Will with Legacies for Children
This is the last will and testament of me, AB of, etc. This will be operative with effect from my death. I hereby revoke all wills and codicils by me heretofore made.
1. I hereby appoint CD of, etc., and EF of, etc., as the executors of my this will, trustees of my estate and also the guardians of the person and property of my minor children, GH and IJ, during the respective periods of their minority. In case any one of the executors fails to obtain probate or act as trustee and guardian, the other shall act as the sole executor, trustee and guardian.
2. I direct my said executors or executor and trustees or trustee to pay out of my estate a sum of Rs. 1 lakh to X and a further sum of Rs.1 lakh to Y for their absolute use and benefit and I hereby give, leave and bequeath the same unto and in their favour absolutely. It is my further wish and desire that a sum of Rupees 1 lakh should be paid for the expenses of the marriage of MN of, etc., should I not celebrate his or her marriage during my lifetime and I direct my said executors or executor and trustees or trustee to pay the same accordingly on the occasion of his or her marriage.
3. Subject to what are hereinbefore stated, my said executors or executor and trustees or trustee shall, after defraying the costs, charges and expenses of administration, hold and possess the entire estate, both movable and immovable, in trust for my children for their maintenance and support until the youngest of them shall attain the age of 21 years.
4. My said executors or executor and trustees or trustee shall be entitled to convert the movables only into money which should be invested in the purchase of Government securities or trustees securities or in loans against the first mortgage of houses and lands or in any other good and sound investments with power to draw interest, dividends, etc. to alter and vary the same at their discretion such investment or investments into other investment or investments of the same or like nature, to be held upon trust as aforesaid.
5. My said executors or executor and trustees or trustee shall look after, manage and keep and maintain in good repair and develop all my properties, and realise the rents, profits and other income thereof.
6. I further direct that my said executors or executor and trustees or trustee shall after paying all my just debts, testamentary and other expenses and the legacies hereinbefore recited, and, after providing for the costs, charges and expenses of the management and development of the said properties and for payment of the revenue and taxes spend the surplus of the income for all the necessary expenses for maintenance and education of my said children during their minority and on my last child attaining the age 21 years shall divide the remaining property equally among all my children, when and in such an event the trust hereunder created shall come to an end.
Provided, however, 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 suitable property or properties to be also held by them in trust as aforesaid.
In witness whereof I have hereunto set and subscribed my hand and signature this ……… day of ……… 1999.
Signed by the within-named Testator as his last Will and Testament in our presence all being present at the same time. Thereafter at the request of the Testator and in his presence and in the presence of one another We XY and MN subscribed our respective names
Signed, sealed and delivered by AB the Testator
Signed by XY in the presence of AB the Testator and MN
Signed by MN in the presence of Testator and XY