Private Trust for Management and Preservation of Property
THIS DEED OF TRUST is made on the . . . . . . . day of . . . . . . . , 20 . . . . . . . . . . . by A.B. etc. of the one part AND C.D. etc., E.F. etc. and G.H. etc. (hereinafter called ‘‘the Trustees’’ which expression includes the trustees hereof for the time being) of the other part.
WHEREAS the said A.B. owns and possesses all that property detailed and specified in the Schedule hereto which is his self-acquired property and over which he has full disposing power under the Hindu Law;
AND WHEREAS the said A.B. has for some time past been keeping very indifferent health and is unable to look after his affairs and has lost all hopes of a complete recovery;
AND WHEREAS his only son C.D. has long been subject to epileptic fits, is now a man of weak intellect and of almost unsound mind totally incapable of managing the household and estate affairs;
AND WHEREAS for the aforesaid reasons and with the object of making proper and adequate provision for the due management protection, preservation and disposition of his estate the said A.B. is desirous of creating a trust in respect of his aforesaid property in the manner hereinafter appearing;
AND WHEREAS the total value of the aforesaid property is Rs. . . . . . . . as detailed in the Schedule hereto.
NOW THIS DEED WITNESSES as follows:
1. The said A.B. hereby transfers ALL that property described in the Schedule hereto (hereinafter referred to as ‘‘the Trust Property’’) to the Trustees TO HOLD the same in trust for the said A.B. and after his death upon the trust hereinafter declared concerning the same with and subject to such powers and limitations as are hereinafter specified.
2. The Trustees shall by themselves or through an agent or agents employed by them manage and deal with the Trust Property in such manner as might be most beneficial to the interest of the trust and shall realize the rent, dividend, interest and other income accruing from the Trust Property and the said A.B. shall make such formal endorsements and execute such documents and do every such thing as may be legally necessary to enable the Trustees to realize such income:
PROVIDED that so long as the said A.B., or his wife shall be alive and in full possession of his senses the Trustees shall not be competent to sell, mortgage or otherwise transfer any portion of his residential house except with his express consent if he is alive and able to give consent or with the consent of his wife in case he is dead or is unable to give his consent.
3. During the said A.B.’s lifetime the Trustees shall spend the income of the Trust Property in such manner as the said A.B. may direct and in case he is not able to give any directions the said income shall be spent on the maintenance of the said A.B., his wife, his son, his son’s wife and such other members of his family as may for the time being be in existence and dependent on him and on all religious, social and customary needs of the family such as mundan and marriage of members of the family.
4. After the death of the said A.B. the income of the Trust Property shall be spent on the maintenance of his wife, his son the said C.D., the said C.D.’s wife and such other members of his family as may be in existence and on all such religious, social and customary needs of the family as aforesaid.
5. If at any time the Trustees find that the income of the trust property is not sufficient for the objects of the trust as hereinbefore recited, they shall be at liberty to draw upon the cash mentioned in the Schedule hereto or to raise money by disposing of such stocks, shares or securities mentioned in the said Schedule as they may think proper, provided that except in cases of sudden, urgent and unavoidable necessity they shall not be entitled to raise more than rupees one thousand in any one year by drawing upon such cash or disposing of such stocks, shares or securities.
6. Whenever on account of death or other cause the office of a trustee becomes vacant, the said A.B. if he is alive and in proper senses and after his death or if he is not in his proper senses the remaining trustees shall appoint a new trustee and if they cannot agree about the appointment of a new trustee or fail to appoint one within a reasonable time, the court may appoint a new trustee in accordance with the law for the time being in force in this behalf and in making such appointment the Trustees or the court shall give due weight to the wishes if any of the said A.B.’s wife and wife of the said C.D. expressed in this behalf.
Pending the appointment of a new trustee the remaining Trustees shall continue to administer the trust.
7. On the death of both the said A.B. and his son the said C.D. this trust shall cease and the Trust Property or such portion of it as may be in existence shall immediately vest as follows:
8. The said A.B. hereby expressly reserves to himself the power to revoke or modify at any time and at his pleasure the trust hereby created but such revocation or modification will not affect any acts already done by the Trustees in execution of the trust.
IN WITNESS WHEREOF parties have signed this deed on the . . . . . . . day of. . . . . . .
Signed by . . . . . . .
in the presence of . . . . . . .
and of . . . . . . .