Evening star., 1951-06-12
By Betty Miles

More ana more, according 10
Miss Mary Chadwick. assistant
trust officer for the Washington
Loan & Trust Co., persons Of mod
crate means are becoming inter-
ested in estate planning"
An estate, in this case. is not a
mansion overlooking innumerable
acres. An estate represents all the
assets owned by an individual.
fnd estate planning involves dis
bursing these assets as wisely and
effectively as possible in chang
ing world.
Single women are beginning to
realize the wisdom Of using an ex-
|pert's advice. From the point Of
view Of taxes alone they know
they must plan their estate. And
women who might one day be
widows are learning the wisdom
of familiarity with an estate plan
carefully made by their husbands
Trust companies, trust divisions
of banks, some lawyers, and in.
surance companies offer estate
planning services. BY finding Out
what the customer owns, what
obligations must be met and what
he wants to accomplish with hi.
estate they help him compose 6
will, and trusts, If he wishes, tina,
will serve him well. Teamwork or
the part Of the bank, attorney anc
insurance representative provid.
effective results.
Experts beseech people not tt
make their own will. "They
always" Miss Chadwick statec
simply, defeat their own pur-
pose."
Moreover. none of us woulc
dream of allowing our most trust.
ed friend to remove our appendix
or decide about the nature of oul
Affections and methods for treat
ing them.
Yet the man or woman whit
lcarefully selects q doctor and ;
dentist will frequently trust th'
Execution Of his will or the carry
ling out of his trust to a frient
lill-equipped to handle his affairs
l"Don't," counSels Miss Chadwick
Iunderscoring the advice Of othe,
experts, select a friend as you
executor or trustee"
Aside from the question Of tn,
friends adequate knowledge o
finance. there are other considera
ltions. He, or she. may become III
and unable to act when the tim
Earrives. He may also find tn
task a burdensome one. becoming
, increasingly so with the passin
years. A trust company, or tn
trust division of a bank, on tn
other hand, not only provide
I trained personnel. but continuit
as well. Should the person wit
r whom the original negotiation
were carried on leave the scene
another employe will be on han
to take over.
t The guarantee of a definit
monthly income from the hus
l bands estate is one Of the reason
r women prefer trusts, Miss Chad
e wick explained, but one considera
!, tion is vital in this arrangement v
: the trustee should have the righ
to 60 into the capital, or body O
4 the money, If necessary. Their
should be at least some measur
r Of flexibility in either a trust O
) a will when some one will be de
) pendent upon the income from II
r Otherwise, changing times, or
change in the inheritor's circum
stances. may make the origina
4 amount far too inadequate, ye
the inheritor will be unable t
have that amount increased.
Ell A wife should most certainl
= know the provisions of her hus
G bands will. Attending confer
ences between him and his banke
and lawyer has other advantage
!, too. One is the fact that he
r acquaintance with these person
S will make her feel she is anon
4 1Ifriends after her husbands deati
Misconceptions about financis
= matters can be very eApensiv,
S Many married couples, Miss Chad
t wick has learned, think that
S one dies without a will the othe
g will get the estate. But in tn
!. District of Columbia this is ia
d from the case. The wife would ge
!, one-half of it if there are no chi
S dren, while the other half would g
It to the brothers and sisters, or
t the children Of the brothers an
sisters.