Notes

Trustee vs Executor of will

Spouse to take position of such positions, if spouse to predecease the creator of the will then the children are to act as the executor jointly or either survivor of their will. Should all three children predecease the creator of the will then the survivors of the three children are to be the executor of this will. (an executor must be above 18 years old)

Executor of will is responsible for the distribution of assets of the estate and property. They are to be expected to fulfill the deceased's wishes according to their will. Ensuring maintenance, determining and paying liabilities of the deceased such as taxes, debts, bills and other obligations. After all debts have been paid off, the executor can distribute the estate among the benficiares as set out in the will. They are to take almost total control of the deceased's death in regards to notifying officials, documentation, informing employers, families or other parties of the death.

In regards to a trust, a trustee may differ from that of the executor as an individual however in the situation of Sumana Devi & Roshan Lal, they are to expected to be that of the executor of the will as the assignment of both positions are to of follow the same delegation in appoinment, therefore the position is to appoint the spouse and if the spouse should predecease the creator of the will, then jointly held by the three children or the remaining children. Should the children predecease the creator of the will, the trustee is to expected to of be held jointly of remaining or/and of age grandchildren of the creator of the will and if not, then to of a elder appointed trustee/executor.

The division of the estate and properties is straightforward in the amounts of the shares in which the assets are to follow, and can be described best visually in the situational of hypotheticals/theoreticals. The estate in it's current status is best expected to go to the spouse should he or her live the 30 days following the creator of the will's deceasement, who in this situation are also expected is to be the executor and trustee, will own 100% of the estate property and are up to their own will on what to do with it, barring the beneficiary trust. Should the spouse predecease prior to the 30 days following the deceasement as well, then the estate is to be split equally between the children or whichever children remain. Should one or more of the children predecease as well then if the children have any children of their own (or an alternative will beneficiary such as a spouse) then they are expected to receive a division of their own amount based on the amount of beneficiaries. In the case where all of the following; spouse predeaceases, children predecease and there are no further beneficiaries such as grandchildren of the creator of the will or spouses of the childre of the creator of the will, then the value of the estate is to be split in a 50% 50% shares upon which one half shall go towards the parents and siblings of the creator of the will and the remaining one half shall go to the parents and siblings of the spouse. Furthermore if any of the aforementioned beneficiaries shall pass away then therefore it is to be further split between the remaining family aforementioned as should apply to the one half in which the spouse's family is entitled upon.

The testamentary trust for minor beneficiaries will be created and managed by the trustee, upon which the executor being named as the trustee. Any and all assets bequeated, transfereed or gifted to a minor beneficiary will be held in a separate trust by the trustee until the minor beneficiary reaches the designed age of eighteen years old. The trustee shall also manage the trust as follows to allow the assets and property to be managed for the benefit of the minor until they are of age for final distribution quickly and transfer effectively. Furhtermore prior to final distribution the trustee is expected to keep the assets of the trust invested and pay the whole or part of the net income derived and any amount of the capital that my trustee may deem advisable for the support health maintenance education or benefit of the aforementioned minor beneficiary should the beneficiary be unable to claim it being a minor. The trustee shall also at their own disretion invest/reinvest trust funds accordingly provided they act in good faith, with care, skill, prudence and dligence in a manner in which a person would act in similar capacity. The trust will terminate if any of the following; the minor beneficiary reaches the age for final distribution, the minor beneficiary dies or the assets are exhausted through distribution.

The powers of the trustee go as follow (all subject to the express direction to the contrary); the posubject to express direction the power to sell, call in or convert into money any property including trust property that the trustee deems advisable, the power to mortgage trust propwerty, the power to borrow money, the power to lend money to the trust beneficiary, make expenditured for the purpose of repairing, improving and rebuilding any property, exercising all rights and options of an owner of any securities held in trust, to lease property including real estate without being limited as to term, to make investments considered advisable without being limited to those investments authorized by law for trustee, to receieve additional property from any source and in any form of ownership, instead of acting personally to employ and pay other persons to transact a body corportate to transact business or any act of nature related to a trust created under the will without being liable for the loss incurred, without the consent of any persons interested in trusts established hereunder to compromise, settle or waive any claims at time due to the trust