sary for a certain purpose. This is especially so in the case of infants requiring maintenance and education. In such a case the amount of income to be paid over depends upon his honest judgment, which is not to be overruled by the courts, so long as the trustee acts in good faith and from proper motives. Nevertheless, the amount so applied must not be the result of an arbitrary division, but depends upon the needs of the beneficiary in question. Income given for support and maintenance must be paid, even though the beneficiary can and does support himself, for the law certainly will not countenance the trust as a premium on idleness.

The rate of interest which the trustee is to pay over, unless fixed by the will, is that which may be earned by a prudent investment of the fund. This means neither the high rates currently earned upon industrial securities, nor the low rate allowed by savings banks and trust companies. Where the medial lies must be left to the sound business judgment of the trustee.

The general rule is that the payment of income should commence immediately upon the testator's death, or at least should be computed from that date, but it does not apply to cases where the testator directs one species of property to be converted into another, or has directed an investment

in a particular manner, and then gives a life estate in the fund thus converted or invested. In such case the income begins only from the time that what has been directed to be done, has been done.

Where an adult is the beneficiary, of course the income should be paid to him direct, unless he be incompetent, when it should be turned over to his committee or guardian. If he be an infant it may be paid to his guardian, if there be one; but if not, the amount necessary for his education and support may be applied directly to his use, the income accumulating during his minority being paid him in full upon his attaining majority.

Where the beneficiary is of intemperate habits, it is not improper to turn over the income to his wife for the benefit of the family.

Occasionally the trustee is justified in retaining the income collected, as, for example, where he is obliged to reimburse capital account for payments which should have been made from income, or to make up a deficiency in the income belonging to one beneficiary which was erroneously paid to another. But except in some such case, the trustee is not authorized to withhold any of the income or to defer its payment, but must pay it over as it accrues. It is certainly no excuse that the beneficiary is otherwise adequately provided for.

118. Rights and remedies of beneficiaries.

The remedies of the beneficiary are co-extensive with the duties of the trustee, and he has, at all times, the right to enforce the trust made for his benefit and to compel the trustee to perform his duties. To such pleas the courts will invariably lend a willing ear. All wrongful acts constituting breaches of trust will be set aside if possible, and if not will be compensated for. If the trustee has improperly disposed of property belonging to the fund in his hands, the beneficiary, with the aid of the court, may either follow it into the hands of any person in possession, who has or should have knowledge of the trust, or he may hold the trustee liable for the loss. He may compel him to account, to furnish security against the consequences of wrongful acts, and may, in proper cases, demand his removal, or punishment by fine or imprisonment. Where the trustee has made an improper investment, the beneficiary has the option of adopting the investment as made, or holding the trustee personally liable for the amount invested. In fact, it is not too much to say, that for every wrong done to the estate and its owners, the law furnishes a remedy. The beneficiary, however, may lose his rights against the trustee, if he has acquiesced in or ratified the wrongful act. But to have that effect, he must have acted with full

knowledge of all the facts constituting such wrong, and of his legal rights with respect thereto. And where there are several beneficiaries, some of whom have assented, and others have not, the shares of those assenting may be retained by the trustee by way of indemnity against his liability to the others.

119. Accounting.

An administrator should present his accounts to the probate court for settlement as soon as he has completed the administration of the estate, by reducing it to cash and paying the debts, or at least those which he has not rejected. He is then ready, or should be ready, to submit to the court whatever defenses he has to disputed claims, and then to distribute the residue of the estate to the husband or wife, and the next of kin. His duty to account he owes not only to these classes of persons, but to the sureties upon his official bond, who are entitled to be relieved from further liability by a judicial approval of their principal's acts.

An executor may, but is not required to, voluntarily account when he has paid the debts and legacies, and in fact he may do so whether he has paid them or not, as soon as he has published his notice requiring creditors to present their claims. Where he is also to act as trustee, his account as

executor should be presented, if for no other reason than that the decree of the court will fix and establish the amount which he is to turn over to himself as trustee, and with which he is to be charged in that capacity.

A trustee may file his account of income whenever he chooses, but not oftener than once a year. Of the principal, an account should be made whenever the interests of the life-tenant and remainderman require it, and at the death of the former he must account for the benefit of the latter.

A guardian must file his account every year, whether he chooses or not, so that it may be examined by an official designated by the surrogate for that purpose, and any irregularities brought at once to the attention of the court.

Of course, in all the cases mentioned, an accounting may be compelled by anyone interested in the estate or fund, when it is made to appear that the representative has failed or refused to render his account when he should have done so.

The account of an executor or administrator should contain an inventory of each article of personal property belonging to the estate, and the appraised value thereof; a schedule of articles sold and the resultant increase to or decrease from inventory values, and a statement of all