the time being shall as to any property for the time being PRECEDENT XVI. vested in them or him have the same or the like powers and authorities as are lastly herein before given to my exe WILL DECLARING TRUSTS OF RESIDUE IN SEVERAL SHARES, WITH CROSS TRUSTS. XVII. WILL WITH TRUST FOR ACCUMULATION FOR TWENTY-ONE YEARS. WILL of REAL and PERSONAL estate. GENERAL DEVISE PRECEDENT XVII. of real and leasehold estate in fee. Bequest to trustees of PROPERTY in the FUNDS upon trust out of the income to pay ANNUITIES and the residue of the income to testator's widow during widowhood. Trust for ACCUMULATION for a term of TWENTY-ONE YEARS from the testator's death. Trusts for the testator's SON and his CHILDREN, and in DEFAULT of such CHILDREN for the testator's brothers and the survivor for life with an ultimate trust for the children of the testator's brothers and sisters. BEQUEST of A LEASEHOLD HOUSE and FURNITURE and arrears of DIVIDENDS. BEQUEST of RESIDUE of personal estate SUBJECT to the payment of FUNERAL and TESTAMENTARY EXPENSES, DEBTS, and LEGACIES. devise of real and leasehold estate to tes tator's son in fee. I, A. B. of &c. [supra, p. 26]. I DEVISE all the mes- 1. General suages, lands, tenements, hereditaments, and real estate of every tenure (including chattels real) of or to which I shall at my death be seised, possessed, or entitled, or over which I shall have a general power of appointment or disposition by will (except what I otherwise dispose of by this my will, or any codicil hereto), unto and to the use of my son D. B., his heirs, executors, administrators and will, and as to which the functions of the executors will therefore have ceased. WILL WITH TRUST FOR ACCUMULATION YEARS. 2. Bequest to trustees of all the testator's property in the funds. 3. Upon trust to cause the same to be transferred into their names; 4. with power to vary investments. PRECEDENT XVIL assigns for his and their absolute benefit. I BEQUEATH all the sums which at the time of my death shall belong to me in possession, reversion, or otherwise, of or in any FOR TWENTY-ONE of the public stocks or funds of the United Kingdom (a), unto E. F. of &c., G. H. of &c., and I. K. of &c., their executors, administrators, and assigns, UPON TRUST that they, the said E. F., G. H., and I. K., and the survivors and survivor of them, shall as soon as conveniently may be after my death or as circumstances will permit, cause the said stocks or funds to be transferred into their or his names or name; AND SHALL either permit the said stocks and funds to remain in the state of investment in which they shall be at the time of such transfer, or shall at any time or times thereafter, if they or he shall think fit (but with the consent in writing of my wife C. B. during her widowhood), sell the said stocks and funds, or any part or parts thereof, and invest the monies arising from such sale in the names or name of them or him, the said trustees or trustee for the time being, in any of the public stocks or funds or Government securities of the United Kingdom, or upon real securities in England or Wales (but not in any other mode of investment), and may from time to time, if they or he shall so think fit (but with the consent in writing of my said wife during her widowhood), vary or transpose such investments into or for others of any nature hereby authorised; AND SHALL, out of the income of the said stocks, funds, and securities, pay the annual sum of £ to E. C. of &c., during his life, and the annual sum of £ to F. D., the wife of N. D. of &c., during her life, for her separate use, without power of anticipation during her present or any future coverture, AND the annual sum of £ to L. M. of &c., and N. O. of &c., in equal shares during 5. Trust out of the income to pay two annuities; 6. —and an annuity to two persons and the survivor ; (a) A specific bequest of this kind is open to the objection that it is liable to be defeated by the testator changing his investments and omitting to make a new will. day of and the WILL WITH TRUST FOR ACCUMULATION FOR TWENTY-ONE YEARS. their joint lives, and after the death of either of them, PRECEDENT XVII wholly to the survivor of them during her life, all the said respective annuities to be paid by equal half-yearly payments on the day of, in every year, and the first half-yearly payments thereof respectively to be made on such one of the said days of payment as shall happen next after my death, if the said respective persons to whom the same are respectively given shall then be living, and to be respectively apportioned payments corresponding to the time which shall have elapsed from my death (b); AND SHALL, 7. and to pay residue of in come to testator's wife during widowhood; continuing an nuitants. (b) The following is a form continuing annuities to the issue of the original annuitants; but such a mode of provision, though it is occasionally had recourse to, is inconvenient, and not to be recommended. A direction might be added that a fund should be set apart in the names of the trustees to provide for the annuities (see supra, pp. 110, 112, note) :— "AND I DECLARE, that upon the decease of each of Declaration them the said and ——, the annuity so bequeathed nuities to issue to him or her shall be continued to his or her children of original auor child and the children or child of any child or children of such original annuitant who may have died before the interest of the objects of this present trust shall fall into possession, and the survivors and survivor of such children or child and grandchildren or grandchild during their, his, or her lives and life, and shall be equally divided between such objects for the time being if more than one, but so that the issue of any deceased child of such original annuitant shall take between them if more than one only the share which their deceased parent would have taken if living. AND DURING the minority of any of the issue Annuities of of any of the said original annuitants I direct that the infants to be applied by trustrustees or trustee for the time being of this my will tees for mainshall apply the annuity or proportionate part thereof tenance; belonging to such minor for his or her maintenance, education, or benefit, either directly or by paying the same to his or her guardians or guardian without seeing to the application thereof." WILL WITH TRUST FOR ACCUMULATION YEARS. 8. and after her death or marriage, PRECEDENT XVII. during the widowhood of my said wife C. B., pay the residue or surplus of the income of the said stocks, funds, and securities which shall remain after payment of the FOR TWENTY-ONE said annuities to my said wife and her assigns; AND FROM AND AFTER her death or second marriage (but subject to the payment of the said annuities), IF my said son shall then be living, shall during the residue then to come of the term of twenty-one years, to be computed from my residue of a term death, if my said son shall so long live, accumulate the income of the said stocks, funds, and securities, in the way of compound interest, by investing the same, and the resulting income, in or upon any such stocks, funds, or securities as aforesaid, with power to vary or transpose the investment thereof as aforesaid (c); AND FROM AND AFTER 9. in trust during the then of twenty-one years from testator's death, if the son be living, to accumulate the income; 10. and after the expiration of Trusts for accumulation. (c) As to trusts for accumulation, see Griffiths v. Vere, and notes, Lead. Cas. Conv. 2nd ed. pp. 430 et seq.; 1 Jarm. Wills, 3rd ed., chap. ix., s. iii., pp. 282, et seq.; Hayes & Jarm. Conc. Wills, 8th ed., p. 359, note (g). The will in the text, directing accumulation from the death, or second marriage, of the testator's wife, for the residue of the term of twenty-one years, computed from the testator's death, goes the full length allowed by the Thellusson Act (39 & 40 Geo. 3, c. 38); as, although accumulation may not commence until a subsequent time, the twenty-one years allowed by the statute are reckoned from the testator's death (Webb v. Webb, 2 Beav. 493; Attorney-General v. Poulden, 3 Hare, 555). As to the question whether the statute applies to accumulations not directed in terms, but resulting from the nature of the dispositions, there has been a difference of opinion; but the weight of authority is against the validity of the dispositions, so far as they would involve an accumulation beyond the statutory limits (see 1 Jarm. Wills, p. 293, and the cases in notes (c) and (d) thereto); the better opinion being, that "If a testator directs that to be done which, as a necessary consequence, leads to an indefinite accumulation, he must, within the meaning of the statute, be taken to have directed accumulation" (per Lord Cranworth, C., in Tench v. Cheese, 6 De G. M. & G. 461; and see Hodgson v. Earl of Bective, 10 H. L. C. 656). As to the validity of trusts for accumulation during the minority of unborn persons, see ante, Vol. iii., Settlements, p. 178, note, p. 469, note. As to the right of the person to whom the fund is ultimately given to stop the accumulation and require payment to himself, see Harbin v. Masterman, L. R. 12 Eq. 559, Talbot v. Jevers, L. R. 20 Eq. 255. WILL WITH TRUST FOR ACCUMULATION YEARS. the term to pay the income to the son for his life, and subject thereto to hold the capital and income in trust for the children of the son at 21, &c. the expiration of the said term of twenty-one years, if the PRECEDENT XVII. same shall expire in the lifetime of my said son, shall pay the income as well of the said original stocks, funds, and securities as of the said accumulations produced there- FOR TWENTY-ONK from, unto my said son and his assigns during his life; AND FROM AND AFTER the death of my said son (whether the same shall happen before or after the expiration of the said term of twenty-one years) or from and after the death or second marriage of my said wife in case my said son shall be then dead, shall stand possessed of all and singular the said stocks, funds, and securities (including the accumulations aforesaid), and the income thereof, In trust for all or any the children or child of my said son living at my death or born afterwards, who being a son or sons attain the age of twenty-one years, or being a daughter or daughters attain that age or marry, if more than one in equal shares. PROVIDED ALWAYS, and I 11. Advancehereby declare, that it shall be lawful for the said trustees or trustee for the time being at any time or times after the death or second marriage of my said wife (but subject and without prejudice to the payment of the aforesaid annuities) to raise any part or parts not exceeding in the whole one half of the then expectant or presumptive or vested portion of any son of the said D. B. under the trusts herein before declared, and to apply the same for his advancement or benefit as the said trustees or trustee ment clause. shall think fit. AND I HEREBY DECLARE, that (subject 12. Maintenance to the payment of the aforesaid annuities) the said clause. trustees or trustee for the time being shall after the death or second marriage of my said wife, and after the death of the said D. B.. apply the whole or such part as they or he shall think fit of the income of the portion to which any child of the said D. B. shall for the time being be entitled in expectancy under the trusts herein before declared for or towards his or her maintenance or education, and may, &c. [rest of maintenance clause and accu |