New Britain herald., 1926-09-28
ESTATE DISPOSAL
 AN INVOLVED TASK
E. H. Howard Tells Of Traps in
 Path of UnVary

Ger of the New Britain Trust Co.,. outlined "The Duties of Trust Officer" He dealt comprehensively with the disposal of an estate and stressed points of importance which should be taken into consideration when a will is being made.
 In part, Mir. Howard spoke as fol- lows:
 You probably connect duties of a trust officer could have been rath- CT easily defined. Today the task Is not so simple. The advent of the Income tax. federal estate tax law, multiplicity of state inheritance tax laws, together with changes in our own state law, make 1t the first duty of trust officer to keep himself fully and correctly informed in these matters. Various services are pub lished yearly dealing with the in- come tax, federal estate tax and state inheritance tax laws which are of in- estimable value to trust officer in connection with his work.
 "You probbly connect the duties of trust officer first, with the settle ment of estates and the handling of trust funds. This is true to limit ed extent and I assume that 1t is in connection with this pont that you may be most easily interested.
 Tt is not so much the size of an estate that counts as it is the fact of providing that the estate which we leave shall be made to go just as far as possible in furnishing the protec- ton for our dependents which, If we are taken away, must be entrusted to others.
 Statistics show that in excess Of 90 per cent of all insurance money paid to benefciaries In lump sums is lost or dissipated within a period of i've yeasr. This same lack of busi- ness judgment which Is apparent in the case of benefciaries in connec- tion with insurance money is notice- able to a very marked degree in the case of estate left to benefciaries un- protected.
 "The law of the state in which you are domicilaf at the time of your death governs the distribution of your personal estate, if you leave no will. It would pay each and every one of you, If you have not already done so, to investigate and see how that law would affect your depend ents in event that you were to be taken away. At first glance, you may say that the law will deal with your property exactly as you would wish 1t dealt with, but have you consid- cred the possibility of changed con- ditions? Possibly both you and your wife might be taken in the same ac- cident or in event that your wife sur vived you. she might not live during the entire period which would be re- quired to protect your children dur ing their minority. This is but one of the contingencies which might arise that makes it advisable for the average man to execute a will. It is simply a business matter and should be attended to In business like way. The fact that a man made will never shortened his life, but the making of will has, in some in stances. served to prolong lives. Then why is it that so many men die with out leaving a will It is said that ip New York city scarcely five out of every thousand persons die testate, or leaving a will. You may have heard the argument advanced that wills oftentimes fail to accomplish the purposes for which they were in tended. Almost without exception, the cause may be attributed to the fact that the person who made the will did not treat 1t as a business matter, did not review it and keep 1t up to date as he did other matters pertaining to his personal business. Then again, compare the injustces of the law in cases of persons dying without wills and you will find that the first mentioned classes are almost negligible.
 "A will should be carefully drawn and legally executed. The drafting of this document should be trusted to no one but lawyer and it should preferably be executed under his supervision. Wills in Connecticut must have three witnesses who must affix their signatures as such. Any person interested as a beneficiary un- der the will should not be asked to act as a witness as any bequests to such persons would automatically be- come void. We should also bear in mind that every will should be so drawn that it provides for every possible contingency, especially in solar as 1t affects our dependents. We should attempt to visualize just how the will is going to operate un- der any and all circumstances. Hard ships have been worked, for instance by a testator leaving only the in- come from a trust fund for the sup port and maintenance of his fam fly and the education of his chill dren, whereas, if discretion had been given the trustee named under the will to use so much of the principal O, the fund as might be deemed necessary to accomplish said purpos- es. he would have more fully accom- pHshed the desired results. Discre tionary power under the will must be specific. It cannot be implied.
 Most of us carry life insurance which will form a part of our estate. How often do we review the situa- ton In regard to our life insurance? Is sufficient insurance payable 10 your estate to cover your debts, tax es and administration expenses SO that 1t will not be necessary to H. quidate the securities which you hold or to sell the business which you control in order to raise sufficient cash to settle the estate? Have you provided for sufficient cash 10 cover the payment of the mortgage upon your house and to release the col lateral which may he held by your bank? If such provision has not been made, then in fairness 10 your estate, immediate consideration al