RESIDUE TO Devise and bequest of real in trust for No. XIV. WILL giving RESIDUE of PURE PERSONALTY to CHARITIES, with provisions for MARSHALLING the ASSETS. I, &c. (Commencement of will and appointment of executors and trustees, and bequests of pecuniary legacies). I GIVE, DEVISE AND BEQUEATH, all my real and personal property unto my trustees IN TRUST that my trustees shall sell, call in and convert into money the same or such part thereof as shall not consist of money, and shall with the moneys arising thereby and my ready money create two funds, one (hereinafter called fund A.) to consist of the moneys produced by the sale and conversion of my real estate and of such part of my personal estate as cannot by law be given for charitable purposes, and the other (hereinafter called fund B.) to consist of that part of my personal estate or the proceeds thereof which can by law be given for charitable purposes: AND I DIRECT that fund A. shall be applied in payment of my funeral and testamentary expenses, and debts, and the legacies herein before bequeathed or which shall be bequeathed by any codicil hereto and the legacy duty thereon respectively, and the surplus (if any) of fund A. shall be paid to to other fund to whom I bequeath the same: AND I DIRECT that fund B. shall be applied in payment of such part (if any) of my funeral and testamentary expenses, and debts, and of the legacies hereinbefore bequeathed, and the legacy duty thereon as fund A. shall be insufficient to satisfy, and the residue of fund B. shall be equally divided between the following charitable institutions (namely) (specifying them): AND I DECLARE that the receipt of the treasurers of the said Institutions respectively shall be a sufficient discharge for all moneys paid to them under the foregoing direction. one fund to go in payment of debts, &c., and surplus to individual named, go to charities. IN WITNESS, &c. No. XV. WILL of REAL and PERSONAL ESTATE, including REAL OF REAL ESTATE IN SCOTLAND. of real estate Scotland, trustees, if in trust for sale and conver sion. clause. I, A. B., of, &c. (Commencement of will and appointment of executors and trustees, suprà, p. 534). I DEVISE, CONVEY, AND General devise BEQUEATH, all the real and personal estate in England, Scotland, in England, Australia, New Zealand, or elsewhere, of or to which I am now Australia, or or at my death shall be seised, possessed, or entitled, or over elsewhere, to which I now have or at my death shall have any power of disposition (except what is otherwise disposed of by this my will) unto my trustees, their heirs, executors, administrators, and assigns, IN TRUST, &c. (Trusts for sale and conversion, and trusts of proceeds as in Precedent No. II., suprà, p. 535). AND I Maintenance DECLARE (c), that if at the decease of my said wife any child or grandchild of mine entitled in expectancy to a share under this my will shall be under the age of twenty-one years, and being a female shall be unmarried, then and in every such case my trustees may apply the whole or any part of the income of the expectant share of such minor for or towards his or her maintenance and education, with liberty to pay the same to the guardian or any of the guardians of such infant for the purpose aforesaid, without being liable to see to the application thereof, and shall invest the residue (if any) of the said income and the resulting income thereof so as to accumulate at compound interest to the intent that such accumulations shall be added to the principal share from which the same shall have arisen and follow the destination thereof, but my trustees may at any time. resort to the accumulations of any preceding year or years and apply the same for or towards the maintenance or education of any person for the time being presumptively entitled thereto : AND I ALSO DECLARE that my trustees may with the consent in Advancement (a) See p. 447, suprà. The English Wills Act has been adopted in Australia and New Zealand and most (if not all) of the other British colonies. (c) The maintenance clause is inserted, because the Conveyancing Act would not apply to the property out of England, except so far as it may have been adopted by the provincial legislatures. clause. OF REAL ESTATE IN Power to postpone sale and conversion. Powers of management. writing of my said wife during her life and after her decease at the discretion of my trustees raise any part or parts not exceeding together one moiety of the expectant share of any child or grandchild of mine under this my will and apply the same for his or her advancement, preferment, or benefit as my trustees with such consent or at such discretion as aforesaid shall think fit. AND I DECLARE that my trustees may postpone the sale and conversion of my real and personal property, or any part thereof, and in particular may continue any investments whether the same are of a nature authorized by this my will or not for so long as they shall think fit, without being answerable for any loss arising thereby, and the rents, profits, and income to accrue from and after my death from such part of my property as shall for the time being remain unsold and outstanding, shall, after payment thereout of all such expenses and outgoings as in the opinion of my trustees ought to be paid out of income, be paid and applied to the person or persons, and in the manner to whom and in which the income of the moneys produced by such sale and conversion would for the time being be payable or applicable under this my will if such sale and conversion had been actually made: AND I DECI ARE, that (in addition to all powers conferred on trustees by law) (d) my trustees shall have full power to let or demise any real or leasehold property for the time being remaining unsold for any term or terms of years at such rent and upon such conditions as they shall think fit, to accept surrenders of leases and tenancies, to expend money in repairs and improvements, to fell timber and other trees, and generally to manage the property in such manner as they shall think fit, and also to borrow any money on mortgage of the property or any part thereof for the purpose of paying for any improvements or other expenses which in the opinion of my trustees ought to be paid out of capital and not out of income: AND I ALSO DECLARE that as regards any property out of Great Britain my trustees may appoint attornies, agents, and managers with such remuneration as they shall think proper, and may delegate to any such persons all or any of the powers hereby vested in them, and may advance to them any moneys out of my estate for any purpose connected with the manage (d) See as to property in Scotland, 30 & 31 Vict. c. 97, ss. 2, 3. OF REAL ESTATE IN SCOTLAND. clause. determine ment of the said property without being answerable for any loss arising thereby: AND I ALSO DECLARE, that any moneys liable to be invested under this my will may be invested in or upon Investment any stocks, funds, or securities of or guaranteed by the government of the United Kingdom or India or any colonial or provincial government in Australia or New Zealand, or in or upon the stocks, shares, bonds, or securities of any railway or other company, or any municipal corporation or public body in Great Britain, India, Australia, or New Zealand, or in the purchase or upon mortgage of real or heritable or leasehold property in Great Britain, Australia, or New Zealand, and so that any property purchased as aforesaid shall be subject to the trusts and provisions of this my will as if the same had formed part of my estate at my death: AND I ALSO DECLARE, that my trustees Power to shall have full power to settle and determine all questions which questions. may arise in relation to the trust property or any part thereof, and may determine whether any money shall for the purposes. of this my will be considered as income or capital, and what expenses ought to be paid out of income and capital respectively: AND I ALSO DECLARE, that my trustees may make Power to arrangements among themselves for the division between them division of of the business of the trust, and in particular may leave the business management of my property out of Great Britain to any one or trustees. more of their number who may be resident there, and the management of my property in Great Britain to any one or more of their number who may be resident there, and in such case the trustee or trustees with whom the management of part of my property shall be left as aforesaid shall so long as the arrangement remains in force be competent by himself or themselves to exercise all the powers conferred by this my will in relation to that property except the power of appointing a new trustee or new trustees, and shall be solely responsible for the conduct of the business relating thereto: AND I ALSO DECLARE, that Power to arrange for among resign trustee each or any of my trustees may at any time, with the consent of ship and to trustees. his co-trustee or co-trustees (if any) resign the trusteeship of appoint new this my will: AND I ALSO DECLARE, that if and whenever any trustee for the time being of this my will shall die or resign the trusteeship, or refuse or become incapable to act as a trustee, then and in every such case it shall be lawful for the surviving or continuing trustees or trustee for the time being of this my OF REAL ESTATE IN Provision for the indemnity and reimbursement of trustees. will (and for this purpose every resigning or refusing trustee if OF PROPERTY IN ENGLAND AND AMERICA. Appointment of American executors, No. XVI. WILL of PROPERTY in ENGLAND, and in the UNITED STATES of AMERICA (a). I, A. B., of, &c. (Commencement of will, suprà, p. 534). 1. I APPOINT C. D., of, &c., and E. F., of, &c., to be my American executors to administer my personal estate in the United States of America, meaning thereby all stocks and loans of corporations created by the United States and by the States thereof, and all loans of any of the States of the United States (a) This precedent may be easily adapted to property in any British colony. |