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Part II. Trust Services




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Banker: Mrs Wesl, I was sorry to hear of your husband's

death. Mm West: Thank you. I'm pleased that the bank was

named executor of the estate. /

B.: We'll help you in every way we can. W^'vc

looked through the contents of the safe-deposit

box and made an inventory. Everything seems

to be in good order,

Mrs W.: 1 know so liltle about my husband's affairs.
В.: Our counseling service is for people in just your

position.


 



69


 

Mrs W.: I'm most concerned about my immediate ex­penses.

B.: Well, we're empowered under the terms of the

will to provide you with an allowance until the estate has been probated.

Mrs W.: Oh, that's fine.

В.: And there are three life insurance policies. You

are the beneficiary in each of them.

Mrs W.: Yes, I knew about those.

B.: The benefits from these policies will be paid di-

rectly to you within the next two weeks.

Mrs W.: Oh, I don't have to worry, then,

В.: No. The income from your inheritance is going

to be quite sizable. Of course, we don't know yet what demands will be made against the estate.

Mrs W.: As far as 1 know, there arc no large creditors.

B.: We hope not. You understand, also, that this

bank is named trustee under the will. This means that we will take care of the portfolio of securi­ties and give an annual report of all transactions.

Mrs W.: Yes, 1 understand that. I feel much better about the future now.

Questions on the dialogue:

Part I:

1. What sorl of securities did Mr Watson invest his funds in? 2.What does he want the banker to help him in? 3.Why will he have to assign his bonds to the bank?

4. What does he intend to do with the proceeds?

5. In what way can the bank help him reinvest his funds?

70


Part II:

1. In what circumstances did Mrs West turn to the bank?

2. What did the banker inform her about?

3. What was Mrs West most concerned about?

4. What was Mrs West provided with by her late husband?

5. When will the banker be able to estimate the income from

her inheritance? t

6. Who will lake care of the portfolio of securities left by the

late Mr West?

7. How did Mrs West feel after her visit to the bank? Why?

Text 1



Inveslment in stock and shares can be made through any branch of the bank on behalf of its customers. All quoted Stock Exchange securities can be bought or sold with maxi­mum security and minimum formality through the bank. Be­ing in constant touch with leading slock brokers in London and the country, the bank is in a position to obtain informa­tion regarding all classes of stocks and shares in which cus­tomers may be interested. Shares maybe bought or sold with­out any charges beyond those payable lo a slockbrokcr and the bank is responsible for the collection of the proceeds of a sale and for the delivery of the certificate on a purchase. An investment report service is also often available for the\cus-lomer who needs a second opinion on a portfolio being man­aged personally. In addition, professional advice can be given on investments in foreign stock not quolcd on the London Slock Exchange.

Share certificates, documents, jewellery and other valu­ables can be stored in the strong rooms of the bank. They


will he safer with the bank than at the customer's home hut it is his responsibility to insure them.

The hank also provides a continuing service for personal income tax payers, checking lax liabilities and generally as­suming the main burden of work involved in the preparation of tax returns and claims. Because if the sources of income and allowances are complicated, it is not easy lo know lor Ihe individual if he is paying the right amount of lax. The bank helps the customer on particular problems resulting from Capital Gains Tax and Capital Transfer Tax. It may be able to point oul ways in which Ihe customer can quite legitimately minimise the effect of these taxes.



Insurance need not be a problem for the bank's customer either. Insurance cover for life, house, accident or anything else may be effected through any Bank Insurance Service which employ highly experienced brokers in this field. They can usually arrange lo oblain the best possible terms consis­tent with absolute safely.

No mailer whal Ihe customer's age it is a wise and consid­erate precaution lo make a will. When one dies, il will be his executor's responsibility to protect, lo account'('or and lo distribute all his "worldly goods" in accordance with his last will and testament. Therefore the choice of an executor should be carefully considered. One of the best answers lo this problem is to appoint (he bank's Irusl company sole or joinl executor. The appointment of the bank as the will ex­ecutor ensures that the estate will be dealt with promptly, efficiently and in strict confidence.

Questions on the text:

1. Why is il the besl way lo buy stocks and shares through a
bank?

2. How much does the bank charge for the investment ser­
vice?

3. Whal is Ihe besl way of keeping valuables safe?


4. In whal way may Ihe bank help individual lax payers? o. Whal measures can be taken to protect your life and pos­sessions?

6. Whal are the advanlagcs of writing a will?

7. Why do many people appoint the bank as the executor of
Iheir will?


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