acting trustee, by any instrument in writing, to substitute any person to be a trustee in the stead of any trustee who shall so die, continue to reside abroad, disclaim, neglect, refuse or become incapable to act in the trusts aforesaid; and all the said trust estates and premises shall forthwith be transferred so as to vest the same in such new trustee or trustees, either jointly with the surviving or continuing trustee or trustees, or solely, as the case may be, and such new trustee, as well before as after such transfer, shall have the same powers as if originally appointed a trustee by this my will; AND no trustee under this my will shall be responsible for the acts or defaults of any co-trustee, nor for receipts in which they or he shall only join for conformity; nor be accountable for the sufficiency of any person with whom, in the execution of these trusts, any of the said trust moneys may be deposited; nor for the sufficiency of any securities in which any of the said trust moneys may be invested, unless the same shall happen through the wilful default of such trustees respectively; and that my present or any future trustees or trustee may reimburse themselves and each other all such expenses as they may incur in the execution of the aforesaid trusts out of the trust moneys which shall come to their respective hands.

WILLS.

No. VIII.

Short Form

of a Will devising Real and Personal Trust to Sell,

Estate, upon

f.c.

8. AND I HEREBY APPOINT my said trustees joint executors of Appointment this my will.

of executors.

9. AND revoking all former wills and codicils, I do hereby declare Clause of this to be my last and only will and testament.

IN WITNESS, &c.

revocation.

No. IX.

WILL OF A TRADESMAN, BY WHICH, AFTER BEQUEATHING A LEGACY, A CERTAIN PORTION OF HIS HOUSEHOLD FURNITURE, AND ALL HIS WINES, LIQUORS, HOUSEKEEPING PROVISIONS, &c., TO HIS WIFE ABSOLUTELY, HE DIRECTS THAT HIS BUSINESS SHALL BE CONDUCTED BY HER UNTIL HIS ELDEST OR SOME ONE OF HIS SONS SHALL ATTAIN TWENTY-ONE, AND BE WILLING TO UNDERTAKE THE CONCERN; BUT IF SHE MARRIES AGAIN THE TRUSTEES ARE TO MANAGE THE BUSINESS; AND IF NONE OF THE SONS WILL UNDERTAKE THE BUSINESS, TRUSTEES TO SELL THE SAME. POWERS TO COMPOUND DEBTS, INCREASE, DIMINISH OR DISCONTINUE BUSINESS, &c. NET PROFITS TO BE APPLIED, TWO-THIRDS TO WIFE'S OWN USE DURING WIDOWHOOD, AND THE REMAINDER TO BE DISPOSED OF BY HER IN THE MAINTENANCE OF THE FAMILY. DEVISE OF GENERAL RESIDUARY ESTATE TO TRUSTEES UPON TRUST TO INVEST WITH POWER OF VARYING SECURITIES. TWO-FIFTHS OF INCOME TO BE TO WIFE DURING WIDOWHOOD, AND THEN TO TESTATOR'S ELDEST SON ABSOLUTELY; THE REMAINING THREE-FIFTHS TO BE SUBDIVIDED INTO EIGHT EQUAL PARTS AMONGST TESTATOR'S EIGHT CHILDREN, WITH PROVISION FOR SURVIVORSHIP AND ACCRUER.

1. Commencement of will. 2. Appointment of trustees.

3. Bequest of household furniture, not exceeding a certain value, to wife absolutely.

4. Absolute bequest to wife of wines, liquors, provisions, &c.

5. Wife, provided she so long continue a widow, to carry on his business for the period thereinafter mentioned.

6. Business or trade to be carried on upon testator's dwelling-bouse, and wife to have entire management thereof.

7. Authority to wife to perform all acts respecting his business; to employ shopmen, servants, workmen and others; to adjust accounts and debts, and refer to arbitration, &c.

8. Wife to carry on business until testator's eldest, or some other

1. THIS IS THE LAST AND ONLY WILL OF ME, Commencement (testator), of, &c., grocer.

2. I HEREBY APPOINT (trustees) to be the trustees of this my Appointment of will. [INSERT bequest of legacy, and also of wearing apparel, paraphernalia, jewels, trinkets, &c., to testator's wife, ut ante, No. VI., clauses 3, 4, p. 655.]

3. I ALSO GIVE AND BEQUEATH unto my said wife absolutely, Bequest of such part of my household furniture, plate, linen, china, and glass furniture, &c. as she may think proper to select, not exceeding altogether the not exceeding a value of £ , the amount of which is to be ascertained by two wife absolutely. appraisers, one to be nominated by my said wife, and the other

WILLS.

No. IX.

Will of a Tradesman,

by my said trustees or trustee, or otherwise, as she and they shall

agree upon.

4. I ALSO GIVE unto my said wife all my wines and other with Powers to liquors, fuel, and housekeeping provisions, which I shall be possessed of at the time of my decease.

Trustees to

compound Debts, increase, diminish or discontinue

Absolute

5. AND I HEREBY DIRECT, that my said wife shall, provided Business, c. she shall so long continue my widow, (b) subject to the control of my said trustees or trustee as hereinafter mentioned, manage and of wines, liquors, transact my trade or business of a grocer at P— aforesaid, (c) provisions, &c. for such time, and for the intents and purposes hereinafter mentioned.

bequest to wife

Wife, provided

she so long continues a

widow, to carry on his business for the period thereinafter mentioned. Business or trade to be

6. AND I HEREBY DECLARE that such trade or business shall be carried on upon my freehold messuage or dwelling-house and premises whereon the same is now transacted, or shall be carried on at the time of my decease, and that during the entire period of carried on upon such management, my said wife shall occupy and enjoy the whole of the same premises rent free, and have the entire control and management of my said trade or business, and of all the capital, credits, stock in trade and effects belonging or appertaining thereto, or employed therein, at the time of my decease.

testator's

dwelling-house, and wife to have entire

management

thereof.

Practical suggestions.

Practical suggestions,

where a trading concern is to be

carried on for

the benefit of the testator's widow.

(b) There are very few instances, where there is the slightest probability of a testator's widow marrying again, and he is desirous that the business should be carried on till some one of his children is capable of undertaking it, that it would not be prudent to restrict the wife's management of the business to her widowhood; for by a second marriage the whole concern may be deteriorated or ruined outright by the interference and ill management of the after-taken husband.

(c) Whenever it is intended that a testator's trade shall be carried on for the benefit of his family, or for any other purpose, there should always be an express power in the will for that purpose, otherwise neither his trustees or executors will be authorized in so doing, however advantageous such a course may seem. It will also be necessary to confer ample authority to the trustees, &c., to compound debts, and so otherwise to arrange the conduct of the business, that the executors or trustees may be released from all responsibility with respect to losses caused by giving time in payment, or taking insufficient securities from debtors paying debts in the absence of strict legal proof of their having been contracted, or any other damage, resulting from any act which a person having the absolute control of a business may incur in the conduct of it, or for any loss whatever, unless the same is occasioned by the actual misconduct of the trustees. They should also be empowered to increase, diminish, or discontinue the business altogether, if likely to prove a losing concern; for if the business is to be carried on at all events until some certain stated period, considerable losses may be incurred, as a business, at one time exceedingly lucrative, may, from some unforeseen events or untoward circumstances, become a very unprofitable affair.

WILLS.

No. IX. Will of a Tradesman, with Powers Trustees to compound Debts, increase, diminish or

discontinue

business;

7. AND I HEREBY AUTHORIZE AND EMPOWER my said wife, so long as my said trade or business shall be carried on, managed and transacted by her, to enter into and execute all such acts, deeds, matters and things respecting my said business as she may to deem expedient, and to hire and employ all such shopmen, servants, workmen and others, and allow them such sum and sums of money for their salaries, wages or hire, and payable at such times. and in such manner as she may think proper. AND also to enter Business, fc. into all such contracts respecting my said trade or business as she Authority to wife to perform shall consider fit, and to settle and adjust any accounts relating all acts thereto, and to compound or compromise any debts or claims respecting his respecting my said trade or business, which may be owing to or to employ shopmen, from me, or made against, or on behalf of, my said estate, and to accept and take such security, or to give such time for payment of any debt or claim owing to me; and also to refer to arbitra- to tion, or otherwise to adjust, any question in dispute that may debts, and arise in respect to any debt or demand that may be claimed to arbitration, &c. be owing to or from me, and generally to carry on, manage and transact my said trade or business in the same manner as if she were solely interested therein; but subject nevertheless to the interference and control of my said trustees as hereinafter is mentioned.

workmen and

accounts and

refer to

on business

other of his

attain the age

and be desirous

8. AND I HEREBY ALSO DIRECT that my said wife shall carry Wife to carry on, manage and transact my said trade or business, until my eldest until testator's son (R. B.) shall attain the age of twenty-one years, at which eldest, or some time he is to have the option of carrying on the same upon the sons, shall terms hereinafter mentioned; but in case of his death under that of twenty-one, age, or having attained that age, in case he shall refuse or neglect to carry on to undertake the management of the said trade or business, then the same. until some one of the other of my said sons shall attain the age of twenty-one years, and upon attaining that age shall be willing to undertake such management; or, in case none of my sons shall live to attain the age of twenty-one years, or having attained that age, none of them will undertake to carry on the said trade or business,

Power of sale in case none of

testator's sons

will carry on

9. THEN I AUTHORIZE AND EMPOWER the said (trustees), or the survivor of them, his executors or administrators, or other the the business.