Will with Legacies and Trust for Children and Continuation of Business

Updated at:March 2010
 
FREE EXCERPT

This is the last will and testament of me, Ashish Bhatt of, etc., I hereby revoke all wills and codicil, if any heretofore made by me and declare this to be my last will. This will be operative after my death.

  1. I appoint Chirag Desai of, etc., and Ebrahim Fakruddin of, etc., (hereinafter called “my trustees”), to be the executors and trustees of this my will, and also to be the guardians of my children, Gaurav, Naresh and Karthik during the respective periods of their minority. In case any of them fails to act in any of the offices, the other will act solely to all intents and purposes.

  2. I hereby give, leave and bequeath the following legacies to be paid out of my estate as soon as possible after my death, viz.,

    (a) to Venkatesh Pandit Rs. 1,000 absolutely and forever,

    (b) to Seema Pandit my radio set and gold watch, also absolutely and forever.

  3. Subject to what are hereinbefore stated, I hereby give leave and bequeath the rest and residue of my estate, movable and immovable, of whatever nature and wherever situate unto the said trustees upon trust, for the use and benefit of my children and I direct that my trustees shall upon the youngest of my said children attaining majority divide the residue of the property among children after making several payments (as in previous precedent, cl. 6.)

  4. My trustees may, in their absolute discretion, carry on and continue for such period as they shall think proper the business of, etc., at the date hereof carried on by me at, etc., either alone or in partnership with any partner or partners whom I may have admitted therein before my death, or who, in their discretion, may be admitted by them, without any detriment to the trust of my estate. And I declare that my trustees shall not be liable to my estate or any person interested therein for any loss incurred or suffered in...

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