The Bridgeport times and evening farmer. (Bridgeport, Conn.) 1918-1924, 1920-07-16
BANKER TELLS
WHY YOU SHOULD
MAKE YOUR Will

little thought to what will become of
it upon their death. Property is never
without an owner. If a person fails
to make valid disposition of his prop
erty by will, upon his death the law
directs who shall receive it. Any dis
tribution which is made ny statute
must necessarily be fixed and certain,
and cannot take into consideration
the particular yexigencfesIand necesst-
ties which exist in any family condf-
ton. For instance, the title to his
real property Immediately passes to
the persons who are his heirs, and his
personal property is distributed |
among those who are his next of kin. |
The persons who constitute the two |
classes known as the heirs-at-law and /
the next of kin. and the amounts ,
which they shall receive, vary in ac- |
cordance with the statutes of the sew |
eral states.
1t seems strange that through care
lessness and -nattention person
should not give careful thought to
the situation of his family and the
particular needs and necessity of the
objects of his bounty. The wise man
considers not only the amount which
each member of his family is to re-
ceive from his estate, but when and
in what manner the beneficiary shall
receive it. which requires careful con-
sideration of each persons ability to
handle the property which he is to
have.
Age, sex, ability, and experience
must be taken into consid Grafton,
with a view of assuring livelihood
to wife Or children, guarding them
perhaps from the risk of losing their
fortune through inexperience, want
| of judgment, unwise advice. Thus
| a wife who has spent her days in
| bringing up her children may be ut
| terly inexperienced in business at
| fairs, and it is sometim es advisable to
provide that she shall receive the
| income only during her life, the prop
| erty to be divided among the children
| at her death. It. may be unwise to
give a son his full property when he
| reaches the age of FL, but advisable
| to have 1t payable to him as he at
| tains maturity and acquires expert
ence. These objects can be attained
| by creating a trust under which a
| competent trustee is to hold, manage
and invest the property. paying over
only the income to the beneficiary
| until such time as the trust may
| cease.
A person making a will may select
| the person or corporation that is to
carry it into effect as executor" 1t
| Is, generally speaking, the executor S
duty to collect the assets of a deceas-
ed persons estate, wind up his bust
ness affairs. pay his debts, funeral ex-
| penses, and inheritance taxes, and
distribute the balance to persons
named in the will turning over to the
| trustees such property as may be d.
rected to be held In trust.
If person is actively engaged in
| business, it is surely no little concern
to him who shall dispose of that bust
ness. An executor should be chosen
not because of sentiment or affection,
but because of his ability, integrity,
and financial responsibility.
i Even though we assume that a per
son is familiar with the statutes, and
knows to whom and in what proper
ton his property will pass if he fails
kto make a will and is satisfied with
such a distribution. there are many
d;sa dvantages which may arise.
If one does not appoint an executor
. by will, the court will appoint a per
, son to settle the estate, known as ar
administrators: This administrator
may be an absolute stranger to the
family and possibly not one whom
the deceased would have cared to
consider in such capacity.
| Many persons hesitate lO dppiOdI1
the preparation of a will, feeling tina
it is a document which, when execut
ed, exists for all time, and that they
are not prepared at the moment te
make, a final decision. Nothing i
= further from the truth. A will is op
I erative and binding only at the date
r of the makers death. Before a per
3 son dies he may make any number o.
9 Wills each of which in succession
e should. by it's terms, revoke and can
e eel all prior wills. A will should be
9 drawn so that it would do substantial
justice if the maker died shortly aftel
e executing it. If, at any time, a per
r sons family or financial condition.
= change, a new will should be mace u
meet the new conditions.
e One should re-read and conside
), his will each year, for will tina
& | might be entirely just at the time o
! its making might be very unjust am
j improper ten years afterward- DC
e casional revisions will do away will
the necessity of drawing the conpli
S Gated instruments which lawyers ar
d often called upon to prepare, in which
= an attempt is made to provide for al
= possible future contingencies.
g A person making a will should re
member however, the uncertalntie
of life; that the will may go into effec
shortly, and that it may, therefore, b
(. his last opportunity to express hi
wishes in regard to his property
= Viewed in this light, the will is a yer
y important instrument, the wording G
d which should be exact and clearly ex
8 | press his desires. Therefore, it shout
s be drawn by a competent lawyer VIII
= has had experience in such matter:
IS He should be chosen with no less car
- than would be exercised in any othe
9 important act of life.
Home made wills are dangerou
. and too often worthless, for man
niceties of language and law must b
considered and the manner of execu
ton and declaration given careful Al
;s tention.
h Having decided to make a will, an
@ having secured competent attorne
"a to draw it, the maker should CAREFUL
| of