left many millions in trust
1t is also becoming practice among
men who have achieved success In
their business enterprises to relieve
themselves of financial responsibilities
in old age by executing deeds Of trust,
providing for the management OF their
properties by trust companies and
charging trust companies to manage
gifts for children or turning over to
them the income from property.
Trust companies not onlv preserve
the value OF the trust estates after the
death OF the testator, but they IN.
crease it's worth by making good in
~
collective" experience. ability and
sound management The trust COM
pany cannot run away like the In
dividual executor. 1t cannot go on
vacations, but it Is always at the SER
vice OF the client. The trust COM
pany offers as protection fund IT.
ca pitai surplus and shareholders
double liability. It Is subject to state
supervision. Its trust department IL
conducted by experienced officers. and
every important trust department!
transaction must be scrutiuized ano
approved by committees OF directors
In many cases there is committee
on trust estates" consisting Of directors
who meet daily, and before whom the
trust Officer places all the matters
calling for special judgment and dis
erection. Then provisions are MADE
for So called ''spendthrift trusts. The
trust company Is held responsible Tor
the proper distribution OF incomes
from estates to benehctaries who
might otherwise run through theiE
fortunes" who may be victims OF dis
soiute habits or be extrAvagant. In
fact. many millions of dollars have
hsen saved by trust companies because
they insisted upon fair and impartial
Interpretation of the wishes of the tes-
tator as expressed In the last tasta-
ment.
II is a natural instince to hold the
thought Of death At a distance. Most
people forget that they will ever DC
confronted hy, the great reaper. II
therefore, happens that every year the
courts are called upon to take charge
of intestate estates and to appoint au-
ministra,or.. The laws Of the various
states provide for the distribution OIL
estates when there Is no will, but this
causes much costly liquidation. The
estate is distributed in 4 manner
which would most likely have been OBJ
jected to by the parent leaving tbs
estate. One advantage Of doing bust
ness with trust company to that the
patron comes to realize the exception.
al advantages which trust company