ACCOUNTS WITH TRUST PROVISIONS

8. In the accounts shown in the preceding illustrations the entire estate is distributed by judicial decree. When all of the property has been distributed, the custodian accounts will have been closed into the personal estate account, which in turn is closed by the distribution of the estate. In many cases the will of the deceased provides that certain beneficiaries shall have a life interest in certain of the assets. Quite frequently the widow is given the income on certain investments which will revert to the estate at her death. This is illustrated in the following example of trust accounts:

Edward Brown died on June 15, 1907, leaving a will which elected that after payment of all just and lawful debts the following legacies should be made:

To his widow, that part of the real estate consisting of his residence, the household effects therein, and the income from $50,000.00 to be invested.

To his son and daughter, $20,000.00 each, and an equal share of the above $50,000.00 at his widow's death.

The inventory made up for the preliminary accounting was as follows:

Cash in house	$200.00
Cash in bank	1,500.00
Household effects valued at	2,500.00
Stocks	40,000.00
Book accounts	20,000.00
Merchandise, fixtures, and stock in trade	25,000.00

The real estate consists of

The residence of the deceased, valued at	15,000.00
5 houses valued at	15,000.00
(to be sold according to will)