TION. INTRODUC- ascertain who are the representatives of the deceased, or even, perhaps, to require administrations to be taken out, so that there may be persons qualified to give receipts for their shares. To prevent these inconveniences, the trust, in such a case, should be for the persons who would be entitled to the personal estate of B. under the Statutes, in case he were to die immediately after the decease of A. (the life owner), or other the date when the fund will fall into possession. Thus, the class will be easily ascertained, and those who obtain vested interests will be alive to receive their shares in person. It should be borne in mind that the words "next of kin," standing alone, mean those who are related in equal degree to the propositus; thus admitting the father and mother concurrently with children, and excluding those relatives who could claim by representation under the Statutes; although the words may be explained by subsequent reference to the Statutes so as to exclude a parent from taking concurrently with a child, and to admit a nephew or niece to take concurrently with a brother or sister. But a reference to "kin" or "kindred" would probably exclude a husband or wife, notwithstanding a reference to the Statutes. On the whole, it is, perhaps, the safest plan to refer to the Statutes, omitting any such words as "next of kin," &c., and exclude a husband or wife, if such be the intention, either by a direct expression to that effect, or by making the trust in favour of the persons who would be entitled to B.'s personal estate under the Statutes, in case he, or she, had died unmarried and intestate. TION Where the testator has children, it should never INTRODUC be omitted to appoint guardians. There is a not uncommon impression that this is unnecessary where the mother is living; but it should be remembered that the guardianship of the mother, apart from the Statute 12 Car. II. c. 24, is for nurture only, and does not give her the power to manage the infant's property (a matter which may occasion trouble and expense in case he becomes entitled to property independently of his father's will), and, moreover, that guardianship for nurture only lasts to the age of fourteen, although, according to Mr. Serjeant Stephen, it would now be generally considered that the parent has the care and control of the infant's person until he attains twenty-one. (Stephen's Comm. 5th ed. vol. ii. p. 322.) Again, the mother has no power to appoint guardians, by will or otherwise; so that if the father dies without appointing, and the mother also dies before the children are of age, the infants will be left without a guardian in any sense, and an application to the Court will be inevitable. If there are a large number of legatees, and especially where some of them are distant relatives, the death of any one of whom might not occur to the testator as a ground for altering his will; or where some of them live at a distance from the testator, and do not correspond with him, a substitutionary clause, such as the one contained in Precedent No. 3, may be desirable, providing for the destination of the legacies in the event of the death of any of the legatces. INTRODUC- It is generally best that household furniture and effects be either given in trust for sale, or bequeathed absolutely to the widow or other legatee. To create life interests in property of this kind is unsatisfactory; as it is difficult to protect the interests of the persons entitled in remainder; and as some articles become worn out, and are replaced by others, it is sometimes found impossible to distinguish, after the death of the life owner, which were included in the bequest, and which were purchased later. Moreover, the pleasure of ownership is deferred until the articles are worn and out of fashion. The question, what investments should be authorized for a settled fund, demands caution and discretion. The following are now authorized by Statutes 22 & 23 Vict. c. 35, s. 32; 30 & 31 Vict. c. 132, s. 2; and the Order of Court of 1st February, 1861, made in pursuance of Statute 23 & 24 Vict. c. 38, s. 10; and any of them not expressly excluded by the will may be adopted by the trustees-— Consolidated £3 per cent. Annuities. £2 10s. per cent. Annuities. Exchequer Bills. East India Stock and other securities, the interest of which is guaranteed by Parliament. Stock of the Bank of England. Stock of the Bank of Ireland. Real securities in any part of the United King dom. TION. The 25th section of 23 & 24 Vict. c. 145, which INTRODUCauthorized investment in any of the parliamentary stocks or public funds, or Government securities, was repealed by the "Conveyancing and Law of Property Act, 1881." It will not generally be considered necessary in preparing a will to limit the application to it of the above Statutes and Order, except perhaps as regards real securities in Ireland, and (where the trust is likely to be of long duration) East India Stock. Where a convenient form of investment is desired, and one yielding a somewhat higher rate of interest than the Funds, railway debenture stock may sometimes be judiciously authorized, and in some cases even ordinary railway stock; but this last necessitates much judgment and discretion on the part of the trustees in regard to the railway to be selected. Investments involving personal liability should in all cases be avoided, as much in the interests of the trustees as of the cestuis que trust; and colonial or foreign government bonds transferable by delivery, in addition to the risk of their loss or destruction by fire, &c., have this disadvantage, that if one of the trustees gets them into his hands—a thing which may easily happen in the regular way of business-it may be difficult for the other trustees to obtain particulars concerning them, or to prevent their being dealt with without their concurrence. In the face of the severe lessons which English speculators have received during the last ten years, it is hardly necessary to recommend caution in authorizing investments in foreign bonds. The power given to trustees by the Statute 23 & 24 TION. INTRODUC- Vict. c. 145, s. 26, to apply the income of infants' property for their maintenance was taken exception to, so far as regards its application to contingent interests, on account of the words "the income to which such infant may be entitled;" it having been argued that where an infant's interest depends upon his attaining the age of twenty-one years, or upon some other uncertain event, he cannot be said to be entitled to any income until after the occurrence of such event, that is to say, until he has obtained a vested right to the capital. This defect (supposing it to be such) is rectified by the "Conveyancing and Law of Property Act, 1881," which repeals and re-enacts the clause : substituting (section 43) for the words objected to in the previous Act, the words "the income of that property"-" that property" having reference to the commencement of the clause. "Where any property is held by trustees in trust for an infant, either for life or for any greater interest, and whether absolutely or contingently on his attaining the age of twenty-one years, or on the occurrence of any event before his attaining that age." The clause, as it now stands, appears to be free from objection, and will be serviceable where brevity in a will is much desired; but, as a general rule, it may perhaps prove to be the best plan for the practitioner to confine his reliance on statutory clauses to technical matters, such as the appointment of new trustees, power to give receipts, &c., and to insert in the will itself all such clauses as relate to the practical guidance of the trustees; both for the greater convenience of reference, and because |