“There is a class of gifts to which I wish to call your attention, and I refer to gifts causa mortis. A gift causa mortis is a gift of personal property by a person about to die and in view of death. If there is an actual or constructive delivery of the property, the gift is good, notwithstanding the law of wills. The gift, however, must be absolute and the giver must die of that sickness.
“In making provision for children in wills, the corpus or principal fund is not infrequently to be turned over to them on arriving at legal age. According to my observation, the age of thirty is much preferable. It is not possible for any young man or woman at the end of minority to be possessed of much wisdom with reference to the care of property. Worldly knowledge is not congenital, and we have high authority that ‘in youth and beauty, wisdom is but rare.’
“Even you and I, my friends, have picked up some business knowledge since we passed the line of twenty-one.
“I cannot too highly recommend trust provisions in wills, where it is sought to make allowances to children or others; the use of the income for a time or for life, instead of an absolute gift of the principal, has in many cases a most beneficial result. In the selection of an executor, my judgment is that it is better to have one than two, and unless that one is a corporation of high standing and ample capital, I would always require a bond. This works no hardship, for bonds are readily obtainable by reputable persons.
“A codicil is a supplemental will. Its object may be to explain, modify, add to or take from a will. It should be written with care and precision and its execution is attended with the same formalities as the will itself.
“A well known author on wills says:
“‘In short, a will may be a man’s monument or his folly. Prudence, therefore, demands that the testator plan wisely, and frame his testamentary provisions with great care. That is, he should, if possible, use such words that his plan shall not be misunderstood and shall be carried into effect without dispute or litigation, for unlike instruments between living persons, it is only after the testator is dead and cannot explain his meaning that his will can take effect, or be open to dispute.’
“I recommend that of each will there be made a copy; the original should be placed in one safe place, and the copy in another. This very much lessens the chance of its being destroyed or falling into bad hands.”
CHAPTER II
ANCIENT WILLS
“For we brought nothing into the world, and it is certain we can carry nothing out.”