2. I APPOINT Solicitor of ............................................. the Special Executor of this my Will in relation to my practice of a Solicitor carried on by me under the style or title of presently at .................................................. (hereinafter called " my Practice Trustee") and I DECLARE that his appointment as Special Executor shall be limited to my Practice Estate as hereinafter defined.
3. I GIVE to my Practice Trustee all the assets and liabilities of my Practice Estate as hereinafter defined on trust to sell my Practice as a going concern if that be possible upon such terms as he shall in his absolute discretion think proper whether by disposal of individual assets by sale or otherwise or the closure of the practice and the collecting in of outstanding fees and the realisation of work in progress and the payment of debts and liabilities of the Practice with power to postpone the sale or closure without any liability for loss as if he were beneficially entitled to my Practice and until sale or closure my Practice Trustee shall continue to carry on the Practice either from the Practice address or from his own offices for the benefit of my estate for so long as he considers it beneficial so to do.
4. MY PRACTICE TRUSTEE shall if he does not hold a current Practising Certificate at the date of my death appoint another Solicitor who does and who is suitable qualified to be my Practice Trustee in his place and that Solicitor's name and address shall be deemed to appear in this my Will in Clause 2 hereof in the place of the said as my Special Executor.
5. MY PRACTICE ESTATE comprises :-
5.1 the goodwill furniture and equipment of the Practice
5.2 all unpaid fees book debts undertakings liens work in progress money standing to the credit of the Practice at any Bank or elsewhere and the benefit of all contracts relating to the Practice
5.3 any interest in the Practice premises
5.4 any property of mine used wholly and exclusively in the Practice
5.5 all liabilities and debts in connection with the Practice at the date of my death
6. MY PRACTICE TRUSTEE shall hold my Practice Estate and the annual profits of my Practice after payment of all expenses and the net proceeds of any sale collection of fees or realisation of assets and work in progress as part of my residuary estate and shall pay the same to my Trustees.
7. MY PRACTICE TRUSTEE shall have power to purchase my Practice Estate provided that the purchase price shall be not less than the current market value at the date of the transfer and my Practice Trustee shall first obtain a valuation and report on the proposed transaction by a professional valuer (such valuation and report to be paid for by my Practice Trustee) and if the value does not advise against the transaction for any reason my Practice Trustee may proceed provided that the purchase price shall not be less than the amount of the valuation.
8. MY PRACTICE TRUSTEE shall be entitled to charge and be paid all professional fees or other charges for any business or act done by him including acts which an executor or trustee could have done personally.
