Trust companies execute a great variety of trusts for individuals under private agreement. A leading authority says: "These trusts come from many different classes of people - from active business men who have some special matters that they do not care to handle for themselves; from teachers, artists, doctors, clergymen, women and others who feel that their inexperience or lack of time makes it wise to shift financial affairs to other shoulders; from persons whose health requires that they live in other climates and leave their business cares behind; from absentee property owners; from the aged either too feeble to attend to active business or willing to take a well-earned rest; from persons planning to spend some time in travel and who must have a responsible agent to look after their affairs while away; and from others who, either from choice or from necessity, wish to avoid the care of their property either temporarily or permanently. In such cases the trust company takes entire charge of the property, whether real or personal, or both, just as an individual acting in like capacity would do. It collects interest, coupons, dividends, annuities, pensions, and any other form of income, notes, accounts, bonds, mortgages, land contracts, etc.; if part of the property be real estate, it looks after repairs and improvements, sees that the property is kept rented, keeps up insurance, pays taxes, collects rents; it acts as attorney in fact, executes contracts, leases, deeds, etc. It remits or accumulates income, reinvests the principal, according to the terms of the contract."1

In most of the states trust companies are authorized to act as executor, administrator, or trustee, by being named as such in a will, or by appointment of the courts, or by selection of the heirs of a deceased person. The essential difference between an executor and an administrator is that an executor is appointed or named by the testator in his will to dispose of his estate as directed in the will, while an administrator is appointed by the court having juris-diction to take charge of the estate of one who dies without a will and to dispose of it according to the inheritance laws of the state. The company takes out the necessary papers, settles the estate by collecting all debts due and paying all claims standing against it, and makes the proper report and accounting to the court. In the same way a trust company may be appointed as guardian of minors or of persons who, because of habitual drunkenness, insanity, or other cause, are not permitted legally to manage their own affairs, In fact the modern trust company, under proper legal authorization, serves in every capacity in which one individual can act for another.