WILL OF TRADE EXECUTORSHIP. 26. Proviso that testator's wife marrying again in the event of she shall cease my said sons), and pecuniary legacies (other than the legacy PRECEDENT IV. herein before charged on the real estate hereinbefore devised to my said son G. B.), and shall invest the residue of the same WITH A LIMITED monies in the names or name, &c. [Trusts for investment, and for wife and issue, with advancement, maintenance, and accumulation clauses, as in Precedent I. pp. 33—44. Power to postpone sale and conversion of real and personal estate, and direction as to intermediate income, supra, p. 49. Leasing power, p. 51. Power to trustees to settle questions, p. 54. Trustee clause, p. 55.] PROVIDED ALWAYS, and I declare that in the event of my said wife marrying again she shall cease to be a trustee of this my will, and the trust estate shall thereupon be conveyed, assured, and transferred so as to be vested in the remaining or continuing trustees or trustee for the time being thereof. [Declaration as to devolution of trustees' powers, p. 56.] AND I DECLARE, that the said G. H. by himself or his firm, act as solieitor for or in relation to my estate, or to my executors or executor, or trustees or trustee for the time being, and shall be entitled to charge, and shall be paid for all business done by him as such solicitor, in the same manner as if he had not been an executor or trustee (j). [Devise of trust and mortgage 28. Appointment of general may, ship or rights under the bequest hereinbefore contained." (j) As to the rule prohibiting a trustee from making any profit out of the trust (the operation of which it is the object of this clause to exclude), see ante, Vol. iii., Settlements, p. 792, note. The following form extends the right to remuneration to future as well as original trustees, and to other businesses as well as that of a solicitor: AND I DECLARE and direct that any executor or original or future trustee of this my will who is or shall be of the profession of a solicitor, or engaged in any other profession or business, shall be entitled to make the same charges and to receive the same remuneration for all to be a trustee. 27. Power to executor and trustee who is a solicitor to charge for business done. 27a. General power to profes sional trustees to charge for business done. PRECEDENT IV. WILL OF TRADE PROPERTY WITH A LIMITED estates, p. 58.] AND I HEREBY appoint my said wife C. B., so long as she shall remain unmarried, and the said E. F. and G. H. executors of this my will (except as to the EXECUTORSHIP. Said effects and premises herein before bequeathed to my said sons D. B. and E. B.). [Appointment of guardians, supra, p. 62.] IN WITNESS, &c. executors, the appointment of testator's wife being confined to her widowhood. PRECEDENT V. WILL OF A TRADER, WITH V. WILL of REAL and PERSONAL estate. BEQUEST of LEGACIES to daughters, ONE being to an INFANT, to fall into RESIDUE on her death under twenty-one, but the INTEREST to be paid to her in the meantime. LEGACIES of daughters DYING in testator's lifetime to go to their CHILDREN. GIFT of RESIDUE to CHILDREN EQUALLY, and SETTLEMENT of the shares of DAUGHTERS, and of the shares of SONS DYING in the testator's lifetime, leaving children. POWER for DAUGHTERS to give life interests to their HUSBANDS, and to trustees to VARY the SETTLEMENTS. USUAL CLAUSES. POWER to lay out trust monies in the PURCHASE of LAND, to be held as personal estate. POWER to ALLOT and APPROPRIATE the testator's property SPECIFICALLY among the legatees of the produce. TENANTS FOR LIFE to take INCOME from DEATH. PORTIONS subsequently advanced to be pro tanto SATISFACTION of POWERS for CLOSING and CARRRYING on LEGACIES. business done by him in or about the administration or management of my estate, real or personal, or the execution of the trusts of this my will, as he would have been entitled to make and receive if he had not been an executor or trustee of this my will.” PARTNERSHIP and other BUSINESSES of the testator. PRECEDENT V. WILL OF A TRADER, WITH SPECIAL CLAUSES. 1. Recital that the testator has nine children, the youngest daughter being an infant; 2. —of his having given portions of equal amount to his eldest six children. same amount younger I, A. B. of &c. [supra, p. 24]. AND WHEREAS I have nine children at present living, who are hereinafter named according to their respective seniorities of age (that is to say), C. D., the widow of, deceased, D. B., E. B., F. B., G. B., H. B., J. B., K. B., and L. B., ail of whom have attained the age of twenty-one years, except my said daughter L. B., who is of the age of eighteen years, or thereabouts; AND WHEREAS I have already given the sum of £ to the said C. D., or to her and her said late husband, and the like sum to each of my next eldest five children, Now, with a view of placing my other children on the same footing as my said eldest six children, I BEQUEATH to each of them, 3. Bequest of my said other children, viz., the said J. B., K. B., and legacies of the L. B., the like sum of £, with interest thereon at to the three the rate of £ per cent. per annum, from the day of children. my death until the payment thereof, such interest to be paid half-yearly. PROVIDED ALWAYS, that in case at my death my said daughter L. B. shall be under the age of twenty-one years, and shall not then have married with my consent, the legacy of £ hereinbefore bequeathed to her shall be retained by my acting executors or executor, UPON TRUST to pay the same to her when and 5. —till she if she shall attain the age of twenty-one years, or marry one or marry; [with the consent of her guardians or guardian for the time being], whichever shall first happen; AND UPON 6. -paying her further trust in the meantime to pay the interest of in the meantime her said legacy to her half-yearly as aforesaid; And I on her own declare that, notwithstanding her infancy, her receipt shall be an effectual discharge for such interest (a); AND 7. -if such IF my said daughter L. B. shall not attain the age of daughter do not (a) See supra, p. 73, note (y). 4. The legacy of the infant daughter to be retained by the testator's executors; attain twenty interest thereon receipt ; attain twenty. PRECEDENT V. WILL OF A TRADER, WITH SPECIAL CLAUSES. one or marry, her legacy to fall into the residue. 8. Bequest to trustees of the legacies of daughters dying in the testator's lifetime leaving children; 9. in trust for such children; twenty-one years, or marry [with such consent as aforesaid], the same legacy shall immediately upon her death sink into and form part of my general residuary estate. PROVIDED ALSO, that in case any of my said daughters J. B., K. B., and L. B., shall die in my lifetime, leaving children or a child who shall be living at my death (b), then I BEQUEATH the legacy of £so as aforesaid intended for every or any daughter so dying, with interest thereon as aforesaid, unto E. F. of &c., G. H. of &c., and J. K. of &c., their executors and administrators, IN TRUST for all or any her children or child who shall be living at my death, and who being sons or a son attain the age of twenty-one years, or being daughters or a daughter attain that age or marry under that age [with the consent of their or her parents or parent, or guardians or guardian for the time being], and if more than one, in equal shares ; AND IF as to any daughter of mine so dying there shall be no child of such daughter who shall be living at my death, and who being a son attains the age of twenty-one years, or being a daughter attains. that age or marries under that age [with such consent as aforesaid], then the legacy hereinbefore provided for such daughter or such her issue shall, upon failure of such issue, sink into and form part of my general residuary estate. [General devise and bequest of real and personal estate in trust for conversion, and for payment out of produce of funeral and testamentary expenses, debts, and legacies as and for division in Precedent I. or II. supra.] AND SHALL pay and divide the residue of the same monies among all such of my said nine children as shall be living at my death, in equal shares. PROVIDED ALWAYS, and I hereby declare, that the said E. F., G. H., and J. K., and the survivors and 10. and on failure of such, to fall into the residue. 11. General devise and bequest in trust for sale and conversion, of the proceeds among the testator's children equally. 12. Direction for investment (1) But for this clause the legacy of any daughter dying in the testator's lifetime leaving issue surviving him would have devolved as part of her estate under the 33rd section of the Wills Act; see supra, p. 43, note (m). survivor of them, and the executors or administrators of such (c) The following form indicates the variations in the commencement of the trusts of daughters' shares where there is a prior trust for investment (e. g., where the testator's widow takes a life interest in the residuary estate), and also where the trust extends to some daughters only, as to certain named daughters, or to daughters who marry after the testator's death and under age, or who so marry without consent of guardians: PRECEDENT V. WILL OF A TRADER, WITH SPECIAL CLAUSES. of the shares of daughters in specified securi ties, with power investments. to transpose 13. Investments to be made with the consent of the cestui que income if of trusts of the age. 14. Trusts for income to the payment of the in commencement of trusts shares. "PROVIDED ALWAYS, and I declare that as to my 12a. Variation daughters and [as to every daughter of mine who shall be a spinster and under the age of twenty-one of daughters' years at my death, and shall afterwards marry under that age without the consent of her guardians or guardian for the time being], the share hereinbefore given to such daughter in my said residuary estate, and the stocks funds, and securities representing the same, shall not vest absolutely in her, but shall be held by the trustees or trustee for the time being of this my will upon trust, that the said trustees or trustee for the time being shall during the life of such daughter pay the income [to the daughter for life, &c., as in the text]." |