Trustees' indemnity clause. or any such further policy as aforesaid, and shall release such persons or person, society or company, from all obligation of seeing to the application of the same money, and from all lien and liability by reason of the loss, misapplication, or nonapplication thereof [Insert power of appointing new trustees from preceding Precedent]: Provided also, and it is hereby lastly agreed and declared, that the trustees or trustee for the time being, acting in the execution of these presents, and their respective heirs, executors, and administrators, shall be chargeable only for such monies as they respectively shall actually receive by virtue of these presents; and each of them shall be answerable only for his own acts, receipts, and defaults, and by no means for accidental or involuntary losses, and particularly that no omission or neglect to enforce the covenants on the part of the said A. B. hereinbefore contained, or any of them, shall be chargeable as a breach or breaches of trust upon any such trustees or trustee, and that they or he and their or his executors or administrators shall not be in anywise responsible or accountable for or in respect of any such omission or neglect, or for or on account of the said policy or any such further or renewed policy as aforesaid suffering or becoming liable unto any forfeiture, avoidance, or impeachment whatsoever; and also that it shall be lawful for the said trustees and trustee for the time being, and their respective executors and administrators, by and out of the monies which shall come to their or his hands by virtue of these presents, to reimburse themselves or himself all costs, charges, and expenses which they respectively may sustain or be put unto in or about the execution of the trusts hereinbefore declared, or in relation thereto. In witness, &c. Parties. Witnesseth. PRECEDENT, No. XII. Settlement of a Policy of Assurance on the Life of the intended day of THIS INDENTURE, made the (a) When brevity is an object, it is intended to rely upon the existing policy only, and a second deed is objected to, this form may be adopted. upon and intended to be shortly hereafter solemnised between the said A. B. and C. D., he the said A. B. doth by these pre- First assignsents assign unto the said E. F. and G. H., their executors, ment of policy. administrators, and assigns, all that policy of assurance effected by the said A. B. upon his own life with the Norwich Union Life Insurance Society, dated the day of numbered Covenant to pay the annual premium. and subject to the annual premium of £and the sum of £, and all other monies, bonuses, and benefits thereby assured, and all the right, title, and interest whatsoever of him the said A. B. in and to the said policy and premises, to hold, receive, and take the said policy and all other premises hereby assigned or intended so to be unto the said E. F. and G. H., their executors, administrators, and assigns, but nevertheless upon and for the trusts, intents, and purposes hereinafter expressed and declared concerning the same [Covenants for title may be here inserted as in Prec. II.]: And he the said A. B. doth hereby, for himself, his heirs, executors, and administrators, covenant with the said E. F. and G. H., their executors and administrators, that, in case the said intended marriage shall take effect, he the said A. B. will at all times thereafter during his life pay or cause to be paid the annual or other premiums and expenses for the time being payable in respect of the said policy of assurance, and necessary for keeping the same on foot: AND Witnesseth secondly. THIS INDENTURE ALSO WITNESSETH, that for the consideration aforesaid, it is hereby agreed and declared between and by the Declaration parties to these presents, that the said E. F. and G. H., and of trusts of the survivor of them, and the executors and administrators of such survivor (all which lastly mentioned persons are hereinafter referred to as the said trustees or trustee), shall stand possessed of the said policy and premises herein before assigned upon trust after the solemnisation of the said marriage, when and as the said sum of £ —— and all and any other monies assured by the said policy shall become payable by reason of the death of the said A. B., to apply for and receive, and if necessary enforce, payment unto him or them of all and every such sum and sums of money as aforesaid, with full power for them or him to investigate, settle, and adjust all accounts in relation thereto, and to make and agree to any allowance or deduction in respect of costs or otherwise which they or he may deem expedient; and upon further trust (but with the consent in writing of the said C. D. during her life) to invest all and every such sums and sum of money as shall be by them or him received in manner aforesaid in monies assured. Investment clause. To pay the income to C. D. for her separate use. the purchase in their or his names or name of a competent share or shares of any of the parliamentary stocks or public funds of Great Britain, or upon government or real securities in England or Wales (but not in Ireland)(a), with full power for the said trustees or trustee from time to time, with such consent as aforesaid during the life of the said C. D., to alter, vary, and transpose the said investments for any others of the descriptions aforesaid; and shall pay the annual income of the said trust monies and the investments thereof unto the said C. D. during her life for her sole and separate use, independently of any man who may be her husband, and so that she shall not have power to deprive herself thereof by way of anticipation, and that her receipts alone shall be sufficient discharges for the same; and after her decease shall stand possessed of the said trust monies and the investments and annual income thereof upon trust (Here follow as in the preceding precedent-trusts for the children of the marriage as A. B. and C. D. shall jointly appoint, and in default of any joint appointment as the survivor shall appoint, and in default of appointment equally, hotchpot clause, provisions for the maintenance, education, and advancement — for accumulation of income with ultimate trust in default of children for A. B. receipt clause (but applicable to existing policy only),power of appointing new trustees - trustees' indemnity clause.) In witness, &c. Parties. Recitals. PRECEDENT, No. XIII. Voluntary Settlement of Stock and Policies of Assurance. (All clauses relating to the stock being included between brackets.) day of THIS INDENTURE, made the solidated Bank Annuities, and the sum of £- (a) The investment may be extended, if desired, as in the preceding precedent. first. names of the said C. D. and E. F.]: And whereas the said A. B., in consideration of his natural love and affection towards E. B. his wife, and his children F. B., of -, G. B., of, &c. and H. B., of, &c., and K. C. the wife of A. C., of, &c. formerly K. B., and for divers other good considerations, hath determined to settle and assure the said three several policies of assurance [and also the said two several sums of stock] upon and for the trusts and purposes, and subject to the powers and provisions, hereinafter declared and expressed, and hath agreed to enter into the covenant and declaration of trust on his part hereinafter contained: Now THIS INDENTURE WITNESSETH, Witnesseth that in pursuance of the said recited determination and agreement, and for the considerations aforesaid, he the said A. B., Assignment of policies. with the privity and consent of the said C. D. and E. F., testified by their respective executions hereof, doth by these presents assign unto the said C. D. and E. F., their executors, administrators, and assigns all those three several policies of assurance effected upon the life of him the said A. B., in manner aforesaid, together with the said three several sums of £, £, and £ thereby assured respectively, and all other monies, &c., and all the right, &c., together with full power, &c. (a), to have, hold, receive, and take the said three several policies of assurance, and all and singular other the premises hereby assigned or intended so to be unto and by the said C. D. and E. F., their executors, administrators, and assigns, in as full and ample a manner as the said A. B. can assign or otherwise assure the same, but nevertheless upon and for the trusts and purposes, and with and subject to the powers and provisions hereinafter declared and contained of and concerning the same: And the said A. B. doth hereby [covenant to pay the annual premiums upon the said policies, antè, Precedent XII.] AND THIS INDENTURE ALSO WITNESSETH, that for the purposes and considerations aforesaid, it is hereby agreed and declared by and between the said persons, parties hereto, that the said C. D. and E. F., and the survivor of them, and the executors and administrators of such survivor (hereinafter referred to as the said trustees and trustee), shall stand possessed of and be interested in the said [several sums of £ annuities and £ bank annuities, and the dividends and annual income thereof, and the aforesaid] policies of assurance, monies, and other premises herein before expressed to be assigned, upon trust [during the natural life of the said A. B., to pay unto him or his assigns, or authorise or permit him or them (a) See preceding precedents. bank Witnesseth secondly. Declaration of trust of settlement funds. stock for settlor during his life. Of income of And after his decease that trustees shall receive the policy monies. And shall in with power to vary such in vestments. to receive the dividends and annual income of the aforesaid several sums of stock or bank annuities for his or their own use or benefit, and upon further trust] that the said trustees and trustee do and shall, upon the decease of the said A. B., apply for and receive, and if necessary enforce, payment unto them or him of the said several sums of £. £- and £, and all other monies to become payable by virtue of the said several policies as aforesaid, with full power for them or him to investigate, settle, and adjust all accounts in relation thereto, and to make or agree to any allowance or deduction in respect of costs or otherwise which they or he may deem expedient: And upon vest the same, further trust, to invest all such monies as shall be by them or him received by virtue of the said policies of assurance, in the purchase, in their or his names or name, of a competent share or shares of any of the parliamentary stocks or public funds of Great Britain, or upon government or real securities in England or Wales (but not in Ireland), with full power for the said trustees or trustee, from time to time, to alter, vary and transpose the said investments for any others of the descriptions aforesaid; but as to every such investment or variation of such investment with the consent in writing of the said E. B. during her life: And it is hereby declared and agreed that the said trustees and trustee shall stand possessed of and be interested in the said trust monies which shall be by them or him received in manner aforesaid, and the stocks, funds, and securities in and upon which the same monies shall, for the time being, be invested [and also of and in the said sums of £· bank an Declaration of trust of income. nuities and £. bank annuities, from and after the decease of the said A. B.], upon trust to pay the dividends and annual income thereof unto the said C. B. and her assigns during her life or until she shall again marry(a): and from and after the deter (a) This limitation is the simplest of all possible limitations, and will be appropriate when the children are of age, or nearly so, and has the advantage of vesting the shares immediately, so as to enable the children to settle, or otherwise deal with them; those of the male children will, indeed, be subject to their liabilities, and, particularly, would vest in their assignees upon their bankruptcy or insolvency, and the share of the female will be an equitable chose in action to which her husband will be absolutely entitled by survivorship; but these objections will be rendered of little weight by the power of revocation retained by the settlor. The trust, however, sub sequent to the life interest given to the widow, must depend upon the circumstances of the family; when it is intended that the widow shall take for her life, and not during her widowhood only, and the estates of the children living at her decease, or previously dying, leaving children then living, shall alone be benefited, the following limitations will be appropriate: "From and after the decease of the "said A. B., upon trust, to pay the di"vidends and annual income thereof, "unto the said C. B. during her life, for "her sole and separate use, indepen"dently of any man who may then be "her husband; and of his debts, con'tracts, and engagements. And from |