Hammond Times, Volume 14, Number 200, Hammond, Lake County, 11 February 1921 — Page 9

Fridav. February 11, 1021

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IRREVOCABLE DOCUMENTS , , - ' " ) , ..'i A t -f 4 K DRAWN 6V PATRICIANS ' ,-' , t - '' D'Y "" j ON THE EVE OF BATTLE, $ r -'-j - f ( i ' " ' 1 fe "X . I ,

TUB ACRCPOUS

CP ATHENS.

OP ANCIENT CREEK

CULTURE -THE PRESENT PRACTICE P Will MAKING MAO ITS DEVELOPMENT tCNO AFTER THE GRECIAN PERIOD

By FRANCIS H. SISSON,

Vice President Guaranty Trust

Company of New York. IT is a strange fact that many capable persons who devote the energies of a successful lifetime to acquiring a competency eften give little thought to wtiat become ef this property when they are dead or otherwise Incapable of administering It The right to make a will as we understand tt at the present time that Is, the right freely to dispose ef one's goods and lands after death has been a right so jealously contested for between subject and soverlgn that it has come to be regarded as an inherent right of a free people. Brushing aside the restlges of this right. If any, In earlier civilizations, th modern statutes relating to wills are based large. y upon Roman law. In the older Roman law, freedom to make a will was unrestricted, but later the right to dispose of property was curtailed, and a definite portion of the property was required to be left to a disinherited heir.' These abridgments

to the freedom of disposing of property by will exist in practically every country, the foundation of whose legal system Is drawn largely from the Romans, and with us today, limitations In many respects are imposed by the laws of various states of our Union. La Roman law, however, there was no distinction between the nature of the property to be disposed of by will; there was no distinction between goods and lands. Rut later on, in England, an age-long struggle took place between the Roman law as interpreted by the churchmen, the feudal law of the Romans, and the old customsry law of the AngloSaxona, which was not resolved until comparatively recent times. The person contemplating the exercise of the "privilege and duty of making his will" should be care

ful always to consult competent legal advice. The stories hinging on wills scribbled on the back of an old envelope or piece of wrapping paper are largely fanciful. There is another matter almost as Important as directing who shall receive the property after

death, and that Is, who shall han-, Ing is further from the truth. A die It for the benefit of those It-ft j will is only operative and binding

behind. If the maker of a w ill does not decide this, it Is the court which names the administrator. Frequently, this means not only the choice of someone whom the head of the family would not have selected, but it may result In added expense and delay. Many persons hesitate to approach the preparation of a will, feeling that It is a document rhich, when executed, exists for all time, and that they are not prepared for a final decision. Is'oth-

ct the date of the maker's death. Before a person dies he may make any number of wills, each of which iu succession should, by its terms, revoke and cancel all prior wills. The will also enables you to extend the distribution of property over a long period, or to surround It with such restrictions as will protect from ill-advised Investment or mismanagement. The terms and conditions under which trusts are established In wills are manifold. A man may

a typical old french chateau THESE PPOPERTIES ARE GENERALLY BEQUEATHED TO BLOOD RELATIVES WHERE SUCH EXIST

place his estate tn trust for any person wife, son, daughter, or other Individual during his or her life, stipulating that it shall be turned over to someone else at the fcrst beneficiary's death. He may place his estate in trust for a certain time, as in the ca.e of a young son whose education and care he wishes guaranteed, and for whom he wishes property preserved until he shall have attained mature business judgment. He may place his estate In trust to be paid out in periodical Installments to the beneficiary. He may place It In trust for a charity or other Institution. He may provide successively to benefit a person during life and a charity after that person's death.

CLOISTER OP THE CANTERBURY CATMEOAAl, ENGLAN0 ;N CHAUCER'S OAY THE CHURCH WAS THE REPOSITORY Of WILLS.

He may give the full Income to his wife for life and subsequently retain portions for the fund in trust for his children, making different provisions for sons and daughters, as his prudence may suggest. The executor's duties begin with the death of the maker of the will. He may face a year or more of In

tricate work.

All of these duties require knowl

edge of business, experience and Judgment of the highest order, it is clear that the responsibility which a' trustee assumes Is a Tital one. It Is needless to say that th man should not appoint his c.vecu tor and trustee thoughtlessly. For various reasons, therefm-r the advantages of employing i' ecutor a corporation that makes :i specialty of such work Is a pp. i nut Such a corporation Is a trust company. The advantages of :i rruM company as executor and init"C are: Financial respnnsllilif : -m-tlnued existein.-e (the Imihiiuiil named as executor may Pe -;i ' "iporation has unlimited evissenri') : accumulated oxpei ience ; liniiiu i .l Judgment; an impartial viewpoint;

personal viewpoint (the truw

company's officers can bring tr' those interested all the advantage1 that come from contact with an Individual) ; economy (in many States trust companies are not required by law to furnish bonds). There are cases when It Is advisable to Join with the trnst company. In the administration of an estate some Individual who bas an Intimate knowledge of the business or family relationship of the maker ct the will. Such an individual may b his wife, or his attorney who ha nandled his personal affairs for years, or a younger managing partner, or a competent chief clerk of business. Jlany whose genius lies In themaking of money have little ability to conserve it. There Is, therefore, a method by which a suitable portion of such money and property can be placed beyond probability of loss and yet be used for the benefit of the members of a family. It is known as a Toluntary or living trust, because It takes effect durlLg the maker's lifetime. A ew of the representative ob-lart-a Aromtllshed by the 'creation

TftJ Ivtc g( trusts are-: Income paya

ble to a wile during ner me; income payable. to the creator of the fjTiit for the benefit ef children ; inrftoie payable direct to children; in-

jMo be used for the education

of lin InCUviauai; income pnjDi iw

creator of the trust lor mi on iT income payable regularly

lSw ; to provide for a mar-

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band cr wife ;

orce

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coli'jct and dispose of l:rs Ibna. en ci. As trustee under living trusrtthe trust company ofTers the sem advantages which It offers as tru tee under a will the same consessus of trained Judgment, the parr' resources end skilled organisation familiar with the legal provisions and other problems of trust handling, the same economies and th same quality of continuous existence. It was recognition of th' need of such professional service! that brought the trust compary lota existence. The trust company Is todaytherefore, the recognized medium for the execution of trusts of every character. Strict laws, born of wladoro and experience, govern Its operation. Its responsibility Is clearly defined and not to be evaded and is safeguarded and guaranteed by us financial standing. Its special' t.fd facilities and tir.ie-tosted metb ,ls insure efficiency lit the cr.re an4 i!tiidliiiit vt limners fittrustfd to It. !ts reputation ;in'l continued suress ire dependent upon Its well ; lulled e-.eoutiolt i'f :ill trusts. Bern use nf the safogujirds and et cii-ncy afforded by the modern trust .-Miipany tie Held of its service has ivni.:ti;:;My expanded. It is enabled in lii -e! every trust i ciiul rement of the !i!iltdu::i ihioiili life and to consummate his wishes after hi duatU.

to a cna

riage scttlemP

; . r j -w "band cr wife come for lr.tendevlw 5jTOrc to provide Income vnd . . . decree or separation sgreem

MORE ABOUT

NEW NORMAL SCHOOL PROJECT

In a communication sent by E. NCinine. superintendent orf the East Cljicago schoo!s the following; has to do with the proposed Normal school project for Lake countj-; The article In yesterday Times stated very clearly ths terms of thi proposed bill. Tho enclosed statement shows why we must have more norma! schools. Lake county :oes not objec. to the establishing: of other rtate normals. want to take care of ou." children and must have teachers. We rvilg;ht as well be training some of our own boys and virl for this work. They are Just as capable as are the beys and grlris elsewhere. But any boy or girl In tho stats could attend th proposed school. The rest of the state would benefit because w would not draw eo heavily on their tsacher fcupplyIt cost Lake county something--But In answer let me say that If It had not been for the activity of the Lalys ' ounty men the statewide tax would have been assoased. That would have cost each cororation approximately the ollowins amounts ea..-h year: Gary 98.000 East Chicago 10,000 Hammond 24,000 Whlttng: S0 0OO Towns of county 16,0UU Townships 40,000

HANK and PETE

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Shortasre, even If Lake county had secured all the graduates from these schools, 2T. Total graduates from all the schools In 19:0 now teaching-, 965. Total teachers employed in Lake Co., 19:0, 257. Leaving for rest of state, 70S. Of the 965, 477 are college graduates, very few of whom go into the elementary schools, 477. Leaving for ciemrntary schools rest of state, anproximately, Cot.

t:S8.000 Crown Foitit, gam i:,400 Net loss J28U.600 These figures are based on last year's attendance and would b much higher this and the -coming year because we increase so rapidly in school attendance. Arrument for Stato Normal schools: (a) A perfect democracy is possible only thru universal intelligence. (b) Intelligence depends upon educational facilities and opportunities. (c) Educational opportunities depend very largely upon trained teachers. fd) Trained teachers depend very largely upon an adequate number o' state norma! schools. Argument for additional State Norma! Schools: (a) Total lumber of teachers employed in the Mate, approximately, 0,500. (b) Number of new teachers employed yearly, approximately, 33,000. (c) Number of graduate, 1920, Standard Normal Schools: Terre liajte, 10i: Angola, 14; Muncie, 31; Danville. 8. Total 2o College with Normal Dept 2 40 City Normals i-i c'peclal Schools HO Total 590 Total above now teaching 1S8 Total 1920 college graduates now teaching- 47: Total 9 6:. Shortage 20o

Areumit for State Normal school In I

1-ske county: Total number f teacher? in La'.: county, approximately. Su:,. Total new teacher? employed, 257. Total graduates from four standard nrmai schools, 2 SO.

ARE YOU LOOKING FOR A LIVE BUSINESS? Or to Invest Your Money in a Live Way ? in a way which will make your investment SAFE. SOUND and SENSIBLE, and your income BIG and SURE? The Opportunity Is Waiting For You One of the most beautiful and well-built hotels in Hammond, 26 modern rooms, light and comfv. THREE STORE ROOMS one grocery and market, one restaurant and one barber shop. All rooms and stores rented now. $700-Incorne Every Month-$700 Think 'of it! Did you ever hear of an opportunity to invest in a business or real estate with an INSURED INCOME? Not on your life. And only now can you have this bnce-in-a-life-time chance, because the owner is leaving the state. This beautiful, well-built and modern hotel with all rooms rented is offered for sale at a most reasonable price. Cash or terms. i Cal! or Apply at ' i 285 HOFFMAN ST., HAMMOND It Interested

UIQI

Sadie C

TRY A "TIMES WANT AD"

aista Grocery surad! Market

EDWARD HANISH & COMPANY, PROPS.

Phone Hammond 3330

Corner Harrison and Conkey Avenue

SPECIALS FOR SATURDAY and MONDAY

RED HOTS Coney Island Red Hots. While they last, 500 pounds at per pound 12V9C These frankforts made and guaranteed by Swift & Co.

HAMS

Shift's Premium skinned Hams, finest quality whole or half, at per pound

30c

BACON

Finest quality Bacon. 3 to 5 pounds average, whole slab, per pound

PORK SAUSAGE Delicious, finest quality, pure meat, country style. Special, per pound -. 18c

EGGS

Guaranteed new laid, per dozen

36c

BUTTER Famous Brand, finest pure creamery. Per lb. print 4:6c

FLOUR SPJTIZA ..31.

IYRUP

Red Label Karo Syrup, and Blue Label Karo Syrup, 5 pound tins at

Cfierries Royal Anne Brand, finest quality. No. 3 can at 31c

A AMERICAN FAMILY

&JjHlMT m RARS FOR O

Round Steak, best quality Beef, per pound 25c Hamburger Steak, fresh ground, at per pound only 1 5c Beef Pot Roast, young and tender, at per pound only 15c Veal Stew, fresh cut, at per pound 15c Minced Ham, per pound k 13c Good Luck 0!eo, two pounds for only 57c Milk, Tall Cans, Sincerity, Good Luck and Libby's Brand, 2 cans for 23c Sugar, finest granulated, per pound Sc