37. General powers of my executors and trustees
37.1. My executors and my trustees may in their discretion:
(a) Exercise any powers given to them by law;
(b) Exercise the powers of a trustee for sale in respect of any property in my estate and my executors and my trustees 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;
(iii) sell, by public auction or private sale, and for that purpose may extend credit;
(c) determine whether receipts or outgoings are capital or income, or partly capital or income, so as to bind the beneficiaries, even though the receipts are from a company or corporation that has made a decision on the matter;
(d) 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;
(e) for the purposes of paragraph (d):
(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;
(f) make loan to beneficiaries:
(i) secured or unsecured;
(ii) on interest or interest free; and
(iii) on whatever terms;
(g) acquire or lease property for occupation, use or enjoyment by a beneficiary (whether alone or with some other person or persons);
(h) do any one or more of the following:
(i) concur in any scheme or arrangement involving or affecting the shares, securities, control, property or undertaking of;
(ii) vote in; or
(iii) apply for and accept directorship of
any company or corporation in which my estate is or may become interested or concerned;
(i) apply for, accept or take up securities of any description or denomination, bonus shares or other rights or benefits made available by a company or corporation in which my estate is or may become interested or concerned;
(j) 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; and money borrowed is to be treated as part of my estate or trust property, as the case may be;
(k) lease any part of the real or personal property in my estate:
(i) for the periods and upon and subject to the covenants and conditions which my executors think fit; and
(ii) either with or without provisions for renewal or otherwise;
(l) accept surrenders of leases or tenancies of my estate or any part of it;
(m) maintain, repair, improve, develop, alter, renovate, pull down, erect or re-erect any part of my estate;
(n) maintain, take out or participate in any one or more of the following:
(i) insurance policy against risks affecting my estate;
(ii) life insurance policy in respect of any person;
(iii) policy or contract of health or accident insurance or benefit in respect of any person;
(iv) friendly society, trade union or association of employees benefit scheme in respect of any person;
(v) superannuation or pension scheme in relation to any person; and
(vi) funeral benefit or payment scheme in relation to any person;
(o) without the consent of any beneficiary, partition or appropriate any part of the real or personal property of the 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 property is that agreed by those of my beneficiaries affected or, if my executors are satisfied that no value can be agreed in this way, the value is that determined by an independent valuer appointed by my executors for the purpose;
(ii) my executors or my trustees, as the case may be, need not take into account any differences in value of particular property to particular beneficiaries other than the value of the property as decided in subparagraph (i);
(p) determine (in the event of my executors disposing of or being deemed to have disposed of property) from which part or parts of the capital or income of my estate they will pay any income tax liability flowing from the disposal or deemed disposal; and for that purpose they may determine what is capital and what is income, but I express the wish that, if it seems appropriate to my executors to do so, proceeds of such a disposal be resorted to in the first instance;
(q) identify, segregate into separate income accounts and allocate separately different sources and types of income, and record this in the books of account;
(r) carry on, either alone or in partnership with any person or persons, the whole or part of any trade or business in which I am engaged or interested at my death;
(s) delegate a power or function, and execute a power of attorney or other instrument to make the delegation;
(t) appoint and empower nominees to act and hold properly for my executors; and appoint custodians of any property and documents (including documents relating to property) in my estate;
(u) 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.
37.2. I express the wish that my executors and my trustees make available to those of my beneficiaries who inherit any property all documents relevant to that property or the assessment of tax relating to that property.
37.3. I wish my executors and my trustees to exercise their powers so as to ensure (so far as seems to them reasonable having regard to the funds at their disposal and other relevant matters) that any person caring for any of my children (whether as guardian or otherwise) does not suffer in the course of caring for those children a financial burden or loss (whether or not it is incurred strictly within her or his duties as carer or guardian), and I trust that the carer will accept it as my wish that the powers be exercised in this way.
37.4. Gifts to persons who are named as trustees or executors are not dependent on those persons acting as trustees or executors.
37.5. Even though a person is or becomes or has been an executor or trustee, that person may buy or appropriate to herself or himself at a fair value any part of my estate or any trust fund deriving from it (either at public auction or by private contract or treaty) on the same terms my executors may grant to a purchaser from my estate.
37.6. My executors and my trustees acting in good faith:
(a) Are entitled to indemnity and reimbursement out of my estate or the trust fund (as the case may be) for their expenses, costs and liabilities of every kind arising out of the administration of, and litigation related to, my estate and its trusts; and
(b) May apply estate or trust property to satisfy their indemnity and secure their reimbursement.