PRECEDENT X. WILL DISPOSING OF REAL AND PERSONAL ESTATE IN TRUST FOR THE AND ISSUE, WITHOUT A TRUST FOR CONVERSION. lawful for the said C. B., E. F., and G. H., or the survivors or survivor of them, or the heirs, executors, or administrators of such survivor, or the trustees or trustee for the time being of this my will, at any time or times during the widowhood of my said wife, or after her decease or TESTATOR'S WIFE second marriage, and during the minority of any child or grandchild of mine who shall be interested under the trusts aforesaid, to sell all or any part or parts of my said residuary real and personal estate herein before devised and bequeathed to them in trust as aforesaid, either together or in parcels, and either by public auction or private contract, and upon such terms and conditions and in such manner in all respects as they, he, or she shall think fit, or to exchange all or any part or parts of my real or leasehold property for any other real or leasehold property, such leaseholds having not less than sixty years unexpired, with power to buy in or rescind or vary any contract for sale or exchange or of any other description, and to resell without being responsible for loss, and to give or receive money for equality of exchange, and for the purposes aforesaid or any of them, to execute and do all such assurances and things as they, he, or she may think fit (r). PROVIDED ALWAYS, and I declare, that no lease or 27. Proviso as sale or exchange of any part of my said real or leasehold to consents to property shall at any time be made under the power hereinbefore contained without the consent in writing of my said wife during her widowhood, and of the other person or persons of full age (if any) who shall for the time being be entitled to or interested in the same property, whether absolutely or contingently, under the trusts herein before declared. AND I DECLARE, that the said trustees or trustee shall stand possessed of the monies arising from any and every such sale (whether of real or personal pro leases and sales or exchanges. 28. Net proceeds of sale or pro perty received in exchange to be held on same trusts as pro perty sold or () In the case of a mineral property power should be given to exchanged. sell the surface and minerals separately. See supra, p. 81. PRECEDENT X. WILL DISPOSING OF REAL AND PER SONAL ESTATE IN TRUST FOR THE TESTATOR'S WIFE AND ISSUE, 29. General power of investment. perty) or received for equality of exchange, after payment of the expenses of such sale or exchange, and the stocks, funds, and securities representing the same, and of any hereditaments taken on any such exchange as aforesaid, upon the like trusts and with and subject to the like powers, provisoes, and declarations (so far as the same may be applicable, having regard to the nature of the property) as are hereinbefore declared and contained concerning the property sold or exchanged, and so that the monies arising from the sale or received for equality of exchange of my real estate, or any part thereof, and all investments of such monies shall, for the purpose of transmission as well as for all other purposes, be deemed personal estate (s). AND I DECLARE, that all monies arising from any such sale as aforesaid or forming part of my estate, or otherwise coming Statutory power of sale and exchange. (8) The following is a short form of power of sale and exchange intended to operate with the aid of Lord Cranworth's Act, 23 & 24 Vict. c. 145, Part I., but extending the statutory powers as to interim investments of the sale monies. The form is adapted to the precedent in the text, but is necessarily confined to the real and leasehold property :— " AND I FURTHER DECLARE, that the said C. B., E. F., and G. H. and the survivors and survivor of them, and the heirs, executors, or administrators of such survivor, or the trustees or trustee for the time being of this my will, shall, during the widowhood of my said wife and after her decease or second marriage, and during the minority of any person who, if of full age, would by virtue of this my will be entitled to the possession or the receipt of the rents and profits of my freehold, copyhold, or leasehold hereditaments, or any undivided share thereof respectively, have a power of sale and exchange over all or any of the same hereditaments, and that interim investments of the monies received upon any sale or for equality of exchange may be made in any such mode as hereinafter authorised." It will be observed that the above power of sale, and the to the hands of the said trustees or trustee under any of the trusts or provisions of this my will and requiring investment, may be invested by the said trustees or trustee at their, his, or her discretion in or upon, &c. [investment powers, see supra, p. 34, and note], and that any such stocks, funds, or securities may be varied or transposed by the said trustees or trustee into or for others of any nature herein before authorised at discretion. PROVIDED ALWAYS and I declare, that notwithstanding anything hereinbefore contained, it shall be lawful for the said trustees or trustee for the time being of this my will, at any time or times, with the consent in writing of my said wife during her widowhood, and of the majority in number of such of my children and grandchildren for the time being entitled to or interested in possession or expectancy in my residuary estate as aforesaid as shall at the time be of full age, specifically to allot or appropriate any part or parts of my estate (real or personal) in the actual condition or state of investment thereof for the time being in or towards satisfaction of the share or shares of any of my said children or grandchildren in my said residuary real or personal estate, and to determine or assume in such manner and upon such grounds as such trustees or trustee shall in their, his, or her absolute discretion think fit, the value for the purpose of such appropriation or allotment of every or any part or parts of my said real and personal estate, and every or any such appropriation and allotment shall take effect from such time or times, and be made for or in respect of such sum and in other respects in such manner powers of leasing and sale in the text, are exercisable during the minority of any of the objects over the entirety of the property without the concurrence of the adult objects. That such a power is valid, see ante, Vol. iii., Settlements, p. 576, 1204, note; but it is sometimes provided that the concurrence of the adult children shall be necessary to a lease or sale of the entirety. See the Precedents of Wills in Strict Settlement, infra. PRECEDENT X. WILL DISPOSING OF REAL AND PER SONAL ESTATE IN TRUST FOR THE AND ISSUE, WITHOUT A TRUST FOR CONVERSION. 30. Power to appropriate specific parts of estate in satisfaction of shares of residue. PRECEDENT X. WILL DISPOSING OF REAL AND PER SONAL ESTATE IN TRUST FOR THE AND ISSUE WITHOUT A TRUST FOR CONVERSION. 31. Power to allot sum for equality. 32. Power to apportion charges and rents, &c. as the said trustees or trustee shall think reasonable and proper. AND I DECLARE, that any such appropriation and allotment may be made upon the terms of such sum or sums of money as the said trustees or trustee may think TESTATOR'S WIFE fit being by or on the part of any of the persons interested under this my will paid for or by way of equality. AND I FURTHER DECLARE, that upon every or any such appropriation or allotment as aforesaid the said trustees or trustee may in their, his, or her discretion apportion any then existing charges on my estate, or any part thereof, and create any charge by way of indemnity or exoneration, or for effecting such equality as aforesaid, and may apportion the rents payable under any lease or leases, and generally may execute and do all such assurances and things as they, he, or she shall consider expedient or proper for giving full effect to such appropriation or allotment, and that every such appropriation or allotment shall, subject to such consent or consents as herein before prescribed being obtained thereto, be absolutely binding upon all persons interested under this my will. AND I DECLARE, that any property so appropriated or allotted, and the proceeds thereof if sold, and any sum allotted for equality as aforesaid, and the investments representing the same respectively, shall, until some person or persons shall become absolutely entitled thereto in possession under the trusts of this my will, be and remain subject (according to the nature thereof and so far as circumstances may require or admit) to the powers and trusts for management, leasing, sale, exchange, and investment, and varying investments, and other incidental or subsidiary powers and provisions hereinbefore contained, in the same manner as if such appropriation or allotment had not taken place, and subject thereto, such property shall be held upon the like trusts and with and subject to the like powers, provisoes, and declarations as the share in or towards satisfaction whereof the same shall have been 33. Declaration of trust of pro perty specifically appropriated. appropriated or allotted (t). [Power to trustees to determine questions, supra, p. 54. Clause as to appointment of and indemnity to trustees, p. 55. Declaration as to devolution of trustees' powers, p. 56. Devise of trust and mortgage estates, p. 58. Appointment of executors and guardians, p. 61.] IN WITNESS, &c. PRECEDENT X. WILL DISPOSING OF REAL AND PER SONAL ESTATE IN TRUST FOR THE AND ISSUE, TRUST FOR CONVERSION. XI. WILL APPORTIONING TESTATOR'S REAL PROPERTY SPECIFICALLY AMONG HIS CHILDREN. WILL of REAL and PERSONAL estate. Bequest to testator's PRECEDENT XI WIFE of an ANNUITY REDUCIBLE on second marriage charged on FREEHOLD and LEASEHOLD property. SPECIFIC devise (subject to equal contribution to the AND LEASEHOLD annuity) of certain FREEHOLDS and LEASEHOLDS to each of the testator's SONS absolutely, and of other FREEHOLDS and LEASEHOLDS to TRUSTEES in trust for each of the testator's DAUGHTERS for life, with remainder in trust for her ISSUE as she may APPOINT, and in default for her CHILDREN at twentyone, &c., so as to EXCLUDE daughters MARRYING under age WITHOUT CONSENT. Power to each DAUGHTER to appoint a LIFE ESTATE to a surviving HUSBAND. Provision on FAILURE of trusts of daughters' properties for ACCRUER to testator's OTHER CHILDREN. Provision for PAYMENT of MONEY by some of the children to others for EQUALITY. SHORT provisions for MANAGEMENT and LEASING, and MAINTENANCE and ADVANCEMENT, and SALE, as to the properties SPECIFICALLY devised in trust for the (1) Compare the form of power to appropriate specific property in satisfaction of shares of residue adapted to a will containing a trust for conversion, supra, p. 154, note. |