DEED OF FAMILY SETTLEMENT WHERE SETTLOR APPOINTS HIMSELF AS THE SOLE TRUSTEE FOR LIFE & HIS SONS AS SUCCESSIVE TRUSTEE AFTER HIS DEATH
THIS INDENTURE made etc. between ________________ (S.T.) etc. (Settlor) of the ONE PART.
AND
the said ________________ (S.T.) AND ____________________________________ (A.B., C.D., E.F., G.H., and I.J. etc). (Trustees) of the OTHER PART.
WHEREAS the Settlor is absolutely seized and possessed of the several hereditaments respectively mentioned and described in the first, second and the third schedules hereunder written and the inheritance thereof in fee simple free from encumbrances.
AND WHEREAS the Settlor’s wife died long ago and he has by her five sons the said _______________________________ (A.B., C.D., E.F., G.H., and I.J.) and three daughters _________________________________(U.V., W.X. and Y.Z).
AND WHEREAS the settlor’s first three sons the said _________________________ (A.B., C.D. and E.F.) though past marriageable age have remained unmarried against the wishes of the Settlor.
AND WHEREAS the Settlor’s eldest daughter the said __________________ (U.V.) is a spinster and has taken the holy order while his other two daughters the said ______________ (W.X. and Y.Z.) have been given away in marriage and are in affluent circumstances.
AND WHEREAS for diverse weighty causes and consideration him there unto moving the Settlor is desirous of settling the said several hereditaments in manner hereinafter expressed. AND WHEREAS for the purpose of the stamp duty to be paid on these presents the hereditaments mentioned and described in the first, second and third schedules hereunder written are respectively assessed to be of the value of Rs. __________ Rs. ________and Rs. _________ making together the sum of Rs. ___________
NOW THIS INDENTURE made in consideration of the premises aforesaid and for effectuating the Settlor’s said desire WITNESSETH as follows:
1. The Settlor hereby grants, conveys and transfers unto the Trustees all those the hereditaments respectively mentioned and described in the first, second and third schedules hereunder written together with (Insert general words, estate and deed clauses) to have and to hold the same unto the Trustees to the use of the Settlor during his life without impeachment of waste to hold, enjoy, use and occupy the hereditaments comprised in the first, second and third schedules hereunder written and to collect the rents, issues, profits and income thereof and to appropriate the same for his personal benefit without being in any way responsible or accountable for the same and from and after the death of the Settlor to the use of the successive Trustees for the time being of these presents upon and subject to the trusts, uses and intents hreinafter expressed, that to say,
a. As to the hereditaments comprised in the first schedule hereunder written upon trust to convey the same unto the said ___________________ ( A.B., C.D., E.F., G.H. and I.J). absolutely as joint tenants but subject to the right of residence of the said U.V. during her natural life in a room on the first floor thereof;
b. As to the hereditaments comprised in the second schedule hereunder written UPON TRUST to permit the said ______________ ( A.B., C.D., E.F., G.H., I.J. and U.V). and the families and dependants of the said ____________ (G.H. and I.J.) to hold, enjoy, use and occupy the same free of rent and of all other impositions subject however to the limitation that if at any time the said____ (U.V.) shall depart from leading a godly life or leave the protection of the said __________________ (A.B., C.D., E.F., G.H. or I.J.) and cease to live permanently either in the hereditaments comprised in the first schedule hereunder written or in the hereditaments comprised in the second schedule hereunder written or become a permanent ashramite then and in each of such cases the said U.V. shall absolutely forfeit all the rights and benefits under these presents given to her and the trustees for the time being of these presents shall be exonerated from the duties and obligations towards the said U.V. hereby reposed and cast upon them;
c. As to the hereditaments comprised in the third schedule hereunder written upon trust to let out or continue to let out the same to monthly tenants on fair and reasonable rent and out of the rents, issues, profits and income thereof in the first place to set apart such sum as shall cover the rates, taxes and other outgoings in respect of the hereditaments comprised in the second and third schedules hereunder written and in the second place to pay to the said ______________ (U.V.) during her natural life the sum of Rs. _____________ from month to month on or before the ____________ day of each and every month for her personal expenses and in the third place to retain monthly and every month the sum of Rs _________ to be by them spent for causing petty and thorough repairs as and when necessary to the hereditaments comprised in the second and third schedules hereunder written and in the next place to spend the balance for the maintenance and support of the said ______________ ( A.B., C.D., E.F., G.H., I.J. and U.V. )so long as they shall remain joint in mess, else to pay such balance to them in equal shares from month to month on or before the day of each and every month, and
d. Upon trust on the extinction of the uses and benefits hereby created in favour of the said ____________________ (A.B., C.D., E.F. and U.V.) to convey the hereditaments comprised in the second and third schedules hereunder written to the said ________________ (G.H. and I.J.) absolutely and in equal shares freed and discharged of all the trusts, uses and intents herein expressed.
2. AND it is hereby declared that during his life-time the Settlor shall be and act as the sole Trustee and that from and after his death the said ________________ ( A.B., C.D., E.F., G.H. and I.J.) in the order of their seniority shall be the successive Trustees of these presents so nevertheless that of them not more than two shall at any time act in the matter of the trusts, uses and intents herein expressed or such of them as shall then be subsisting and capable of taking effect.
3. The Trustees coming after the Settlor shall act jointly where they shall be two in number and should any difference of opinion shall at any time arise between them in relation to the doing or forbearing to do anything or otherwise howsoever then the opinion of the senior of them shall prevail notwithstanding that he may be personally interested in the matter in dispute.
4. The Trustees coming after the Settlor shall forthwith open an account in their joint names with a banker in ________________ and therein deposit the rents, issues, profits and income aforesaid and all monies payable to and receiveable by them under and by virtue of these presents and shall keep and maintain proper books of account wherein shall be duly posted all receipts and disbursements.
5. So long as the said __________ (U.V.) shall reside in the hereditaments comprised either in the first or in the second schedule hereunder written and lead a godly life the Trustees and all beneficiaries for the time being of these presents shall treat her with utmost kindness and not in any way interfere with her religious beliefs and persuasions.
6. WITHOUT prejudice to the generality of their powers the Trustees shall have power and authority to do and exercise the following acts, deeds and things, to wit,
(a) To demand, sue for and recover all monies payable to and receiveable by them under and by virtue of these presents and to give effectual receipts and discharges for the same;
(b) To prosecute, defend and compromise all actions and proceedings touching the affairs of the said trusts, uses and intents and to do and perform all acts and things in connection therewith;
(c) To sign, endorse and negotiate all cheques and pay orders as shall relate to their duties and obligations under these presents and to operate fully and effectually on the banking account aforesaid;
(d) To sign, execute and register all deeds, instruments and writings as shall be deemed necessary and expedient in the execution and discharge of the said trusts, uses and intents and to pay all expenses to be incurred in connection therewith;
(e) And generally to act prudently in the matter and for the benefit of the said trusts, uses and intents.
7. EACH of the said ____________ (G.H. and I.J.) shall be at liberty by deed or will to appoint in his place and stead a new trustee who shall assume office only when the line of successive Trustees hereby appointed other than the said ____________ (G.H. and I.J.) shall become extinct and there shall subsist any of the trusts, uses and intents aforesaid to be carried out.
8. (Insert clause for revocation, if desired, as in the previous form).
9. The Trustees hereby respectively consent to be and to act as trustees according to the meaning and intent of these presents as is testified by their being parties to and executing these presents.
THE FIRST SCHEDULE ABOVE REFERRED TO & so on
(Describe the respective properties)
IN WITNESS etc.
