Page 16 - Estate Planning Documents

a) Pay, apply or set aside the whole or any part, parts or category of the Net Income to
or for the benefit of the Main Residence Life Tenant; or
b) With the consent of the Main Residence Life Tenant, accumulate the whole or any
part or parts of the Net Income as an accretion to the Main Residence Fund.

24. Additional Directions and Powers

24.1 My Executor shall, in administering the Main Residence Fund, have the powers provided in

the Powers of Executors and Trustees Schedule (“the General Powers”), including the specific
powers set out in this Schedule but to the extent of any inconsistency between the General
Powers and the provisions of this Schedule, the latter shall prevail.
24.2 In addition to the General Powers, in respect of any Capital Gain which results in a capital gains
tax liability under the Tax Acts, My Executor:
a) May accumulate all or any part of the Capital Gain as an accretion to the Main
Residence Fund;
b) May elect to be assessed on any part of the Capital Gain, and shall be entitled to seek
reimbursement from the capital of the Main Residence Fund required to meet any
capital gains tax liability resulting from such Capital Gain; and
c) Shall use such of the capital of the Main Residence Fund to reimburse a beneficiary in
respect of any capital gains tax liability they may bear resulting from such Capital Gain,
to which no one is specifically entitled within the Meaning of the Tax Acts.

24.3 My Executor shall have an express power to make interest-free loans from the Main Residence
Fund to the Main Residence Life Tenant with or without security for the purposes of:
a) Acquiring rights in a freehold or leasehold land in respect of the Main Residence Life
Tenant’s residency;
b) Acquiring rights in respect of the Main Resident Life Tenant’s residency in a retirement
village or residential care facility;
c) The payment of accommodation bonds and deferred management and exit fees; and
d) Retention amounts or other costs or fees incurred pursuant to a lease, licence or
accommodation bond agreement in respect of the Main Resident Life Tenant’s

residency.
25. Right of Residence in respect of the Main Residence

25.1 If My Executor:
a) Does not make an election under the clause headed “Discretionary Power to limit Life
Interest” in this Schedule:
i) The Main Residence Life Tenant shall have, in addition to the interests the
Main Residence Life Tenant has in the Main Residence Fund under the
preceding subclauses, an express personal right to reside in the Main
Residence (and any Substituted Residence) forming part of the Main
Residence Fund during the Main Residence Term and which shall come to an
end at the expiration of the Main Residence Term; and

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