Will revoking earlier Will and giving Property in
Trust with Direction for Annuities
THIS IS THE LAST WILL AND TESTAMENT of me A. B., aged . . . . . . . . years, son of . . . . . . . ., resident of . . . . . . . .
I have made two Wills and executed a codicil and all these documents have been registered by me at the . . . . . . . . Sub-Registry Office. As many changes have taken place both in my views and in my circumstances and I am convinced that none of my sons is capable of managing and looking after my properties after my demise, I hereby cancel all previous Wills and the codicil executed by me and declare this my last and final Will.
I appoint and constitute . . . . . . . . and . . . . . . joint executors of this my Will and direct that they shall, soon after my demise, collect my assets and give effect to the provisions of this Will, after having incurred all statutory, customary and adequate expenses on my funeral and other obsequial ceremonies, customary and prescribed, amongst the community to which I belong.
All my properties, movable or immovable, wheresover and whatsoever, which I may die possessed of or entitled to I give, bequeath and devise in TRUST, the first trustees whereof shall be the abovenamed executors, with power in case of death, disclaimer or legal incapacity of any one or more of them, to appoint another one or more trustee or trustees according to the directions hereinafter contained.
The purposes of the TRUST, named after me, shall be:
1. To manage and preserve the Trust property for which the Trustees shall make adequate provision each year from the incomes of the Trust properties.
2. From the net profits of the Trust properties to carry on the following works:
(a) Towards stipends and scholarships to orphans and widows belonging to my community for their maintenance and education and to give pecuniary help to temples and religious institutions situate in my hometown of . . . . . . . . The total expenses on this item shall not exceed the sum of Rs. . . . . . . . . per month unless any one or more of the annuities provided hereinafter lapses.
(b) To give an annuity of a sum of Rupees. . . . . . .(Rs. . . . . .) only, payable in twelve monthly instalments to my eldest son . . . . . ., one of the abovenamed executors.
(c) To give an annuity of a sum of Rupees . . . . . . . (Rs . . . . .) only, payable in twelve monthly instalments to my younger son . . . . . . . .
(d) To give annuities of equal amounts, but aggregating not more than Rs. . . . . . . . ., payable likewise in twelve monthly instalments to my grandsons, namely, . . . . . . . . and . . . . . . . ., sons of my late son. . . . . . . .
If any of my aforesaid grandsons predecease me then his or their annuity shall be shared by the survivor and in case of the predeceased grandson leaving male child or children the annuity shall be paid to such son or sons. If at the time of my demise these annuitants or any one of these is a minor then he shall for this purpose be deemed to be under the guardianship of his or their mother or alternatively his or their eldest uncle.
(e) To give an annuity of a sum of Rupees. . . . . . . .(Rs. . . . . ) only, also payable monthly to my daughter-in-law Shrimati. . . . . . . ., widow of. . . . . . . ., and mother of the aforesaid grandsons.
It is further directed that the annuities provided in Paras 2(b), 2(c) and 2(d), shall be perpetual and shall on the death of the annuitants, prior or later, pass on to their heirs according to the custom and law of my community (that is to say, to male descendants only). The annuity provided to Shrimati. . . . . . . ., my daughter-in-law in Paragraph 2(e) above shall be payable to her for life and in the event of her death, pass on to her son or sons in perpetuity.
3. If at any time any of the annuities lapse by the extinction of heirs or annuitants, then such lapsed annuities shall go to swell the sum of Rupees. . . . . . . .per month provided in Paragraph 2(a) for the maintenance and education of orphans and aid to temples and religious institutions.
4. In case, however, after meeting the purposes specified in Paragraphs 1 and 2(a) my trustees find that the income of the trust properties is insufficient to meet the annuities provided in the remaining paras, then all the remaining annuities shall proportionately abate, and if there is any surplus after meeting the purposes specified in Paras 1, 2 and its sub-paras, it is but proper that the annuities provided in Paras 2(b), etcetera be proportionately increased.
5. In order to enable my trustees to satisfactorily carry out the Trust hereinbefore created, I authorise and empower them to do all acts, deeds and things which are reasonable, necessary and proper for the realisation, protection or benefit of the trust properties. Should, however, my, trustees choose to exercise their discretion to sell or lease any property for more than twenty-five years they shall have the power to do so. Reinvestment of trust-funds or assets shall only be on such securities as may be guaranteed by the Government of India or in fixed deposit at any Scheduled Bank or on a first mortgage of immovable property situate in India. The Trustees shall further be empowered to open and operate, if necessary, an account or accounts in such bank or banks as may be approved by the Trustees and to authorise any one or more of them to operate the same. Should any vacancy arise in the body of the trustees by reason of the death, disclaimer or any legal incapacity of any one or more of them, a new trustee or new trustees shall be appointed in his or their place by the surviving or continuing trustee or trustees for the time being, and any such appointment so made shall be made by a majority of votes, provided always that no person shall be appointed to the office of a trustee other than a member of my family and in his absence a member of my community. In case the above is not desirable or feasible, then a vacancy or vacancies may be filled up from any person or persons fit and competent. The Trustees shall choose from amongst themselves a manager and may confer upon him such powers as they think fit. Such manager shall be entitled in the discretion of the Trustees to an honorarium nor exceeding three per cent of the gross income of the Trust.
IN WITNESS whereof I, (C. D. of. . . . . . . .), by the direction and in the presence of the said A. B., have hereunder set my hand this the. . . . . . . .day of. . . . . . . ., 20. . . .and I have also set my hand to each of the four preceding sheets of this his Will.
Sd. C. D.
for the Testator.
SIGNED by C. D., as the last Will of the said A. B. in his presence and by his direction, in the presence of us, present at the same time, who at the request of the said testator in his presence, and in the presence of each other, have subscribed our names as witnesses.
(Give name and description of witnesses)
1.?Sd. E. F.
2.?Sd. G. H.