Assignment of a life interest in trust fund: variation where the life interest is reversionary
THIS DEED OF ASSIGNMENT is made the _______ day of _______.
______________________________________________________ [insert the name, address etc. of assignor] (hereinafter called the assignor of the one part),
and
__________________________________________________[ insert the name, address etc. of assignee] (hereinafter called the transferee) of the other part.
WHEREAS:
- By his will dated the ______ day of ________ and proved in the ______ court on the ______ day of ________ [insert the name, address etc. of assignor testator] who died on the _____ day of ______ gave his residuary estate to his trustees upon trust for conversion and investment as therein mentioned with power for his trustees at their discretion from time to time to vary the investment thereof and upon trust to pay the income of his said residuary estate and of the investments from time to time representing the same to [his wife ____ during her life and after her death to pay [one moiety of] the said income to] the vendor during his life.
- The said residuary estate now consists of or is represented by the several investments specified in the schedule hereto standing in the names of [trustees of will] who are the present trustees of the said will.
- [Widow] the widow of the said testator died on the _______ day of ____.
- The vendor has agreed with the purchaser for the sale to him at the price of Rs.__________ of the said [reversionary] life interest of the vendor in the said residuary estate.
NOW THIS DEED WITNESSETH that in pursuance of the said agreement and in consideration of the sum of Rs. ________ paid by the purchaser to the vendor (who acknowledges the receipt thereof) the vendor as beneficial owner assigns to the purchaser all [that one equal moiety of all] the dividends interest and income to become payable or accrue henceforth during the remainder of the life of the vendor from or in respect of the residuary estate of the said [testator] and the investments and property from time to time and for the time being representing the same TO HOLD the same unto the purchaser absolutely.
IN WITNESS, etc.
SCHEDULE
[Particulars of investments]
?[Signatures of vendor and assignee]
