Лекции по английскому языку для изучающих банковское и финансовое дело. Лекции по английскому языку для изучающих банковское и финансов. Составитель Н. А. Самуэльян
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Part II. Trust Services 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. 68 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?
70 Part II: 1. In what circumstances did Mrs West turn to the bank?
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 71 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:
4. In whal way may Ihe bank help individual lax payers? o. Whal measures can be taken to protect your life and possessions?
Vocabulary Exercises I Find proper definitions:
72 73 10. Inventory j) stock on which dividends are paid before those on common stock and which gives the holder some rights to any assets that are distributed k) a speculative transaction 11. Allowance II Using the words in brackets as a guide, explain the. meaning of the following terms:
10. inheritance (an estate, money or properly, received from) 11. creditor (is owed, a debt, a party to whom) HI Choose Ihe right answer: 1."present bonds for redemption" means:
a) a premium bond a price of which may be obtained on collecting a certain number of coupons, b) a bond with a removable printed statement of the interest due at a particular time. 3."bid on some shares for you" means:
6."the bank was named executor of the eslale" means:
7. "we're empowered" means:
8. "under the lerms of Ihe will" means:
9. "the eslale has been probaled" means:
10. "the benefits from these policies" means:
11. "demands made againsl Ihe estate" denote: a) requests for payments made by the crcdilors of the dead man, b) payments made by the debtors of the dead man. 74 75 IV Say what is true and ivhal is false. Correct the false sentences:
10. Life insurance is a good investment. were named the First, we opened the locked box where he kepi his important papers. We opened the We made the list of the items of properly he held. We made an We didn't know at lhal lime whether Iherc were any parlies lo whom he owed debls. We didn'l know whether there were any We didn'l know whal re quests for payment might be made. We didn'l know what might be made. Mrs West was named Ihc person who would receive Ihe money and properly in Ihe estate. She was the She received quite a lot "of money and prop erly. Her was sizable. However, she would not receive il until Ihe will had been proved genuine and placed on the records of the court. She had lo wail until the estate was In the meantime we were empowered lo give her an amount of money regularly for current expenses. We gave her an Fill in the blanks: This week Mr Watson is going to see the broker in his local bank. He has previously invested some money in some bonds which mature this month. So he will ask the broker to present 1 hem for He wan Is to reinvest the money he will receive from this. He wants to invest the in slocks. He intends to buy some He will ask the broker to make an offer for him. The broker will on them. He will make a charge for doing so. He will charge a Mr Watson will also atsk the broker's advice which shares to buy. He prefers this kind of slock which pays dividends before those of ordinary type and at the same time give the rights to any assets that may be distributed. He wants He is not interested in any specu lative transactions. He is nol interested in taking a Mr West died last week and left a document slating how he wished his eslalc to be divided. He left a It named our bank as the parly who would carry on I these requests. VI Demonstrate, the meaning of the following expressions in sentences of your own:
H. 16 present your demand lo the executor
10. Ihe Iruslee of Ihe estate 76 77 Text II Read the whole passage and find the answers to thefo lowing questions:
Tasks Facing an Executor An executor cannot safely commence the distribution of an estate until he has successfully applied to the Court for a Grant of Probate, i.e. until the will has been proved. Usually this is a less complex and protracted process than that facing the administrator of an intestacy when applying for his Grant of Letters of Administration, but problems can arise — and do arise'— sometimes involving lengthy and complicated litigation. There are, however, a number of important responsibilities you must be able to rely upon your executor to fulfill even before applying for his Grant of Probate. For example, it will be up to him to ensure that appropriate funeral arrangements are made, bearing in mind any special wishes you may have expressed in this regard. Right from the start, he must see that all the various assets are kept safe and prop- erly insured. If there is a business to look after it is your executor who must keep it alive. If there is freehold or leasehold property, it is his responsibility to maintain it for as long as it is in his care. Before he is ready to apply for his Grant of Probate your executor must prepare a detailed written valuation of all the various assets comprising your estate. How m/my of these will require the professional services of specialist valuers will depend on the knowledge and experience of the executor you have chosen. Due account having been taken of all applicable exemptions and reliefs, your estate's liability to Capital Transfer Tax will be assessed on the basis of your executor's valuation and, if his application for Grant of Probate is to succeed, his figures must be sufficiently accurate to satisfy the Inland Revenue. Another of your executor's first tasks will be to plan how he will raise sufficient cash to cover the estate's lax liabilities and to settle those outstanding bills and claims that he deems to be properly due, rejecting those he does not. In the latter case he must be prepared to defend his actions in court, if called upon to do so. In general, however, scltling the debts is a simple matter compared with his responsibility to quantity and discharge Ihe estate's tax liabilities. Income Tax, Capital Gains Tax, Capital Transfer Tax — an executor must be able to cope with all of these. Once the lax liabilities have been discharged your executor will be in a position to distribule your eslale which he must do in slricl accordance with Ihe lerms of your will. Now, as al all limes when coining into contract with your beneficiaries, there are a number of important personal qualities which — if you have chosen wisely — your executor can be relied upon lo display. Sympathy and tact towards the bereaved, firmness and impartiality in the face of conflicting family pressures — technical skills alone will seldom enable an execulor lo perform his duties in the manner you would wish. 78 79 For the whole lime thai Ihe eslale is in his care your ехеси:„ lor musl, of course, make every reasonable endeavour lo safe-: guard and maximise Ihe assets - maintaining accurate I records of all transactions - and his last duly will be to render a full account of his stewardship to the beneficiaries. Adapted from Barclay Trust booklet, Choosing Your Executor. Unit Eight Interbank Relation |