WILL BEQUEATHING BUSINESS CONCERNS OF THE TESTATOR AND OTHER PROPERTIES
I, X, son of Shri ………….resident of do hereby revoke all wills, codicils and other testamentary dispositions, heretofore made by me and declare this to be my last will and testament.
(1) I bequeath my all lands, houses, here ditaments shares securities, bonds, moneys, fixed deposit receipts to which I shall at my death be entitled or possessed or over which I shall have a general power of disposition by will unto Shri ………….son of Shri………….and Shri ………….son of Shri …………. upon trusts that the said trustees shall sell the same without being in any way responsible for any loss or damage occassioned thereby.
(2) I hereby declare that the said trustees shall continue the carried on by me in the name and style of M/s …………………….business at or any other business, in which I may be engaged at my death in their absolute discretion and in carrying on the said
business or businesses the trustees shall have the following powers:
(i) To employ, retain and dismiss any of the employees, during such period at such remuneration and upon such terms and conditions in all respects as they think fit.
(ii) To retain and employ the whole or any part of my capital employed in my business or businesses at my death and further part of my residuary estate, which they think expedient, provided that during the life time of my wife, they shall do such acts with the written consent of my wife.
(iii) To mortgage, charge, or otherwise encumber the assets of my business or businesses to secure the payment of any debts and liabilities thereof or the repayment with or without interest of any money borrowed for the purposes of the same.
(iv) To promote or concur in promoting a limited company or partnership firm, to take over the said business or businesses upon such terms in all respects as they think fit and to pay the expenses of the promotion of such company or firm or the taking over by it of the said business or businesses out of my residuary estate.
(v) To receive remuneration for their services rendered in the said business or businesses.
(3) I hereby direct that out of the moneys so realised and out of such money as possessed at the time of my death, the said trustees shall pay all my funerals and testamentary expenses and debts and the legacies bequeathed by this my will or any codicil hereto and shall pay or provide the following sums for the purposes mentioned against each:
(a) To Smt. X, my wife a sum of Rs ………….p.m. payable by monthly payments on the first day of each month, the first of such payments if necessary of an apportioned part of the said annuity to be made on the first day of the month next after my death; provided that if she remarries during her life time, the said sum shall not be payable
(b) To Smt. Y, my mother a sum of Rs ………….p.m. payable by monthly payments on the first day of each month, the first of such payment be payable on the first day of the month next after my death.
(c) To the guardian of my children, who may not have attained the age of 18 years on the 1st day of January, April, July and October respectively, a sum of Rs ………….for expenses of the maintenance and education of each child.
(d) To Charitable hospital the sum of Rs . …………. per annum and to the trustees of Temple, the sum of Rs ………….per annum and I hereby declare that if any 'of the said charities has ceased to exist at the date of my death, the gift to that charity shall be given to such charity having the same or similar objects, as my trustees may in their absolute discretion select.
(4) I hereby declare that after all my sons attain the age of 18 years, the said trustees will distribute the moneys held by them as trustees in equal shares and the said trustees will handover the management of my business or businesses to my sons, who will take over the said business or businesses as co‑owners.
(5) I hereby further declare that if all the trustees or either of them of new shall die or be desirous of being discharged from or refuse or become unfit or personally incapable to act in the said trust as aforesaid or trustees acceptance inconsistent trust, then in every such case, the surviving trustee or trustees for the time being of these presents, if there be no surviving or continuing trustee, Shri ………….son of Shri ………….of………….may appoint any person or persons to be trustee or trustees in writing in the place of the trustee or trustees so dying or desiring to be discharged or refusing or becoming unfit or incapable to act as aforesaid and upon such appointment, trust premises will vest in the trustee for the time being and every trustee or trustees so appointed shall act in accordance with this trust, as if he or they had been virtually nominated trustee or trustees by me.
The Schedule I above referred to
The Schedule II above referred to
IN WITNESS WHERE OF I the above named ………………………… have set my hands to this my last will and testament this ……………….day of 20 ………….
Signed and acknowledged by the within named ……………………… as his last will in the presence of us, who in his presence have hereto subscribed our names as witnesses.
WITNESSES
1. ………….
2. Testator