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This is the Last Will and Testament of me KERMIT
FROG of Frog Hollow in the State of New South Wales, Swamp Cleaner.
1. Revocation Clause
I REVOKE my previous wills and testamentary dispositions.
2. Executors
I APPOINT my wife PIGGY FROG Executrix and
Trustee of this my Will PROVIDED THAT she survives me but should she not so
survive me or should she die before proving this Will then I APPOINT
my brother CHARLES FROG of Bottom Swamp Executor and Trustee of this
Will ("my Trustee" which includes my personal representatives and
trustees for the time being).
3. Gift to Wife
I GIVE all my estate to my Trustee to hold ON TRUST
for my wife absolutely if she survives me for a period of thirty (30) days.
4. Gift to Children
SHOULD MY WIFE not survive me then I GIVE all my
estate to my Trustee to hold ON TRUST for my children
living at my death who attain the age of eighteen years and if more than
one as tenants in common in equal shares.
5. Substitutional Gift
I DECLARE that if any of my children should predecease me leaving
issue then such issue shall take in equal shares (if more than one)
the share which their deceased parent would have taken had such
parent survived me and taken a vested interest under this Will.
6. Gift to Parents
SHOULD I DIE without my wife or issue surviving me then I
GIVE all my estate to my Trustee to hold ON TRUST to pay one-half
of my estate to my parents in equal shares or the whole to the survivor
and the other one-half share to the parents of my wife in equal shares or the
whole to the survivor PROVIDED THAT if the trusts of either one-half
share fails then that share which fails must be added to the trusts
which have not failed.
7. Trustee Powers
I EMPOWER my Trustee in his or her absolute discretion to:-
(a) General powers: exercise any powers given by law;
(b) Power of sale: exercise the powers of a trustee for sale in respect of
any assets in my estate and my Trustee may:-
(i) without being liable for any loss (including liability for
taxation on capital gain) caused by so doing, postpone sale;
(ii) without being liable for any loss (including liability for
taxation on capital gain) caused by so doing, retain in its form of investment
at my death any part of my estate, even though it is wasting, hazardous or
reversionary;
(iii) sell, by public auction or private sale, and for that purpose
may extend credit;
(c) Maintenance, education, advancement: apply for the maintenance,
education (including travel to broaden the mind), advancement or benefit of
a beneficiary the whole or any part of the capital and income of that part of
my estate to which that beneficiary is entitled or may in future be entitled;
and for these purposes:-
(i) make a payment or payments to a minor beneficiary's parent
or guardian or a person with whom the minor beneficiary resides; and
(ii) accept the receipt of that payee as an absolute discharge;
(d) Specific powers: invest or reinvest in, or acquire for the purpose of
receiving income, interest, profit or capital gain, any of the following:-
(i) shares, stock units, debentures, debenture stock, notes
including convertible notes, or other securities of a company listed on any
stock exchange and whether bearing liability for uncalled capital or not;
(ii) land of any tenure including leasehold and land held by
company title;
(iii) mortgages, including contributory mortgages;
(iv) the units or interests of, or in, a trust, including a fixed or
flexible trust;
(v) mutual funds;
(vi) friendly society investments;
(vii) insurance bonds;
(viii) bank accepted or endorsed bills of exchange;
(ix) deposits in the authorised short term money market;
(x) deposits with any public company, bank, credit union or
building society;
(e) make loans to beneficiaries:-
(i) secured or unsecured;
(ii) on interest or interest free; and
(iii) on whatever terms;
(f) Purchase, lease: acquire or lease assets for occupation, use or
enjoyment by a beneficiary (whether alone or with some other person or
persons);
(g) Company affairs: do either or both of the following:-
(i) vote in; or
(ii) apply for and accept directorship of any company or
corporation in which my estate may be interested or concerned;
(h) Bonus shares, rights: apply for, accept or take up bonus shares or
other rights or benefits made available by a company or corporation in
which my estate may be interested or concerned;
(i) Borrow: borrow money, either with or without giving security, and
enter into any mortgage, charge, bill of sale, lien or security over any
part of my estate;
(j) Lease: lease any part of my estate:-
(i) for the periods and upon and subject to the covenants and
conditions which my Trustee thinks fit; and
(ii) either with or without provisions for renewal or otherwise;
and
(iii) accept surrenders of leases or tenancies of my estate or any
part of it;
(k) Maintain property etc: maintain, repair, improve, develop, alter,
renovate, pull down, erect or re-erect any part of my estate;
(l) Insurance, superannuation etc: enter, participate in, enter and
participate in, take out, maintain or take out and maintain any one or more of
the following:-
(i) any insurance policy against risks affecting my estate;
(ii) any life insurance policy in respect of any person;
(iii) any policy or contract of health or accident insurance or
benefit in respect of any person;
(iv) any friendly society, trade union or association of employees
benefit scheme in respect of any person;
(v) any superannuation or pension scheme in relation to any
person; and
(vi) any funeral benefit or payment scheme in relation to any
person;
(m) Appropriate assets in specie: without the consent of any beneficiary,
partition or appropriate any asset of my estate in or towards the satisfaction
of a legacy or a share of any person or persons in my estate, and in doing so
the following provisions apply:-
(i) the value of any such asset is that agreed by those of my
beneficiaries affected or, if my Trustee is satisfied that no value can be
agreed to in this way, the value is that determined by an independent valuer
appointed by my Trustee for the purposes;
(ii) my Trustee need not take into account any differences in
value of particular assets to particular beneficiaries other than the value of
the asset as decided in subparagraph (i);
(n) Determine nature of receipts: determine whether receipts or
outgoings are capital or income, or partly income or capital, so as to bind
the beneficiaries, even though the receipts are from a company or
corporation that has made a decision on the matter;
(o) Income: identify, segregate into separate income accounts and
allocate separately different sources and types of income, and record this in
the books of account;
(p) Appropriation of tax credits: determine on or before the last day in
each accounting year the distribution of taxation credits to beneficiaries and
in default of determination the tax credits received in the accounting year
shall be deemed to be divided equally among the beneficiaries living on the
last day of the accounting year;
(q) Capital gains tax: use income, capital, or both income and capital, to
pay capital gains tax levied on the disposal or deemed disposal of any asset,
and apportion liability for that tax; for that purpose they may determine what
is capital and what is income;
(r) Records for CGT: make available to those of my beneficiaries who
inherit any asset on which capital gains tax is or may be assessable any
documents which are relevant to the determination of the cost base of that
asset;
(s) Set aside fund: for any reason, for instance to allow an early
distribution of residue, set aside out of my estate a fund sufficient to meet all
debts, charges and other liabilities of my estate. If, having discharged all
such debts, charges and other liabilities a balance remains, that balance does
not form part of the residue of my estate, but is to be distributed as if it were
part of the residue.
(t) Carry on business: manage and carry on alone or jointly with others
any business or an interest in any business for as long as my Trustee thinks
fit and for this purpose:-
(i) exercise any powers given by this Will or by law;
(ii) carry on the business in the same manner and with the same
powers and rights as my Trustee would have if my Trustee were carrying it
on in his or her own right and not as Trustee;
In Witness whereof I have hereunto set my
hand this day of One thousand nine
hundred and ninety-six.
SIGNED by the Testator the said )
KERMIT FROG )
as and for his last Will and Testament )
in the presence of us both present at the )
same time who at his request in his presence )
and in the presence of each other have )
hereunto subscribed our names as )
witnesses:- )
This is the Last Will and Testament of me
PIGGY FROG of Frog Hollow in the State
of New South Wales, Actor.
1. Revocation Clause
I REVOKE my previous wills and testamentary dispositions.
2. Executors
I APPOINT my husband KERMIT FROG Executor and
Trustee of this my Will PROVIDED THAT he survives me but should he not so
survive me or should he die before proving this Will then I APPOINT
my sisterSUSAN PIGGY of Outback Executor and Trustee of this
Will ("my Trustee" which includes my personal representatives and
trustees for the time being).
3. Gift to Husband
I GIVE all my estate to my Trustee to hold ON TRUST
for my husband absolutely if he survives me for a period of thirty (30) days.
4. Gift to Children
SHOULD MY HUSBAND not survive me then I GIVE all my
estate to my Trustee to hold ON TRUST for my children
living at my death who attain the age of eighteen years and if more than
one as tenants in common in equal shares.
5. Substitutional Gift
I DECLARE that if any of my children should predecease me leaving
issue then such issue shall take in equal shares (if more than one)
the share which their deceased parent would have taken had such
parent survived me and taken a vested interest under this Will.
6. Gift to Parents
SHOULD I DIE without my husband or issue surviving me then I
GIVE all my estate to my Trustee to hold ON TRUST to pay one-half
of my estate to my parents in equal shares or the whole to the survivor
and the other one-half share to the parents of my husband in equal shares or the
whole to the survivor PROVIDED THAT if the trusts of either one-half
share fails then that share which fails must be added to the trusts
which have not failed.
7. Trustee Powers
I EMPOWER my Trustee in his or her absolute discretion to:-
(a) General powers: exercise any powers given by law;
(b) Power of sale: exercise the powers of a trustee for sale in respect of
any assets in my estate and my Trustee may:-
(i) without being liable for any loss (including liability for
taxation on capital gain) caused by so doing, postpone sale;
(ii) without being liable for any loss (including liability for
taxation on capital gain) caused by so doing, retain in its form of investment
at my death any part of my estate, even though it is wasting, hazardous or
reversionary;
(iii) sell, by public auction or private sale, and for that purpose
may extend credit;
(c) Maintenance, education, advancement: apply for the maintenance,
education (including travel to broaden the mind), advancement or benefit of
a beneficiary the whole or any part of the capital and income of that part of
my estate to which that beneficiary is entitled or may in future be entitled;
and for these purposes:-
(i) make a payment or payments to a minor beneficiary's parent
or guardian or a person with whom the minor beneficiary resides; and
(ii) accept the receipt of that payee as an absolute discharge;
(d) Specific powers: invest or reinvest in, or acquire for the purpose of
receiving income, interest, profit or capital gain, any of the following:-
(i) shares, stock units, debentures, debenture stock, notes
including convertible notes, or other securities of a company listed on any
stock exchange and whether bearing liability for uncalled capital or not;
(ii) land of any tenure including leasehold and land held by
company title;
(iii) mortgages, including contributory mortgages;
(iv) the units or interests of, or in, a trust, including a fixed or
flexible trust;
(v) mutual funds;
(vi) friendly society investments;
(vii) insurance bonds;
(viii) bank accepted or endorsed bills of exchange;
(ix) deposits in the authorised short term money market;
(x) deposits with any public company, bank, credit union or
building society;
(e) make loans to beneficiaries:-
(i) secured or unsecured;
(ii) on interest or interest free; and
(iii) on whatever terms;
(f) Purchase, lease: acquire or lease assets for occupation, use or
enjoyment by a beneficiary (whether alone or with some other person or
persons);
(g) Company affairs: do either or both of the following:-
(i) vote in; or
(ii) apply for and accept directorship of any company or
corporation in which my estate may be interested or concerned;
(h) Bonus shares, rights: apply for, accept or take up bonus shares or
other rights or benefits made available by a company or corporation in
which my estate may be interested or concerned;
(i) Borrow: borrow money, either with or without giving security, and
enter into any mortgage, charge, bill of sale, lien or security over any
part of my estate;
(j) Lease: lease any part of my estate:-
(i) for the periods and upon and subject to the covenants and
conditions which my Trustee thinks fit; and
(ii) either with or without provisions for renewal or otherwise;
and
(iii) accept surrenders of leases or tenancies of my estate or any
part of it;
(k) Maintain property etc: maintain, repair, improve, develop, alter,
renovate, pull down, erect or re-erect any part of my estate;
(l) Insurance, superannuation etc: enter, participate in, enter and
participate in, take out, maintain or take out and maintain any one or more of
the following:-
(i) any insurance policy against risks affecting my estate;
(ii) any life insurance policy in respect of any person;
(iii) any policy or contract of health or accident insurance or
benefit in respect of any person;
(iv) any friendly society, trade union or association of employees
benefit scheme in respect of any person;
(v) any superannuation or pension scheme in relation to any
person; and
(vi) any funeral benefit or payment scheme in relation to any
person;
(m) Appropriate assets in specie: without the consent of any beneficiary,
partition or appropriate any asset of my estate in or towards the satisfaction
of a legacy or a share of any person or persons in my estate, and in doing so
the following provisions apply:-
(i) the value of any such asset is that agreed by those of my
beneficiaries affected or, if my Trustee is satisfied that no value can be
agreed to in this way, the value is that determined by an independent valuer
appointed by my Trustee for the purposes;
(ii) my Trustee need not take into account any differences in
value of particular assets to particular beneficiaries other than the value of
the asset as decided in subparagraph (i);
(n) Determine nature of receipts: determine whether receipts or
outgoings are capital or income, or partly income or capital, so as to bind
the beneficiaries, even though the receipts are from a company or
corporation that has made a decision on the matter;
(o) Income: identify, segregate into separate income accounts and
allocate separately different sources and types of income, and record this in
the books of account;
(p) Appropriation of tax credits: determine on or before the last day in
each accounting year the distribution of taxation credits to beneficiaries and
in default of determination the tax credits received in the accounting year
shall be deemed to be divided equally among the beneficiaries living on the
last day of the accounting year;
(q) Capital gains tax: use income, capital, or both income and capital, to
pay capital gains tax levied on the disposal or deemed disposal of any asset,
and apportion liability for that tax; for that purpose they may determine what
is capital and what is income;
(r) Records for CGT: make available to those of my beneficiaries who
inherit any asset on which capital gains tax is or may be assessable any
documents which are relevant to the determination of the cost base of that
asset;
(s) Set aside fund: for any reason, for instance to allow an early
distribution of residue, set aside out of my estate a fund sufficient to meet all
debts, charges and other liabilities of my estate. If, having discharged all
such debts, charges and other liabilities a balance remains, that balance does
not form part of the residue of my estate, but is to be distributed as if it were
part of the residue.
(t) Carry on business: manage and carry on alone or jointly with others
any business or an interest in any business for as long as my Trustee thinks
fit and for this purpose:-
(i) exercise any powers given by this Will or by law;
(ii) carry on the business in the same manner and with the same
powers and rights as my Trustee would have if my Trustee were carrying it
on in his or her own right and not as Trustee;
In Witness whereof I have hereunto set my
hand this day of One thousand nine
hundred and ninety-six.
SIGNED by the Testatrix the said )
PIGGY FROG )
as and for her last Will and Testament )
in the presence of us both present at the )
same time who at her request in her presence )
and in the presence of each other have )
hereunto subscribed our names as )
witnesses:- )
