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"London and North Western Cons..."London and North Western Consolidated Stock."
"London and North Western Consolidated Stock."
Solomon Solfar was a solemn man, and his Will was proved in solemn form. He died quietly in his bed on the 1st April, 1912, leaving a Widow, two Sons (Matthew and Mark), and one Daughter (Mary).
On the 1st April, 1913, after all Debts, Testamentary and other Expenses had been paid, the Estate consisted as follows:—
£6,000 23⁄4% Annuities at 765⁄8.£2,000 Swansea Corporation 3% Stock at 83 (Interest payable 1st January and 1st July).£6,000 London and North Western Consolidated 4% Stock at 103 (Dividends payable 15th February and 15th August).1,000 Birmingham Small Arms Cum. 5% Preference Shares of £5 each at £51⁄4(Dividends payable 1st March and 1st September).£5,000 British Westinghouse 4% Debenture Stock at 63 (Interest payable 1st January and 1st July).
£6,000 23⁄4% Annuities at 765⁄8.
£2,000 Swansea Corporation 3% Stock at 83 (Interest payable 1st January and 1st July).
£6,000 London and North Western Consolidated 4% Stock at 103 (Dividends payable 15th February and 15th August).
1,000 Birmingham Small Arms Cum. 5% Preference Shares of £5 each at £51⁄4(Dividends payable 1st March and 1st September).
£5,000 British Westinghouse 4% Debenture Stock at 63 (Interest payable 1st January and 1st July).
Mr. Solfar made during his lifetime advances of £500 to each of his Sons, which at his death were brought into Hotchpot, and interest charged thereon at 5% per annum. He directed his Estate to be left in Trust, the Income to be applied, first in payment of £75 a quarter to Mrs. Solfar, and the balance to be distributed half-yearly in equal shares to Matthew, Mark and Mary.
Write up the books of the Trust, ignoring Income Tax, for the year ending 31st March, 1914, the balance of Income in hand on 1st April, 1913 (after making all necessary payments to the beneficiaries) being £12 0s. 0d.
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Mr. Hopkins bodyguard, The Pr...Mr. Hopkins' bodyguard, The Pride of Bristol.
Mr. Hopkins' bodyguard, The Pride of Bristol.
The life of Hezekiah Hopkins had been a warning rather than an example to others, and the administration of his affairs at death caused his Executors and Trustees to use words which are only permissible amongst gentlemen when the ladies have withdrawn from the dinner table.
Mr. Hopkins died on the 25th June, 1913.
His Will had been proved, Estate Duty and Legacy Duty had been paid, but the Trust could not be closed owing to the fact that the Residuary Estate had been left to Nathaniel Hopkins, a nephew, for life with remainder over to the said Nathaniel's eldest god-son Walter Blackside, subject to an annuity of £200 which the Testator hadcovenantedto pay to the "Pride of Bristol," a prize fighter, who had acted as bodyguard to Mr. Hopkins during that gentleman's earthly peregrinations.
The Residuary Estate consisted of the following property:—
(1) Leasehold Property having 30 years to run, producing £900 per annum. The property, which was valued for probate at £15,000, and which was subject to a Ground Rent of £100 per annum, was sold on on the 24th June, 1914, for £16,400 and the proceeds invested on the following day in Consols at 73, including brokerage, &c.(2) Deceased's Share in the firm of Hezekiah Hopkins &Co. This amounted to £18,000 upon the death of Mr. Hopkins, and, according to the Partnership Deed, was to be paid out by instalments of £6,500 a year including interest at 5% on the unpaid balances. The first instalment was to be paid on the first anniversary of deceased's death.(3) A Reversionary Interest in the Estate of his Uncle Mr. John Oppit, the life interest of which was being enjoyed by Mrs. Oppit. This Reversionary Interest was valued, at the death of Mr. Hopkins for probate purposes, at £850, and was retained until the 25th June, 1916, when it fell into possession. It then consisted of £1,500 India 31⁄2% at 88.(4) £10,000 invested in a Loan redeemable on the 24th June, 1915, with interest at 10% per annum payable half-yearly on the 25th December and the 24th June in each year.The Trustees decided on their own responsibility to retain this investment, which was redeemed on the due date and the interest paid in the meanwhile.(5) £10,000 India 3% Stock at 84, purchased by Deceased on 18th June, 1913.
(1) Leasehold Property having 30 years to run, producing £900 per annum. The property, which was valued for probate at £15,000, and which was subject to a Ground Rent of £100 per annum, was sold on on the 24th June, 1914, for £16,400 and the proceeds invested on the following day in Consols at 73, including brokerage, &c.
(2) Deceased's Share in the firm of Hezekiah Hopkins &Co. This amounted to £18,000 upon the death of Mr. Hopkins, and, according to the Partnership Deed, was to be paid out by instalments of £6,500 a year including interest at 5% on the unpaid balances. The first instalment was to be paid on the first anniversary of deceased's death.
(3) A Reversionary Interest in the Estate of his Uncle Mr. John Oppit, the life interest of which was being enjoyed by Mrs. Oppit. This Reversionary Interest was valued, at the death of Mr. Hopkins for probate purposes, at £850, and was retained until the 25th June, 1916, when it fell into possession. It then consisted of £1,500 India 31⁄2% at 88.
(4) £10,000 invested in a Loan redeemable on the 24th June, 1915, with interest at 10% per annum payable half-yearly on the 25th December and the 24th June in each year.
The Trustees decided on their own responsibility to retain this investment, which was redeemed on the due date and the interest paid in the meanwhile.
(5) £10,000 India 3% Stock at 84, purchased by Deceased on 18th June, 1913.
Upon the 25th June in each year the balance of Corpus Realised was to be placed on deposit with the Hong Kong and Shanghai Bank at 4%, less any fraction of £100 which was to be retained on Current Account at the Union of London and Smith's Bank.
Mr. Nathaniel Hopkins died on the 25th June, 1916.
Write up the books showing the position of affairs when Mr. Blackside came into the property, ignoring Income Tax.
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Mrs. Wiggins was the Life Tenant and Mr. Gilbert Gunter was the Remainderman of the Property left by the late Ebenezer Wiggins.
Mr. Gunter had begun to despair of ever enjoying the fruits of Mr. Wiggins' generous intentions, when, fortunately for him, on the 14th March, 1914, Mrs. Wiggins got a fish bone lodged in her gullet and died two hours later.
The Accounts had been prepared regularly on the 21st September each year, the anniversary of Mr. Wiggins' death, and the following is the Balance Sheet, dated 21st September, 1913:—
EBENEZER WIGGINS Decd.Dr.Balance Sheet, 21st September, 1913.Cr.£s.d.£s.d.To Estate Account33,90000By Investments:To Income Account12500India 3 per Cent.: £25,000 at 7218,00000Chili 4 per Cent.: £5,000 at 904,50000London United Tramways: £10,000 4 per Cent. Debentures at 707,00000West African Trading Co., Ltd.: 1,000 Shares £1 each fully paid1,00000Freehold House2,60000Furniture and Effects80000Cash at Bank1250034,0250034,02500
Mr. Gunter requires Accounts to be prepared, showing the position of affairs at the 14th July, 1914, and volunteers the following information:—
(1) The Investments remain unaltered, with the exception of the India 3% Stock, which was sold on the 10th January, 1914, and the proceeds, viz., £18,500, were invested in a Mortgage at 5% Interest payable half-yearly on the 10th July and 10th January each year.(2) The Coupons on the Chili 4% Bonds are payable on the 1st April and 1st October, and the Interest on the London United Tramway Debenture Stock on the 1st January and 1st July in each year.(3) On 3rd July, 1914, a Final Dividend at the rate of 15% per annum, free of Tax, was declared by the West African Trading Company, Ltd., and paid on the 8th July, 1914, making, with the interim dividend paid on the 10th January, 1914, 10% for the year ended 30th June, 1914, free of tax.(4) The Freehold House was let on a full repairing lease at an annual rental of £146, the assessment was also £146. The rent is payable quarterly on the usual quarter days.(5) The Trustees had paid to the late Mrs. Wiggins £75 on account of income on the 12th day of each month, including March, 1914.(6) The Professional Accountant's fee for writing up the books from the 22nd September, 1913, to 14th July, 1914, and making the necessary adjustments was agreed at 100 guineas, and this fee was to be apportioned between Mr. Gunter and the Estate of Mrs. Wiggins deceased equally.
(1) The Investments remain unaltered, with the exception of the India 3% Stock, which was sold on the 10th January, 1914, and the proceeds, viz., £18,500, were invested in a Mortgage at 5% Interest payable half-yearly on the 10th July and 10th January each year.
(2) The Coupons on the Chili 4% Bonds are payable on the 1st April and 1st October, and the Interest on the London United Tramway Debenture Stock on the 1st January and 1st July in each year.
(3) On 3rd July, 1914, a Final Dividend at the rate of 15% per annum, free of Tax, was declared by the West African Trading Company, Ltd., and paid on the 8th July, 1914, making, with the interim dividend paid on the 10th January, 1914, 10% for the year ended 30th June, 1914, free of tax.
(4) The Freehold House was let on a full repairing lease at an annual rental of £146, the assessment was also £146. The rent is payable quarterly on the usual quarter days.
(5) The Trustees had paid to the late Mrs. Wiggins £75 on account of income on the 12th day of each month, including March, 1914.
(6) The Professional Accountant's fee for writing up the books from the 22nd September, 1913, to 14th July, 1914, and making the necessary adjustments was agreed at 100 guineas, and this fee was to be apportioned between Mr. Gunter and the Estate of Mrs. Wiggins deceased equally.
Write up the Accounts for the period, making the necessary adjustments, and prepare Balance Sheet dated 14th July, 1914, showing the amount due.
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Mr. Montagu Summers had a conscientious objection to the Income Tax, and a positive loathing of the Super-Tax, and the trouble lay in the fact that he had amassed a considerable fortune in the City of London.
Something had to be done, however, to relieve Mr. Summers of a portion of this scandalous taxation, and so, converting as much of his property into cash as he could spare, he invested the same in various ways in other countries.
He bought Russian 41⁄2% Bonds in Holland of the nominal value of 200,000 Guilders, and a Freehold Farm near Amsterdam, which cost in English money about £8,000.
He bought Freehold Land in Canada, for which he paid £80,000, and deposited with the Calgary Investment &Security Trust $300,000 at 5%.
He lent on Mortgage in New Zealand £40,000, and he had a balance of Fcs. 8,600 to his credit at the Swiss Bankverein, Berne.
"Mr. Montagu Summers had a con..."Mr. Montagu Summers had a conscientious objection to the Income Tax, and a positive loathing of the Super-Tax."
"Mr. Montagu Summers had a conscientious objection to the Income Tax, and a positive loathing of the Super-Tax."
On the 14th November, 1913, Mr. Summers died of blood poisoning, the result of cutting a corn with a blunt razor.
His property in England consisted of his Furniture and Effects valued at £3,800, Cash balance at the London, City &Midland Bank, Queen Victoria Street, £300, and his interest as a Partner in the firm of Montagu Summers &Nephew, which was agreed at £32,640.
The Russian Bonds were sold on the Amsterdam Exchange for 180,000 Guilders, the Farm was valued at 112,800 Guilders, and the Land in Canada was estimated for duty purposes at $122,000.
Assuming the Death Duties in Holland to be 5%, in Switzerland nil, and the rates in the Colonies to be similar to what they are in this Country, show what Estate Duty would be payable in England.
The rates of Exchange can be taken as follows:—
Holland—12 Guilders = £1Switzerland—25 Francs = £1Canada— 5 Dollars = £1
All accruing income to be ignored.
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Mr. Harold Wimpole died in his Opera Hat, and was buried in Willesden Cemetery.
His Will had been proved, Estate Duty had been paid, and the Widow, who was the sole Beneficiary, had found considerable consolation in the £56,200 which had come to her.
This £56,200 represented the Gross Estate, less Debts due by Mr. Wimpole at his death £1,416, Funeral Expenses £39 17s. 0d. which were regarded by all, including the Inland Revenue Authorities, as most reasonable, Estate Duty, Interest on Estate Duty £31 16s. 0d., Testamentary Expenses £140 3s. 0d. and Legacy Duty.
"The Curate looked at the Wido..."The Curate looked at the Widow, and the Widow looked at the Curate."
"The Curate looked at the Widow, and the Widow looked at the Curate."
Eight months had passed away and the rules of Society permitted Mrs. Wimpole to smile occasionally; the Curate, who took an extraordinary interest in Mrs. Wimpole's salvation and the carving of an ancient Japanese Cabinet, had called for tea. The Reverend gentleman, with a sandwich in his hand, was recording the incidents connected with the birth of Buddha, when his fingers happened to touch the spring of a secret drawer in the aforementioned Cabinet.
The Curate looked at the Widow, and the Widow looked at the Curate, and there they stood together, hand in hand, like two young children, in silent amazement, for the secret drawer in the Japanese Cabinet disclosed 25 41⁄2% Foreign Government Bonds to Bearer, of the nominal value of £500 each, and several memoranda of Stock Exchange dealings between Mr. Wimpole and his Broker. The coupons were payable on the 10th March, and the 10th September in each year, and the last coupon which had been cut off was dated 10th September, 1912, exactly 8 months previous to the death of Mr. Wimpole. Mrs. Wimpole consulted the Reverend Oscar Veritas long and earnestly over the matter, and the Reverend Oscar admitted that it was a case necessitating very great firmness of character and honesty of purpose. Ultimately, however, he arrived at the conclusion that Mrs. Wimpole would be unworthy to bear his name in the future, unless she did her duty in the present instance.
What was the pecuniary value of the good man's conclusions to the Inland Revenue in the matter of Estate and Legacy Duty, bearing in mind the fact that the Bonds stood at 92 on the day of Mr. Wimpole's death, and 90, ten months later when Mrs. Wimpole's Solicitor finally settled the matter?
Note.—The Honeymoon was spent in Japan.
Sir Robert Rushforth, J.P., was a big man with a big heart and a wooden leg. He had inherited a fortune, gone bankrupt, and married a Widow, and if anyone had told him he wasn't a sportsman he would have called that individual a liar, and opened a second bottle.
He died on the 4th June, leaving all his property to his Widow, with the exception of his wooden leg, which he directed to be handed over to the Royal Hospital for Incurables, at Putney.
Such was the man, and the contents of his Will so exactly reflected the character of her husband that Lady Rushforth at once had recourse to the smelling salts on reading the document.
He directed the debts, from which he had obtained a legal discharge in Bankruptcy, to be paid in full, he forgave all his Debtors, and instructed his Widow, whom he had appointed sole Executrix and Residuary Legatee, to meet in full all his Gaming Debts. He further directed that a certain debt, in respect of which he had pleaded in his younger days the Statutes of Limitation, should be paid in full.
The name of this latter creditor was Gunter, and the debt, amounting to £25, was in respect of repairs to certain pigsties.
The discharge from Bankruptcy had been obtained by Sir Robert eight years previous to his death. His liabilities had amounted to £16,200, and he had paid 2s. 6d. in the £.
He owed his bookmaker, Mr. Hollins, of Houndsditch, £200.
He had lent his Vicar, the Rev. Aaron Cranium, £100, his sister Blanche £300, and his intimate but impecunious friend, Mr. Algernon O'Gizzard, £50. This latter loan was rendered necessary by reason of the fact that Mr. O'Gizzard had stood bail for a friend who had got into trouble with the police, and who failed to put in an appearance before the Magistrates on the day appointed. Now, Sir Robert happened to be on the Bench that morning, and ordered the bail to be estreated before he realised with whom he was dealing.
Apart from the above property Sir Robert left Personal Estate valued at £62,000. There was no Real Property.
Show what Estate Duty and Legacy Duty were payable upon Sir Robert's death.
Note.—The wooden leg was returned by the Secretary of the Royal Hospital for Incurables at Putney, and being found to be of no intrinsic value was eventually deposited in the family Mausoleum at Norwood.
Note.—The wooden leg was returned by the Secretary of the Royal Hospital for Incurables at Putney, and being found to be of no intrinsic value was eventually deposited in the family Mausoleum at Norwood.
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Mr. James Hotchkiss died in the autumn of age on the morning of his 93rd birthday.
During his protracted life he had always surrounded himself with every comfort, and was reputed to be an exceedingly rich man.
No wonder then that his death should occasion an unparalleled outburst of grief and hatbands on the part of his weeping relatives.
After the funeral, the chief mourners met in the library and the Family Solicitor, with a glass of wine within easy reach, read out the last Will and Testament of James Hotchkiss Deceased.
This interesting document brought a ray of comfort to bleeding hearts, for several substantial Legacies were mentioned, all free of duty, and two at least of the prospective Legatees were observed to make rapid calculations on the left shirt cuff.
"To Rachel and Joyce Proudfoot..."To Rachel and Joyce Proudfoot (my sister's little girls, aged 32 and 27 respectively), £10,000 each."Joyce: "Think of it, Rachel!! Ten thousand pounds!!! Why the young fellows will simply chase us!!!"
"To Rachel and Joyce Proudfoot (my sister's little girls, aged 32 and 27 respectively), £10,000 each."
Joyce: "Think of it, Rachel!! Ten thousand pounds!!! Why the young fellows will simply chase us!!!"
To Sophia Hotchkiss ("my own dear Wife") the deceased left his Horses, Carriages, Motor Car, Household Furniture, Pictures, including the Landscape by Earp, Linen, Plate, Glass, &c., absolutely.
To George Proudfoot ("my dear sister's only son") the deceased left his Hornèd Cattle,i.e., Cows, and £20,000.
To Rachel and Joyce Proudfoot ("my sister's little girls"), the deceased bequeathed £10,000 each. The Misses Proudfeet were aged 32 and 27 respectively.
To Richard, William and Algernon Hotchkiss ("my never-to-be-forgotten brother's sons") the deceased left £20,000 each, and to John Willett ("my faithful valet"), £2,000.
The Residue of the Estate was bequeathed absolutely to the Widow.
The Executors lost no time in having the Property valued and the debts due by the deceased at his death, ascertained, and their efforts disclosed "a very lamentable state of affairs," at least, such was the opinion expressed by the Reverend Stephen Collins who had called to comfort the Widow in her affliction.
The Horses, Carriages, Motor Car, &c., including the Landscape by Earp, were valued at £2,000; the Hornèd Cattle,i.e., the Cows, were put down at £400, and the rest of the Property at £40,893 16s 0d.
The Debts due by the deceased amounted to £1,720 0s. 0d., and the Funeral Expenses to £339 7s. 0d. These latter were considered unreasonable by the Inland Revenue Authorities, and in spite of several very eloquent appeals addressed to them by the Executors, including a touching letter from the Reverend Stephen Collins dealing with the blameless life of the deceased, the amount allowed was fixed at £33 16s. 0d.
The Testamentary Expenses, exclusive of Estate Duty, amounted to £186 13s. 0d.
What amount was eventually received by each Legatee?
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"At the age of 16 he made the ..."At the age of 16 he made the acquaintance of Miss Harriett Hopkins. In the following spring he had successfully reached the 'Walking-out' stage."
"At the age of 16 he made the acquaintance of Miss Harriett Hopkins. In the following spring he had successfully reached the 'Walking-out' stage."
Mr. and Mrs. Turvey were justly proud of their son "'Erbert." He was their only child, and always wore a Frock Coat, Brown Boots and White Spats on Sunday. In fact, as everyone said, he gave a tone to Bethnal Green.
But the ways of Providence are strange, and it is futile to seek for explanations where none are vouchsafed. It is enough to say that Mr. Herbert's anatomy came into violent contact with a brewer's dray one Thursday afternoon, and that a promising young life was cut short at the early age of 19.
His Life Story has yet to be written, and it is but the barest outline that can be here recorded.
At the age of 16 he made the acquaintance of Miss Harriett Hopkins. In the following spring he had successfully reached the "walking out" stage. He was formally engaged at the age of 17 and at 18 he was married. Six weeks before he died he made two very remunerative investments. He borrowed from his Employers—without worrying them about so small a matter—the sum of £6, which he converted into £600 by successfully backing "Hump Back" at 100 to 1 for the "Cesarewitch." He also insured his life for £100.
Having satisfactorily adjusted the small matter of the Loan without in any way arousing his Employers' suspicions, he joined a Burial Club, made a Will, and died ten days later.
By his Will he appointed his Widow sole Executrix, and divided his Estate as to one-fourth part to his father Oliver Turvey, as to one-sixth part to a former landlady Mrs. Korphdrop, and the residue to his Widow.
The Estate consisted of the following:—
Cash £564.Insurance Policy, £100.Burial Club Money £14.Household Furniture and Effects £12.
Cash £564.
Insurance Policy, £100.
Burial Club Money £14.
Household Furniture and Effects £12.
The Funeral Expenses amounted to £12.
Mr. Herbert Turvey was buried on the third Thursday after Guy Fawkes' Day, and on the following Tuesday fortnight the Widow gave birth to a son. Both mother and child progressed amazingly and everybody called to visit Harriett, but chiefly to satisfy their curiosity as to the amount which she inherited.
Don't keep them waiting.
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Mrs. George Dumpkins was very vexed that any Estate Duty at all should be payable, and when she was told that a Corrective Affidavit would have to be presented she threatened to change her Solicitors. As she very properly said she had sufficient troubles already without having to pay for more, and the Chancellor of the Exchequer, whoever he was, ought to be ashamed of himself for taxing Widows so scandalously.
She entirely disagreed with the opinion of her Solicitor as to the necessity of presenting this Corrective Affidavit, and insisted upon having Counsel's opinion on the matter. The following facts were therefore submitted to the learned gentleman:—
Mr. Dumpkins' Estate had been proved for Probate purposes at £71,000, but during the year after death the following Assets were realised and Liabilities settled, viz.:—
£18,000 31⁄2% India Stock valued for Probate at 947⁄8, realised 91.Share in Ship valued at £4,000, realised £3,500.Sundry Liabilities estimated for Probate at £8,000, were subsequently found to be £8,700. (This included £75 cost of bringing deceased's body from abroad.)Stock-in-Trade valued at £10,250, realised £9,400.£6,000 Mortgage Debentures valued at £7,500 were sold at par.
£18,000 31⁄2% India Stock valued for Probate at 947⁄8, realised 91.
Share in Ship valued at £4,000, realised £3,500.
Sundry Liabilities estimated for Probate at £8,000, were subsequently found to be £8,700. (This included £75 cost of bringing deceased's body from abroad.)
Stock-in-Trade valued at £10,250, realised £9,400.
£6,000 Mortgage Debentures valued at £7,500 were sold at par.
The opinion of Counsel was received in due course, and the Solicitor smiled.
By what amount was the Estate Duty increased or decreased? Ignore any adjustment in respect of Interest on Estate Duty.
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Mr. William Wiggins made all his money out of Pickles, and when he died his body was embalmed. To use the Widow's words, "'e 'opped it" on the 14th June, 1914.
He left his fortune to Mrs. Wiggins, his nephew Herbert Huggins (commonly known as 'Erb 'Uggins), and his cousin Joe Gubbins, in equal portions.
The Will was duly proved, Estate Duty at 9% was paid, and the interest on the Estate Duty amounting to £165 3s. 0d. was paid on the 14th November, 1914.
What was the value of the Net Legacy received by each Beneficiary? There was no Real Estate.
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"For nearly 25 years he had be..."For nearly 25 years he had been a Judge of the Probate Division."
"For nearly 25 years he had been a Judge of the Probate Division."
Mr. Justice Oats died in harness. He worked like a horse throughout his long career on the Bench, and was universally regarded as a thoroughbred sportsman. For nearly 25 years he had been a Judge of the Probate Division of the High Court of Justice, and like many others in a similar position, died intestate. Not that this was the intention of the learned Judge, for he had prepared a Will on the back of an envelope, but forgetting that even he was subject to the laws of the land, had entirely overlooked the necessity for signing it. He died, therefore, intestate.
His Net Estate, after the payment of the Estate Duty on the Personal Property, amounted to £68,570, of which the Real Property was valued at £24,200.
For many years the Judge had been a Widower, and his only child had died in infancy. His youngest brother, Alfred, was living, however, and he had a nephew, the son of his deceased brother Charles. The Judge had, in addition, three first cousins, one of whom was a lady who had thrice refused offers of marriage, the acceptance of any one of which would have made her Lady Oats. She was, however, a Quakeress, and her enemies hinted that she refused the Judge lest the combination of the name of her religious faith and her marriage name should bring upon her the nickname of "Lady Porridge."
How was the Judge's property divided?
The following letter was received by the Rev. Stephen Collins on the 22nd March, 1914:—
147, Eaton Avenue, W.21st March, 1914.My dear Mr. Collins,As an old and much honoured friend of my late husband may I implore you to be with us at breakfast on Tuesday, the 1st April, at 9 a.m.?My son Montgomery comes of age on that day and I feel that it would be a particularly appropriate occasion for his Vicar to say a few words on the seriousness of life, and the responsibilities of riches.Perhaps you do not know that my husband left everything to me except £10,000 India 31⁄2% Stock which he bequeathed (in my opinion misguidedly) to our two boys, Montgomery and Algernon, in equal shares. At the date of the Colonel's death, six years ago, these were valued at 102, but now, alas, are worth no more than 90. The Income up to the 6th January last has been regularly handed over to the boys in accordance with their father's wishes, but on the 1st April, £5,000 of the Stock will have to be sold and handed over to Monty.Mr. Crawley, my Solicitor, has promised to be present, and I have sent invitations to my Stockbroker, Professional Accountant, and the Bank Manager.Do come, dear Mr. Collins,And believe me to remain,Yours very sincerely,AUGUSTA MAWSTONE.
147, Eaton Avenue, W.21st March, 1914.
147, Eaton Avenue, W.
21st March, 1914.
My dear Mr. Collins,
As an old and much honoured friend of my late husband may I implore you to be with us at breakfast on Tuesday, the 1st April, at 9 a.m.?
My son Montgomery comes of age on that day and I feel that it would be a particularly appropriate occasion for his Vicar to say a few words on the seriousness of life, and the responsibilities of riches.
Perhaps you do not know that my husband left everything to me except £10,000 India 31⁄2% Stock which he bequeathed (in my opinion misguidedly) to our two boys, Montgomery and Algernon, in equal shares. At the date of the Colonel's death, six years ago, these were valued at 102, but now, alas, are worth no more than 90. The Income up to the 6th January last has been regularly handed over to the boys in accordance with their father's wishes, but on the 1st April, £5,000 of the Stock will have to be sold and handed over to Monty.
Mr. Crawley, my Solicitor, has promised to be present, and I have sent invitations to my Stockbroker, Professional Accountant, and the Bank Manager.
Do come, dear Mr. Collins,
And believe me to remain,
And believe me to remain,
Yours very sincerely,
Yours very sincerely,
AUGUSTA MAWSTONE.
AUGUSTA MAWSTONE.
Note.—The breakfast was a great success. Everybody turned up and the Rev. Stephen Collins spoke for 47 minutes. The £5,000 Stock was sold at 90 net, and the necessary entries were made in the books of the Trust, showing the settlement of Montgomery's interest in the Estate.
What was it?
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"The Rev. Stephen Collins spok..."The Rev. Stephen Collins spoke for 47 minutes."
"The Rev. Stephen Collins spoke for 47 minutes."
Sir John Hopper, Bart., died on the day set apart for the Feast of St. Valentine. He had been a Widower for some 12 years, and the age of his only daughter was 23.
The Family consisted of four Sons and one Daughter, whose names in order of age were:—
John Long,George Rhode,Oscar Truclod,Charles Grarze,Rose Marie.
Sir John died intestate, possessed of the following Estate:—
Net Residue of Personalty, £24,000.Real Property:Freehold Estate 4 miles outside Canterbury, Kent, £5,000. Delightful situation, 4 Reception Rooms, 8 Bed and Dressing Rooms, 2 Bathrooms, Modern Kitchen apartments, including Servants' Hall, usual Offices, Good Stabling and 4 Acres of Garden. Caretaker within.Freehold Estate, 1 mile outside Guildford, Surrey, £8,000.Freehold Estate in the City of Nottingham, £10,000.
Net Residue of Personalty, £24,000.
Real Property:
Freehold Estate 4 miles outside Canterbury, Kent, £5,000. Delightful situation, 4 Reception Rooms, 8 Bed and Dressing Rooms, 2 Bathrooms, Modern Kitchen apartments, including Servants' Hall, usual Offices, Good Stabling and 4 Acres of Garden. Caretaker within.Freehold Estate, 1 mile outside Guildford, Surrey, £8,000.Freehold Estate in the City of Nottingham, £10,000.
Freehold Estate 4 miles outside Canterbury, Kent, £5,000. Delightful situation, 4 Reception Rooms, 8 Bed and Dressing Rooms, 2 Bathrooms, Modern Kitchen apartments, including Servants' Hall, usual Offices, Good Stabling and 4 Acres of Garden. Caretaker within.
Freehold Estate, 1 mile outside Guildford, Surrey, £8,000.
Freehold Estate in the City of Nottingham, £10,000.
Show how the Estate of Sir John Hopper will be divided.
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Colonel Filbert, stepson to the late Sir Hazel Knut, paid a brief visit to the Brazils, and died on the voyage home on the 1st January, 1914.
He left a considerable Estate, and bequeathed many useful Legacies, all free of Duty, to deserving Relations and Friends. One of the provisions in his Will was to the effect that a sum of £5,300 should be placed on Deposit at the Bank to be paid over by instalments at regular intervals to his two Executors, John Bunting and Nathaniel Whittel, and was to be regarded by them as a Salary for their services.
Each was to receive a Starting Salary at the rate of £500 per annum, but whereas John Bunting's Salary was to be increased by £100 per annum, Nathaniel Whittel's Salary was to be increased by £25 half-yearly.
As soon as the £5,300 was exhausted the Salaries were to cease, and in the meanwhile the Interest on the Deposit was to be paid over to the General Estate.
The Salaries were to be drawn half-yearly, the first to be payable exactly six months from the date of Colonel Filbert's death.
Write up a Cash Account, showing how the Legacy of £5,300 was divided between the Executors.
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Miss Tulip's heart was forthw..."Miss Tulip's heart was forthwith pierced."
"Miss Tulip's heart was forthwith pierced."
Every Sportsman will admit that it is immoral to bet upon a certainty, and most business men will endorse the maxim that only fools speculate without inside information.
Now Mr. Hunter never gambled, but he was open, like most other men, to a sound speculation, and when he learned in his capacity of Clerk to a well-known Solicitor that Miss Rose Tulip had inherited a fortune of £60,000 odd, he naturally felt interested.
Many obstacles separated Mr. Hunter from the object of his choice, but he persevered, and on one particularly sunny afternoon he let loose a chance arrow with such well-directed aim that Miss Tulip's heart was forthwith pierced.
The Engagement caused some little flutter in the Dove Cot, and Lady Tulip, Miss Rose's widowed Mother, at once changed her Solicitors in spite of a promise on their part to decorate Mr. Hunter with the "Order of the Boot," a promise which was promptly converted into an accomplished fact.
Every effort was made to induce Miss Rose to reconsider her decision, but this only seemed to lead to further complications, for on the 14th July Mr. George Tulip announced his engagement to Mr. Hunter's only sister, Rebecca.
This was the last straw and the lamentations of the proud Tulip Family were only exceeded by the rejoicings of the Family Hunter.
The prospective Bridegrooms met and made all the necessary arrangements, and Mr. Hunter, who had had a legal training, drew up four simple Wills whereby each left to the Widow, or Widower, all the worldly goods of which he, or she, was possessed.
These documents were signed and witnessed, and four days later the double wedding was solemnized quietly at the Church of Saint Augustine.
After the ceremony Mr. and Mrs. Hunter and Mr. and Mrs. Tulip journeyed to Liverpool Street Station and caught the 2 o'clock train to Clacton, where the honeymoon was to be spent.
They arrived comfortably in time for tea, and Mr. Hunter insisted on treating the whole party to Winkles.
Now, whether it was the Winkles or whether it was the pins, is a matter upon which the two London Specialists who were called in failed to agree, but the fact remains that within a very short time of devouring the aforementioned delicacies, the whole party became alarmingly ill, and two days later Mr. Tulip and Mrs. Hunter died.
Mr. Tulip's Estate, which consisted entirely of Personalty, was valued for Probate at £8,420, and Mrs. Hunter's Estate, which consisted entirely of Realty, was valued at £72,422.
What Legacy and Succession Duty was payable on behalf of Mrs. Tulip, and by Mr. Hunter?
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The Rev. Stephen Collins delivered a very moving address on Total Abstinence at the Mothers' Meeting on the 14th June, 1913, and three weeks later Mr. Gunter died.
Now some of the parishioners were inclined to connect the two events, particularly as Mrs. Gunter happened to form one of the band of Mothers on that memorable occasion, and was known to have given her husband Toast and Water for Supper on the following evening.
Be that as it may, it is an undoubted fact that Mr. Gunter, in a codicil to his Will, nominated the Rev. Stephen Collins in place of Mrs. Gunter as Life Tenant of the Income arising from the property of which he (Mr. Gunter) died possessed.
After the payment of all Duties, Debts and Expenses, this property consisted of Assets producing Income as follows:—
(1) £300 per annum, free of tax, payable quarterly on the usual quarter days.(2) £160 per annum, free of tax, payable half-yearly, on the 30th June and 31st December.(3) £140 per annum, free of tax, payable yearly, on the 29th September.
(1) £300 per annum, free of tax, payable quarterly on the usual quarter days.
(2) £160 per annum, free of tax, payable half-yearly, on the 30th June and 31st December.
(3) £140 per annum, free of tax, payable yearly, on the 29th September.
The Income was received regularly on the due dates and the Reverend Gentleman had given a formal receipt for everything due up to and including the 31st December, 1913.
On the 30th April, 1914, Stock No. 1 was sold cum. div. at a profit of £500, and the proceeds were re-invested in a security, the income from which was £320 per annum, free of tax, payable half-yearly on the 30th June and 31st December.
On the 20th June, 1914, Stock No. 2 was sold ex. div. at a loss of £100, and the proceeds were re-invested in a Stock ex. div. bringing in £140 per annum, free of tax, payable quarterly on the usual quarter days.
The Rev. Stephen Collins recognises that the Trustees are honourable men and that their intentions are worthy, but nevertheless he is anxious and wishes to be in a position to reassure Mrs. Collins as to the income which he will receive for the year ending 31st December, 1914.
It is interesting to note that Mr. Collins has now published the Address delivered at the Mothers' Meeting on the 14th June, 1913, trusting that the seed sown broadcast may find its way into fruitful soil.
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A prosperous Solicitor usually occupies very dirty offices, and his furniture is mostly Mid-Victorian and rickety.
Mr. John Storalore was no exception to this rule and never seemed to object to such surroundings, but on the contrary always appeared to be surrounded by such objects.
He was sitting in his office one June afternoon and was dozing over some particularly dusty documents when his clerk announced Sir Pufferby Pawstone. Now Sir Pufferby was an important client who always had his hair cut and called on his Solicitor when he found himself with nothing better to do. It is not surprising, therefore, that Mr. Storalore should receive him with open arms and assume a very profound expression.
After the usual courtesies had been exchanged, and Lady Pawstone's health touched upon, Sir Pufferby announced that he desired to make a Will.
Mr. Storalore was all attention and took elaborate notes of Sir Pufferby's testamentary wishes, which were extensive and complicated. This done, Sir Pufferby begged Mr. Storalore to give him a brief and concise account of the steps which it is necessary for Executors and Trustees to take in the administration of the affairs of a deceased person from the moment of death up to the final distribution of the Residue.
Do not worry about what Mr. Storalore actually said to Sir Pufferby, for Sir Pufferby was an old woman, and Mr. Storalore knew his client, but say what he would have said to you in answer to such a question.
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