Question

Prepare a "draft" Will, Trust or Power of Attorney for yourself or a fictitious person. This is called a Draft because it will not be executed and is intended for you to put into practice what you have learned.

1. Follow the legal requirements in your state of Virginia for the making of a Will ,Trust or Power of Attorney and that you are fairly detailed.

Answer 1

Let us understand the concept one by one:

Will

‘Will’ means the legal declaration of the intention of a testator with respect to his property, which he desires to be carried into effect after his death.

So it is very clear that the effect of the will come after the death of he testator.

The Essentials of the valid will

• The declaration should relate to the properties of the testator, which he wishes to bequeath
• The declaration must be to the effect that it operates after the death of Testator
• It is revocable during the life time of the testator- It mean that the person making the will can alter the will during his lifetime.

Draft Will

This is the last Will of mine, AB, etc., made this the .......................... day of .......................... at ..........................

which cancels my will dated .......................... made in favour of...................... now deceased.

WHEREAS I had made a Will on......................... bequeathing all my property in favour of

.........................., my...................... (state relationship).

AND WHEREAS the said .......................... died on .......................... leaving behind ..........................

NOW I declare that:

1. I hereby revoke my former Will dated, .......................... in favour of...................... aforesaid.
2. I bequeath all my properties to .......................... my....................... (state relationship) absolutely.
3. I bequeath the following annuities to commence from the date of my death and to be paid in monthly instalments :

1. To my daughter CD, etc., an annuity of Rs........................ to be paid during her life ;
2. To my nephew EF, etc., an annuity of Rs......................... for his life.

IN WITNESS WHEREOF I the said AB have signed this Will here under the day and year first written above.

(Sd.)..........................

(AB)

Signed by the above-named AB in our presence at the same time and each of us has in the presence of the testator signed his name hereunder as an attesting witness.

1..........................

2..........................

POWER OF ATTORNEY

Do you know the meaning of power of attorney? Lets understand

1. Power of attorney empowering a specified person to act for and in the name of the person executing it.
2. A power of attorney executed in favour of a person can always, at the discretion of the donor thereof, be revoked
3. Power of attorney is liable to stamp duty

DRAFT POWER OF ATTORNEY

Power-of-Attorney to Present Document for Registration

BY THIS POWER OF ATTORNEY I, AB of etc., do hereby appoint CD of, etc., my attorney for me and on my behalf to appear for and represent me before the-Registrar of........................................... of all times as may be

necessary and to present before him for registration the………………………… deed dated the…………………

day of................................ made between, etc., to admit the execution of the said deed by me (if necessary to

admit the receipt of consideration), to do any act, deed or thing as may be necessary to complete the registration of the said deed in the manner required by law and when it has been returned to him after being duly registered, to give proper receipt and discharge for the same.

And I, the said AB, do hereby agree and declare that all acts, deeds and things done, executed or performed by the said CD shall be valid and binding on me to all intents and purposes as if done by me personally which I undertake to ratify and confirm whenever required.

Signed, sealed and delivered

TRUST

Now let us understand the meaning of the trust

A trust is an as an obligation annexed to the ownership of property, and arising out of a confidence reposed in and accepted by the owner, or declared and accepted by him for the benefit of another or of another and the owner.

DRAFT DEBENTURE TRUST DEED

THIS TRUST DEED is made this………………… day of………………… 2017, between…………………

incorporated under the Companies Act, 2013 with its registered office at….................... (hereinafter called “the

Company”) of the One Part, and Mr………………… and Mr........................ (hereinafter called “the Trustees”) of

the Other Part.

WHEREAS by Sub-Clause………………… of Clause………………… of its Memorandum of Association, the company is authorised to borrow or raise and secure the payment of money by the issue of debentures charged upon any of the company’s property.

AND WHEREAS the Directors of the company being duly empowered in that behalf by Article No. …………………

of the Articles of Association of the company have decided by a resolution passed in pursuance to Section 179 of the Companies Act, 2013 by the Board of directors in the meeting of the Board held on…...................... to

raise a sum of Rs………………… by issue of………………… First Mortgage Debentures of Rs…………………

each, bearing interest at….................... per cent per annum framed in accordance with the forms set for in the

First Schedule hereto and to secure the same by mortgaging with the trustees the properties described in the Second Schedule hereto.

AND WHEREAS the trustees above mentioned have consented to act as trustees for the debenture holders.

NOW THIS DEED WITNESSETH AND IT IS HEREBY MUTUALLY AGREED TO AND DECLARED BY AND BETWEEN THE PARTIES HERETO AS FOLLOWS:

1. That in these presents unless there be something in the subject or context consistent therewith the expression following shall have the meaning hereafter mentioned, that is to say:
   1. “Company” means........................ Ltd.
   2. “Trustees” means Mr........................ or any other trustees hereof for the time being.
   3. “Debentures” means the debenture of the company in the form set out in the First Schedule hereto for the time being outstanding and entitled to the benefit of these presents.
   4. “Debenture holders” means the holder for the time being of the debenture issued and entered in the register of debenture holders, mentioned on the conditions endorsed on the debentures on the holder of the debentures.
   5. “Mortgaged premises” means the property belonging to the company described in the Second Schedule hereto and comprised in the security of the debenture holders.

Words denoting the singular include the plural and vice versa unless the contrary appears from the context.

1. 6. Act means the Companies Act, 2013 and any modification or re-enactments thereof.
2. The debentures entitled to the benefit of these presents shall consist of a series of number of debentures of Rs………………… each, aggregating to Rs………………… in all to rank pari passu without any preference or priority by reason of the date of issue or otherwise and secured by the mortgage hereby created on the mortgaged premises.
3. The company hereby further covenants with the Trustees that the company shall duly perform and observe the obligations hereby imposed upon it by this deed.

IN WITNESS WHEREOF THE COMPANY has caused its Common Seal to be affixed to these presents and the trustees have hereto set their hands the day and year above written.

Common Seal of the…………………

Witnesses:                                                                                                            affixed in the presence of

(DIRECTOR) (TRUSTEES)

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