Deed of Release by a Father in favour of his Son of a determinable life interest in a Legacy to accelerate the Son’s interest in the remainder
THIS RELEASE is made on _______ day of _______
BETWEEN
___________ [releasor] of [address, etc] (hereinafter called the father) of the One [or First] Part
AND
____________ [reversioner] of [address, etc.] (Hereinafter called the son) of the Other [or Second] Part
AND
__________ [names and addresses, etc. of trustees of legacy] of the Third Part].
WHEREAS:
- [Testator] late of [address] who died on the _______ day of ______ duly made his will dated the _____ day of ______ and thereby after appointing [trustees] to be the executors thereof who proved the same on the ______ day of ______ in the ______ Court at _______ bequeathed to the said [trustees] a legacy of Rs.______ upon trust to invest the same and to pay the income of such investments to the father during his life or until he should do some act or some event should happen whereby the said income or some part thereof would if belonging to him absotutely have become vested in or charged in favour of some other person and on the death of the father or the earlier determination of his interest to hold the said investments in trust for the son absolutely.
- The said legacy by the said will bequeathed to the father as aforesaid is now represented by the investments specified in the schedule hereto.
- The father is desirous of determining his interest in the said legacy and the investments representing the same in order to accelerate the son’s interest in remainder.
NOW THIS DEED WITNESSETH as follows:
- In pursuance of such his desire and in consideration of the natural love and affection of the father for the son the father as settlor hereby releases surrenders and assigns unto the son all the income hereafter to arise during his lifetime from the said legacy or the investments from time to time representing the same and all the right, interest, claim and demand of him the father thereto or therein to the intent that the interest of the father therein may be determined and that the said legacy and the investments representing the same may become immediately vested in possession in the son and be forthwith payable and transferable to him accordingly.
THE SCHEDULE ABOVE REFERRED TO:?
[PART I]?
[Investments representing the legacy [other than those mentioned in Part II]
[PART II]?
[Investments representing the sum mentioned]
IN WITNESS etc.
[Signatures of all parties]
