WILL AND TESTAMENT
This will (hereinafter referred to as the "Will") is executed at ________, on this ________ by ________, Religion: Hindu Gender: male, son of ________, aged ________ years, resident of: ________ (hereinafter referred to as the "Testator".)
DECLARATIONS
1. I hereby revoke my last registered Will dated ________ registered in the office of the Sub-Registrar vide Registration No. ________ on ________.
2. I have the following surviving legal heirs:
a. I am married to ________
b. My father's name is ________.
c. My mother's name is ________.
EXECUTOR
Definition
3. The expression 'my Executor' used throughout this Will includes either the singular and plural, and the masculine or feminine gender as appropriate wherever the fact or context so requires. The term 'executor' in this Will is synonymous with and includes the terms 'personal representative' and 'executrix'.
Appointment of Executor
4. I appoint the following: ________, my ________, resident of: ________, to be the sole executor of my Will but if ________ should predecease me or is unable or unwilling to act as my Executor, then I appoint the following: ________, my ________, resident of: ________ to be Executor of my Will in the place and stead of ________.
5. No individual acting as an Executor under this Will will be required to give any security for the performance of his or her duties notwithstanding the laws of any country or other jurisdiction to the contrary.
Powers of my Executor
6. To carry out the terms of my Will, I give my Executor the following duties and powers with respect to my estate:
a. To pay my legally enforceable debts, funeral expenses and all expenses in connection with the administration of my estate and trusts created by my Will as soon as convenient after my death. If any of the real property devised in my Will remains subject to a mortgage at the time of my death, then I direct that the devisee taking that mortgaged property will take the property subject to that mortgage and that the devisee will not be entitled to have the mortgage paid out or resolved from the remaining assets of the residue of my estate;
b. To take all legal actions to have the probate of my Will completed as quickly and simply as possible if required by law, or if deemed necessary by the Executor, under the laws of India;
c. To retain, exchange, insure, repair, improve, sell, or dispose of or any and all personal property belonging to my estate as specified in this will, and if not specifically specified as my Executor deems advisable without liability for loss or depreciation;
d. To invest, manage, lease, rent, exchange, mortgage, sell, dispose of or give options without being limited to term and to insure, repair, improve, or add to or otherwise deal with any and all real property belonging to my estate as specified in this will, and if not specifically specified as my Executor deems advisable without liability or depreciation;
e. To purchase, maintain, convert, and liquidate investments or securities, and to vote stock, or exercise any option concerning any investments or securities without liability for loss;
f. To open or close bank accounts;
g. To maintain, continue, dissolve, change or sell any business which is part of my estate, or to purchase any business if deemed necessary or beneficial to my estate by me Executor;
h. To maintain, settle, abandon, sue or defend, or otherwise deal with any lawsuit against my estate;
i. To employ any lawyer, accountant, or other professionals; and
7. The above authority and powers granted to my Executor are in addition to any powers and elective rights conferred by applicable local, state or central laws or by any other provision of this Will and me be exercised as often as required and without application to or approval by any court.
Compensation of Executor
8. My Executor is entitled to compensation for acting as Executor under this Will in addition to any gift or benefit given by me under my Will or any codicil to it.
9. The compensation for acting as Executor under this Will is the following:
________
10. Where at any time any of my Executor is a solicitor, my Executor will be entitled to charge and be paid all usual professional fees or other charges for business transacted, time expended and acts done by my Executor or my Executor's in connection with the administration of my estate and the trusts of this my Will, including acts which a Trustee not being in any professional or business could have done personally.
DISPOSITION OF ESTATE
11. I hereby declare that after my demise, my assets, and properties be bequeathed on my spouse for their own use absolutely.
12. If my spouse predeceases me, all assets, and properties will devolve on my children then alive at my death in equal shares, subject to the provisions hereinafter specified.
13. If any child of mine dies before becoming entitled in accordance with the terms of this Will, to receive of his or her share of my estate, I direct that such share or the amount remaining of that share will be divided and transferred in equal shares to each of the surviving children of that deceased child of mine. And if any of such children of my deceased child dies before receiving the whole of his or her share of my estate, that share or the amount remaining thereof will be divided into equal shares amongst the surviving children of that child of mine. But if that deceased child of mine leaves no surviving children, then that share or the amount remaining of that share will be divided amongst my surviving children in equal shares.
14. In cases where a child or grandchild of mine is a minor at the time he or she becomes entitled, in accordance with the terms of this Will, to receive his or her share of my estate, and where a guardian, custodian or trustee is not already identified under my Will, that share shall be held by the Executor in trust for each of those surviving children who is a minor child.
15. As regards the Bank Accounts, the Fixed Deposits, the assets in my bank lockers, and my public providend fund account, the same shall be bequeathed to the members of family already nominated in the accounts.
Special Instructions
I give the following additional instructions:
________
TESTAMENTARY TRUST
Testamentary Trust For Minor Beneficiaries
16. It is my intent to create a testamentary trust (the "Testamentary Trust") for each minor beneficiary named in this Will. I name the Executor as trustee (the "Trustee") of any and all Testamentary Trust required in my Will. Any assets bequeathed, transferred, or gifted to a minor beneficiary named in my Will are to be held in a separate trust by the Trustee until that minor beneficiary reaches the designated age. Any property left by me to any minor beneficiary in my Will will be given to my Trustee to be managed until that minor reaches the age of 18 years.
Trust Administration
17. The Trustee will manage the Testamentary Trust as follows:
a. The assets and property will be managed for the benefit of the minor until the minor reaches the age set by me in the final distribution;
b. Upon the minor reaching the age set by me for final distribution, all property and assets remaining in the trust will be transferred to the minor beneficiary as quickly as possible; and
c. Until the minor beneficiary reaches the age set by me for final distribution, my Trustee will keep the assets of the trust invested and pay the whole or such part of the net income derived therefrom and any amount or amounts out of the capital that my Trustee may deem advisable to or for the support, health, maintenance, education, or benefit of that minor beneficiary.
18. The Trustee may, in the Trustee's discretion, invest and reinvest trust funds in any kind of real or personal property and any kind of investment, provided that the Trustee acts with care, skill, prudence and diligence, considering all financial and economic considerations, that a prudent person acting in a similar capacity and familiar such matters would use.
19. No bond or other security of any kind will be required of any Trustee appointed under my Will.
Trust Termination
20. The Testamentary Trust will end after any of the following:
a. The minor beneficiary reaches the age set by me for final distribution;
b. The minor beneficiary dies; or
c. The assets of the trust are exhausted through distributions.
General Trust Provision
21. The expression "my Trustee" used throughout this Will includes either the singular of the plural and the masculine or the feminine gender as appropriate wherever the fact or context so requires.
Powers of Trustee
22. To carry out the term of my Will, I give my Trustee the following powers to be used in his or her discretion in the management of a trust created hereunder, namely:
a. The power to make such expenditures as are necessary to carry out the purpose of the trust;
b. Subject to my express direction to the contrary, the power to sell, call in and convert into money any trust property, including real property, that my Trustee in his or her discretion deems advisable;
c. Subject to my express direction to the contrary, the power to mortgage trust property where my Trustee considers it advisable to do so;
d. Subject to my express direction to the contrary, the power to borrow money where my Trustee considers it advisable to do so;
e. Subject to my express direction to the contrary, the power to lend money to the trust beneficiary if my Trustee considers it is in the best interest of the beneficiary to do so;
f. To make expenditures for the purpose of repairing, improving, and rebuilding any property;
g. To exercise all rights and options of an owner of any securities held in trust;
h. To lease trust property, including real estate, without being limited as to term;
i. To make investments he or she consider advisable, without being limited to those investments authorized by law for trustees;
j. To receive additional property from any source and in any form of ownership;
k. Instead of acting personally, to employ and pay any other person or persons, including a body corporate, to transact any business or to do any act of any nature in relation to a trust created under my Will including the receipt and payment of money, without being liable for any loss incurred. And I authorize my Trustee to appoint from time to time upon such terms as he or she may think fit for any person or persons, any body corporate, for the purpose of exercising any powers herein expressly or impliedly given to my Trustee with respect to any property belonging to the trust;
l. Without the consent of any persons interested in trusts established hereunder, to compromise, settle or waive any claim or claims at any time due to tor by the trust in such manner and to such extent as my Trustee considers to be in the best interest pf the trust beneficiary, and to make an agreement with any other person, persons or corporation in respect thereof, which will be binding upon such beneficiary;
m. To make or not to make any election, determination, designation or allocation required or permitted to be made by my Trustee (either alone or jointly with others) under any of the provisions of any applicable local, state or central laws or other taxing statutes, in such manner as my Trustee, in his or her absolute discretion, deems advisable, and each election, determination, designation or allocation when so made will be final and binding upon all persons concerned;
n. To pay himself or herself reasonable compensation out of the trust assets; and
o. To employ and rely on the advice being given by an attorney, accountant, investment advisor, or other agents to assist the Trustee in the administration of this trust and to compensate them from the trust assets.
The above authority and powers granted to my Trustee are in addition to any powers and elective rights conferred by statute or central laws or by any other provision of this Will and may be exercised as often as required and without application to or approval by any court.
Other provisions
23. Subject to the terms of my Will, I direct that my Trustee will not be liable for any loss to my estate or to any beneficiary resulting from the exercise by him or her in good faith of any discretion given him or her in this Will;
24. Any trust created in this Will will be administered as independently of court supervision as possible under the laws of relevant jurisdiction over the trust; and
25. If any trust condition is held invalid, it will not affect other provisions that can be given effect without the invalid provision.
GENERAL PROVISIONS
Individuals 8282225 2522 Bequests
26. 52 5 5582 2282225 22 82582 252 25222522 82 2588 2888 22 222 25 2252 22 22 52858 58 25225 58282 25 5582 25288525 8825 2252 855528 22 5 8285282, 252 2588552 22 52 82 88 82222282258.
Insufficient Estate
27. If the value of my estate is insufficient to fulfil all of the bequests described in this Will, then I give my Executor the authority to decrease each bequest by a proportionate amount.
No 8222282 Provision
28. 52 522 82222888552 52525 2588 2888 82222828 82 522 82552 522 22 252 252888822 22 2588 2888, 2522 2585 525 588 8585 2258228 8888 222 82 22282825 22 522 5288828, 82258828, 82852828, 25 82222828 52525 2588 2888 25 522 8258888 525222, 525 8585 82225282 25 85552 82 22 282522 8888 82 58822825 22 58 82 2552 8222282822 82222888552 555 222 85588825 22.
Severability
29. If any provisions of this Will are deemed unenforceable, the remaining provisions will remain in full force and effect.
DISPOSITION OF REMAINS
30. It is my wish that my remains be cremated.
31. I also wish the following in regards to my remains:
________
I have executed this will in complete possession of my mental faculties and without any undue pressure or influence of any kind whatsoever from any quarter.
IN WITNESS WHEREOF, I have signed my name on this _______ (day) day of __________ (month), _______ (year) at_________________ (city), _________________ (state), declaring and publishing this instrument as my Last Will, in the presence of the undersigned witnesses, who witnessed and subscribed this Last Will at my request, and in my presence.
________________________________
(Testator's Name)
________________________________
(Testators Signature)
SIGNED AND DECLARED by ________ on this _______ (day) day of __________ (month), _______ (year) to be the Testator's Last Will, in our presence, at _________________ (city), _________________ (state) in the presence of us, both present at the same time, who at the Testator's request and in the presence of the Testator and of each other, all being present at the same time, have signed our names as witnesses.
WITNESS:
________________________________
Name:
Address:
City:
Occupation:
WITNESS:
________________________________
Name:
Address:
City:
Occupation:
WILL AND TESTAMENT
This will (hereinafter referred to as the "Will") is executed at ________, on this ________ by ________, Religion: Hindu Gender: male, son of ________, aged ________ years, resident of: ________ (hereinafter referred to as the "Testator".)
DECLARATIONS
1. I hereby revoke my last registered Will dated ________ registered in the office of the Sub-Registrar vide Registration No. ________ on ________.
2. I have the following surviving legal heirs:
a. I am married to ________
b. My father's name is ________.
c. My mother's name is ________.
EXECUTOR
Definition
3. The expression 'my Executor' used throughout this Will includes either the singular and plural, and the masculine or feminine gender as appropriate wherever the fact or context so requires. The term 'executor' in this Will is synonymous with and includes the terms 'personal representative' and 'executrix'.
Appointment of Executor
4. I appoint the following: ________, my ________, resident of: ________, to be the sole executor of my Will but if ________ should predecease me or is unable or unwilling to act as my Executor, then I appoint the following: ________, my ________, resident of: ________ to be Executor of my Will in the place and stead of ________.
5. No individual acting as an Executor under this Will will be required to give any security for the performance of his or her duties notwithstanding the laws of any country or other jurisdiction to the contrary.
Powers of my Executor
6. To carry out the terms of my Will, I give my Executor the following duties and powers with respect to my estate:
a. To pay my legally enforceable debts, funeral expenses and all expenses in connection with the administration of my estate and trusts created by my Will as soon as convenient after my death. If any of the real property devised in my Will remains subject to a mortgage at the time of my death, then I direct that the devisee taking that mortgaged property will take the property subject to that mortgage and that the devisee will not be entitled to have the mortgage paid out or resolved from the remaining assets of the residue of my estate;
b. To take all legal actions to have the probate of my Will completed as quickly and simply as possible if required by law, or if deemed necessary by the Executor, under the laws of India;
c. To retain, exchange, insure, repair, improve, sell, or dispose of or any and all personal property belonging to my estate as specified in this will, and if not specifically specified as my Executor deems advisable without liability for loss or depreciation;
d. To invest, manage, lease, rent, exchange, mortgage, sell, dispose of or give options without being limited to term and to insure, repair, improve, or add to or otherwise deal with any and all real property belonging to my estate as specified in this will, and if not specifically specified as my Executor deems advisable without liability or depreciation;
e. To purchase, maintain, convert, and liquidate investments or securities, and to vote stock, or exercise any option concerning any investments or securities without liability for loss;
f. To open or close bank accounts;
g. To maintain, continue, dissolve, change or sell any business which is part of my estate, or to purchase any business if deemed necessary or beneficial to my estate by me Executor;
h. To maintain, settle, abandon, sue or defend, or otherwise deal with any lawsuit against my estate;
i. To employ any lawyer, accountant, or other professionals; and
7. The above authority and powers granted to my Executor are in addition to any powers and elective rights conferred by applicable local, state or central laws or by any other provision of this Will and me be exercised as often as required and without application to or approval by any court.
Compensation of Executor
8. My Executor is entitled to compensation for acting as Executor under this Will in addition to any gift or benefit given by me under my Will or any codicil to it.
9. The compensation for acting as Executor under this Will is the following:
________
10. Where at any time any of my Executor is a solicitor, my Executor will be entitled to charge and be paid all usual professional fees or other charges for business transacted, time expended and acts done by my Executor or my Executor's in connection with the administration of my estate and the trusts of this my Will, including acts which a Trustee not being in any professional or business could have done personally.
DISPOSITION OF ESTATE
11. I hereby declare that after my demise, my assets, and properties be bequeathed on my spouse for their own use absolutely.
12. If my spouse predeceases me, all assets, and properties will devolve on my children then alive at my death in equal shares, subject to the provisions hereinafter specified.
13. If any child of mine dies before becoming entitled in accordance with the terms of this Will, to receive of his or her share of my estate, I direct that such share or the amount remaining of that share will be divided and transferred in equal shares to each of the surviving children of that deceased child of mine. And if any of such children of my deceased child dies before receiving the whole of his or her share of my estate, that share or the amount remaining thereof will be divided into equal shares amongst the surviving children of that child of mine. But if that deceased child of mine leaves no surviving children, then that share or the amount remaining of that share will be divided amongst my surviving children in equal shares.
14. In cases where a child or grandchild of mine is a minor at the time he or she becomes entitled, in accordance with the terms of this Will, to receive his or her share of my estate, and where a guardian, custodian or trustee is not already identified under my Will, that share shall be held by the Executor in trust for each of those surviving children who is a minor child.
15. As regards the Bank Accounts, the Fixed Deposits, the assets in my bank lockers, and my public providend fund account, the same shall be bequeathed to the members of family already nominated in the accounts.
Special Instructions
I give the following additional instructions:
________
TESTAMENTARY TRUST
Testamentary Trust For Minor Beneficiaries
16. It is my intent to create a testamentary trust (the "Testamentary Trust") for each minor beneficiary named in this Will. I name the Executor as trustee (the "Trustee") of any and all Testamentary Trust required in my Will. Any assets bequeathed, transferred, or gifted to a minor beneficiary named in my Will are to be held in a separate trust by the Trustee until that minor beneficiary reaches the designated age. Any property left by me to any minor beneficiary in my Will will be given to my Trustee to be managed until that minor reaches the age of 18 years.
Trust Administration
17. The Trustee will manage the Testamentary Trust as follows:
a. The assets and property will be managed for the benefit of the minor until the minor reaches the age set by me in the final distribution;
b. Upon the minor reaching the age set by me for final distribution, all property and assets remaining in the trust will be transferred to the minor beneficiary as quickly as possible; and
c. Until the minor beneficiary reaches the age set by me for final distribution, my Trustee will keep the assets of the trust invested and pay the whole or such part of the net income derived therefrom and any amount or amounts out of the capital that my Trustee may deem advisable to or for the support, health, maintenance, education, or benefit of that minor beneficiary.
18. The Trustee may, in the Trustee's discretion, invest and reinvest trust funds in any kind of real or personal property and any kind of investment, provided that the Trustee acts with care, skill, prudence and diligence, considering all financial and economic considerations, that a prudent person acting in a similar capacity and familiar such matters would use.
19. No bond or other security of any kind will be required of any Trustee appointed under my Will.
Trust Termination
20. The Testamentary Trust will end after any of the following:
a. The minor beneficiary reaches the age set by me for final distribution;
b. The minor beneficiary dies; or
c. The assets of the trust are exhausted through distributions.
General Trust Provision
21. The expression "my Trustee" used throughout this Will includes either the singular of the plural and the masculine or the feminine gender as appropriate wherever the fact or context so requires.
Powers of Trustee
22. To carry out the term of my Will, I give my Trustee the following powers to be used in his or her discretion in the management of a trust created hereunder, namely:
a. The power to make such expenditures as are necessary to carry out the purpose of the trust;
b. Subject to my express direction to the contrary, the power to sell, call in and convert into money any trust property, including real property, that my Trustee in his or her discretion deems advisable;
c. Subject to my express direction to the contrary, the power to mortgage trust property where my Trustee considers it advisable to do so;
d. Subject to my express direction to the contrary, the power to borrow money where my Trustee considers it advisable to do so;
e. Subject to my express direction to the contrary, the power to lend money to the trust beneficiary if my Trustee considers it is in the best interest of the beneficiary to do so;
f. To make expenditures for the purpose of repairing, improving, and rebuilding any property;
g. To exercise all rights and options of an owner of any securities held in trust;
h. To lease trust property, including real estate, without being limited as to term;
i. To make investments he or she consider advisable, without being limited to those investments authorized by law for trustees;
j. To receive additional property from any source and in any form of ownership;
k. Instead of acting personally, to employ and pay any other person or persons, including a body corporate, to transact any business or to do any act of any nature in relation to a trust created under my Will including the receipt and payment of money, without being liable for any loss incurred. And I authorize my Trustee to appoint from time to time upon such terms as he or she may think fit for any person or persons, any body corporate, for the purpose of exercising any powers herein expressly or impliedly given to my Trustee with respect to any property belonging to the trust;
l. Without the consent of any persons interested in trusts established hereunder, to compromise, settle or waive any claim or claims at any time due to tor by the trust in such manner and to such extent as my Trustee considers to be in the best interest pf the trust beneficiary, and to make an agreement with any other person, persons or corporation in respect thereof, which will be binding upon such beneficiary;
m. To make or not to make any election, determination, designation or allocation required or permitted to be made by my Trustee (either alone or jointly with others) under any of the provisions of any applicable local, state or central laws or other taxing statutes, in such manner as my Trustee, in his or her absolute discretion, deems advisable, and each election, determination, designation or allocation when so made will be final and binding upon all persons concerned;
n. To pay himself or herself reasonable compensation out of the trust assets; and
o. To employ and rely on the advice being given by an attorney, accountant, investment advisor, or other agents to assist the Trustee in the administration of this trust and to compensate them from the trust assets.
The above authority and powers granted to my Trustee are in addition to any powers and elective rights conferred by statute or central laws or by any other provision of this Will and may be exercised as often as required and without application to or approval by any court.
Other provisions
23. Subject to the terms of my Will, I direct that my Trustee will not be liable for any loss to my estate or to any beneficiary resulting from the exercise by him or her in good faith of any discretion given him or her in this Will;
24. Any trust created in this Will will be administered as independently of court supervision as possible under the laws of relevant jurisdiction over the trust; and
25. If any trust condition is held invalid, it will not affect other provisions that can be given effect without the invalid provision.
GENERAL PROVISIONS
Individuals 8282225 2522 Bequests
26. 52 5 5582 2282225 22 82582 252 25222522 82 2588 2888 22 222 25 2252 22 22 52858 58 25225 58282 25 5582 25288525 8825 2252 855528 22 5 8285282, 252 2588552 22 52 82 88 82222282258.
Insufficient Estate
27. If the value of my estate is insufficient to fulfil all of the bequests described in this Will, then I give my Executor the authority to decrease each bequest by a proportionate amount.
No 8222282 Provision
28. 52 522 82222888552 52525 2588 2888 82222828 82 522 82552 522 22 252 252888822 22 2588 2888, 2522 2585 525 588 8585 2258228 8888 222 82 22282825 22 522 5288828, 82258828, 82852828, 25 82222828 52525 2588 2888 25 522 8258888 525222, 525 8585 82225282 25 85552 82 22 282522 8888 82 58822825 22 58 82 2552 8222282822 82222888552 555 222 85588825 22.
Severability
29. If any provisions of this Will are deemed unenforceable, the remaining provisions will remain in full force and effect.
DISPOSITION OF REMAINS
30. It is my wish that my remains be cremated.
31. I also wish the following in regards to my remains:
________
I have executed this will in complete possession of my mental faculties and without any undue pressure or influence of any kind whatsoever from any quarter.
IN WITNESS WHEREOF, I have signed my name on this _______ (day) day of __________ (month), _______ (year) at_________________ (city), _________________ (state), declaring and publishing this instrument as my Last Will, in the presence of the undersigned witnesses, who witnessed and subscribed this Last Will at my request, and in my presence.
________________________________
(Testator's Name)
________________________________
(Testators Signature)
SIGNED AND DECLARED by ________ on this _______ (day) day of __________ (month), _______ (year) to be the Testator's Last Will, in our presence, at _________________ (city), _________________ (state) in the presence of us, both present at the same time, who at the Testator's request and in the presence of the Testator and of each other, all being present at the same time, have signed our names as witnesses.
WITNESS:
________________________________
Name:
Address:
City:
Occupation:
WITNESS:
________________________________
Name:
Address:
City:
Occupation:
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