New Britain herald., 1926-09-28

the making of wills, trusts etc, takes so much of the trust officers time that it seemed important to sketch hurriedly some of the prob lems in connection with this fea- ture of the work.
 Tn regard to the duties Of a trust officer-trust officer Is the title given the executive officer in charge of the trust department of a trust company or national bank haV- ing a trust department. Trust de- partments not only settle estates and manage trusts created under wills, but also act as trustee under volun tary and living trusts, as guardian and conservator Of estates, as treas urer of charitable corporations, as depository for stocks and bonds of corporations in connection with re- organizations. etc, as agent for in dividuals in the management of their personal property, collecting their income, making the necessary income tax returns, conferring and advising in regard to investments, etc. It acts as transfer agent for the stock of corporations and as trus tee under bond issues, etc.
 Tn connection with the settle ment of an estate the duties of trust officer begin where you leave off. If a bank is named as executor of your will or is appointed admin istrator on your estate. it immedi- ately assumes responsibility for the management of your affairs. You may have heard the story of the gentleman who went to his banker and told him that 1t was absolutely impossible for him to make certain payment on a loan on account of business reverses which he had been obliged to meet. The banker was persistent and the irate borrower finally said to him: Were you ever in the clothing business?' The bank CT replied that he never was. Well, said the merchant, you will be to- morrow morning. This is literally true in connection with the settle ment of estates. As executor may find himself confronted with the proposition of managing dry goods store. plumbing business, etc., etc. The experience of the trust officer along the lines of general business and the fact that he has the coop eration and the advice of the other officers and directors of his bank go far toward qualifying him to cope with these and similar problems"
 At this point, MT. Howard out lined 13 legal steps which must be taken in disposing of an estate, from the filing of the will in the court of probate to the actual distribution of the estate. Continuing. he said:
 T have attempted to outline briefly the duties of trust officer. Each estate which is handled, each trust which comes into our hands to be administered brings it's own problems and you may rest assured that the work of a trust officer is not monotonous. It not only in- wolves a mass of detail, but 1t Is a constant education not only in con- nection with the actual business of the administration of the estates and trusts, but 1t furnishes an oppor- tunity to study human nature that few vacations present.
 "The foregoing steps are the prin- cipal ones in connection with the of Thpsn 6n not take into consideration the hu- man element side of the duties of a trust officer, the conferences with the widows and children regarding matters pertaining to the admlnis- tration of the estate, the disposition of property, the advisability of con- tinuing or discontinuing a certain business, the matter of the educa- tion of minor children, the problem of financing college educations with out too seriously depicting the cap ital of the fund, the question as to what disposition shall be made of certain piece of real estate. These and other problems too numerous to mention are constantly demanding the attention of the trust officer. In connection with trust funds, con- stant supervision of the securities held is required. The income must be collected, income tax returns be prepared and filed, annual probate accounts made and periodical re- ports to benenciaries rendered.