Will with Legacies and Trust for Children and Continuation of Business

Will with Legacies and Trust for Children and Continuation of Business

This is the last will and testament of me, AB of, etc., I hereby revoke all wills and codicil, if any heretofore made by me and declare this to be my last will. This will be operative after my death.

1. I appoint CD of, etc., and EF of, etc., (hereinafter called “my trustees”), to be the executors and trustees of this my will, and also to be the guardians of my children, GH, IJ and KL during the respective periods of their minority. In case any of them fails to act in any of the offices, the other will act solely to all intents and purposes.

2. I hereby give, leave and bequeath the following legacies to be paid out of my estate as soon as possible after my death, viz.,

(a)  to MN Rs. 1,000 absolutely and forever,

(b)  to XY my radio set and gold watch, also absolutely and forever.

3. Subject to what are hereinbefore stated, I hereby give leave and bequeath the rest and residue of my estate, movable and immovable, of whatever nature and wherever situate unto the said trustees upon trust, for the use and benefit of my children and I direct that my trustees shall upon the youngest of my said children attaining majority divide the residue of the property among children after making several payments (as in previous precedent, cl. 6.)

4. My trustees may, in their absolute discretion, carry on and continue for such period as they shall think proper the business of, etc., at the date hereof carried on by me at, etc., either alone or in partnership with any partner or partners whom I may have admitted therein before my death, or who, in their discretion, may be admitted by them, without any detriment to the trust of my estate. And I declare that my trustees shall not be liable to my estate or any person interested therein for any loss incurred or suffered in carrying on my said business except on account of any wilful and/or mala fide act, default, negligence on their part or wrongful conversion or misappropriation of its funds and assets and not otherwise and that every trustee hereof shall be fully indemnified out of my estates against all liability which he may incur in connection therewith.

Provided however that they shall keep and maintain proper account of the estate and file the same in court once in every six months and get the same audited and passed.

Provided however further that in the event of acquisition or compulsory purchase of any property the said executors and trustees shall invest the proceeds in purchase of some other properties also to be held by them in trust as aforesaid.

In witness whereof the said AB testator has executed these presents on the day, month and year mentioned hereinabove in the presence of OP and PQ.

Signed by testator AB

Signed and sealed by CD and EF the trustees in token of acceptance of the Office of Trustees

Signed by OP in the presence of AB the testator and PQ

Signed by PQ in the presence of AB the testator and OP