PRECEDENT VIII. WILL BEQUEATHING SHARES IN PARTNERSHIP BUSINESS. VIII. WILL of REAL and PERSONAL estate. Specific DEVISE of FREEHOLDS and COPYHOLDS to testator's WIFE for LIFE, with remainder to his two SONS or the SURVIVOR in fee. BEQUEST of POLICIES to testator's wife, with PRECATORY DIRECTION that the bonuses shall be applied in charity. BEQUEST of ANNUITY to testator's wife for RESIDUE of PARTNERSHIP TERM during which his capital will be retained in the business. DIRECTION to raise a GROSS SUM out of the estate at the end of the partnership, and pay the INCOME to the testator's WIFE during her life, the principal after her death to sink into the estate. DIRECTION for payment of INTEREST on the sum to be raised until actually invested. BEQUEST in EXERCISE of a POWER in the PARTNERSHIP DEED of such SHARE in the business to the testator's ELDER SON as with the share previously held by him will vest in him a specified PROPORTION of the WHOLE SHARE disposable by the testator. LIKE BEQUEST of a different share to the testator's YOUNGER SON contingently on his having attained twenty-one and complying with provisions of partnership deed, and in default thereof GIFT OVER to the ELDER SON as TRUSTEE for the testator's ESTATE. POWER, if the testator's YOUNGER SON shall be a MINOR, for the executors to ARRANGE for his subsequent ADMISSION into the BUSINESS. DIRECTION that the testator's SONS shall pay in SPECIFIED PROPORTIONS an ANNUITY to his wife during the partnership term. POWER for the executors to require the SONS to SECURE the annuity. DECLARATION CHARGING the provision for the testator's WIFE with the MAINTENANCE of his CHILDREN not having attained a vested interest. TRUSTS of RESIDUARY ESTATE for the testator's CHILDREN, the SONS taking DOUBLE shares. DIRECTION that the MARRIAGE PORTIONS of the testator's DAUGHTERS shall be brought into HOTCHPOT. DECLARATION that HALF the share of each DAUGHTER SURVIVING the testator shall be SETTLED in such manner as the TRUSTEES and the DAUGHTER think fit, and if not so settled shall be held in trust for the DAUGHTER for LIFE, and after her death for her CHILDREN, and in default of children for her TESTAMENTARY APPOINTEES, or her representatives as her PERSONAL ESTATE. Similar SETTLEMENT of the WHOLE share of any DAUGHTER PREDECEASING the testator leaving ISSUE. PROVISO that until the testator's children acquire a vested interest the INCOME of their PRESUMPTIVE PORTIONS shall be paid to the testator's WIFE charged with their MAINTENANCE. POWER for the EXECUTORS and TRUSTEES to VARY the ADJUSTMENT provided by the partnership deed. DIRECTION that the executors and trustees OTHER than the son who is a PARTNER shall REPRESENT the ESTATE in transactions with the PARTNERSHIP. DECLARATION that the will is NOT to be a SATISFACTION of provisions in the testator's MARRIAGE SETTLEMENT. Provision enabling INVESTMENTS to be taken in the names of not less than FOUR trustees. called I, A. B. of &c. [supra, p. 26]. I DEVISE my messuage House, with the gardens, pleasure grounds, plantations, and lands held therewith, partly of freehold and partly of copyhold tenure, situate, &c., and now in my occupation, with the rights, easements, and appurtenances thereto belonging, to the use of my wife C. B. for her life, and from and after her decease to the use of my sons M. B. and N. B. and their respective heirs and assigns as tenants in common in equal shares; and in case either of them WILL BEQUEATHING SHARES IN PARTNERSHIP BUSINESS. 2. Recital that the testator is possessed of policies. 3. Bequest thereof to the testator's wife. PRECEDENT VIII. my said sons shall die in my lifetime without leaving issue living at my decease, then (as to the entirety of the same premises) to the use of the survivor of my said sons his heirs and assigns absolutely (a). AND WHEREAS I am possessed of the following several policies of assurance upon my life, namely, a policy effected with the Assurance Company for £, dated the day of —, and numbered —— [similar description of two other policies.] NOW I BEQUEATH the said respective policies, with the respective sums of £, £, and £, thereby respectively assured, and all bonuses, accretions, or additions thereto, unto my said wife absolutely: BUT it is my wish that only the original sums assured be retained by her for her own benefit, and that the bonuses, accretions, or additions thereto be distributed by her my said wife according to her discretion for public charitable institutions and private individuals; nevertheless, I declare that such the expression of my wish as to the disposition of such bonuses, accretions, or additions shall be precatory only, not imposing on my said wife any legal or equitable obligation, condition, trust, or election whatsoever, or interfering with her full and absolute right of property in relation thereto (b). [Bequest of furniture, &c., and 4. Precatory direction that bonuses shall be applied in charity. (a) A devise to the sons in joint tenancy would have the effect of giving the whole to the survivor in case of the death of either in the testator's lifetime (1 Jarm. Wills, 3rd ed., p. 316). If, as in the text, the intention is that the devise shall (with the aid of the 33rd section of the Wills Act) take effect in favour of a son so dying leaving issue, the gift should be to them as tenants in common. (b) By leaving this amount to the testator's wife, subject to a precatory direction to apply it in charity, the duty will be saved, but, on the other hand, the charitable purpose will fail should the wife die in the testator's lifetime, or not justify the confidence reposed in her. The risk of failure from the wife's death may be obviated by a direct bequest in that event for charitable purposes. As to charitable legacies, see supra, pp. 128 et seq., note, and as to the duty on charitable legacies, see p. 79, note. WILL BEQUEATHING SHARES IN PARTNERSHIP BUSINESS. 5. Recital of years partnership deed under testator's capital will be retained till the expira tion of the term. 6. Bequest of annuity to the pecuniary legacy to the testator's wife, see pp. 26, 28, supra, PRECEDENT VIII. and other pecuniary legacies.] AND WHEREAS I am engaged in a partnership business carried on under the firm of and company, pursuant to a deed or articles of partnership dated the day of > by virtue of which the said partnership is to continue for the term of from the day of —, and my share or interest in which the the capital of the said business will be liable to be retained therein (notwithstanding my death) until the expiration of the said term. Now I BEQUEATH to my said wife, during the residue of the said partnership term which shall remain unexpired at my death, if she my said wife shall so long live, an annuity of £-a-year to be paid by equal half-yearly payments, the first whereof shall be made at the expiration of six calendar months from my death; And I charge such annuity upon and declare that the same shall be payable out of the interest upon my share in the capital of the said business, as the primary fund for the payment thereof. AND IN CASE my said wife shall be living at the end of the said partnership term, then I direct that the sum of £ be raised out of my estate at the expiration of the said partnership term and invested in the names or name of the trustees or trustee for testator's wife during residue of partnership term charged on the interest capital. of the testator's 7. Direction to sum out of the raise a gross at the end of the partnership testator's estate term, if the testator's wife is then living, and to invest the same; 8. and to pay the income wife during death the the time being of this my will in or upon any of the public stocks, &c. [Trust for investment with power to vary investments, see p. 34, supra]; AND SHALL pay the income of the said original and substituted stocks, funds, to the testator's shares, and securities to my said wife during her life, AND her life, AFTER her death shall let the said sum of £, and 9. After her stocks, funds, shares, and securities sink into and become part of my general estate. AND I DECLARE, that during the interval which may elapse between the end of the said partnership term, and the actual investment of the said sum of £——, my said wife (if living) shall be entitled to an allowance out of my estate in the nature and to the amount of interest after the rate of £--- per centum principal to sink into the general estate. 10. Direction for payment of interest on the sum to be raised until the actual investment VOL. IV. PRECEDENT VIII. WILL BEQUEATHING SHARES IN PARTNERSHIP BUSINESS. per annum on the said sum of £, or so much thereof as shall not for the time being have been actually invested, such interest to be computed from the end of the said partnership term (c). AND WHEREAS, &c. [recites articles of partnership defining the testator's share of profits (including a proportion relinquished in favour of his eldest son, M. B.), and giving power to the testator upon notice and under certain conditions to admit his sons in his lifetime to any part (but not to the whole) of the rest of his share of profits, and also to bequeath to any of his sons such part of his share as should not have been disposed of in his lifetime, subject to a provision for the retainer of the testator's capital in the business during the whole term of the partnership, and to a provision requiring the sons on admission into the partnership to execute a deed of covenant adopting its terms], Now IN EXERCISE of the power in this behalf contained in such deed regulating deed or articles of partnership (d), and of every or any other power enabling me in this behalf, I HEREBY BEQUEATH to my elder son the said M. B., for his own use and benefit, such part or share of my share and interest of and in the said partnership businesses and the gains and profits thereof as together with the one part or share of such businesses and gains and profits to which the said 11. Bequest in exercise of a power in the the testator's partnership of in him a specified (c) The propriety of providing an equivalent for the interest until the investment has been made is obvious, and rests on the same grounds as in the case of an annuity render it expedient to provide for payment of the annuity previously to the appropriation of the fund intended to answer the annuity; see supra, p. 105, note. (d) As to the construction of a clause in a partnership deed enabling one of the partners to dispose of his interest in the concern by will, and as to the effect of a general bequest as operating as an exercise of such a power, see Ponton v. Dunn, 1 R. & M. 402. In Farquhar v. Hadden, L. R. 7 Ch. Ap. 1, the question was as to the effect of a bequest to the testator's partner of his share in cer-. tain leasehold property in which the partnership business was carried on, where the concern was insolvent. |