I'm a little bit unclear as to the precise meaning of this section, but I think it's that the testator wishes his granddaughter Sarah Wood to be brought up by his son Richard Gibbons and Richard's wife Ann, and his daughter Frances, at the executor's (ie estate's) expense.
However, the parallel phrases strongly suggest that "Will" in the extract you posted is an error, and it should be "Son". I've cut down the quote below to show just those bits:
Arthurk,
Richard Gibbons is identified twice before, qualifying Ann as being married to him...
6 years or shall be by my said son Richard Gibbons and
7 Ann his now wife and Frances my said daughter or the
...
7 and discretion of my said Will Richard Gibbons Ann
8 his now wife and my Daughter Frances or the survivor
9 or survivors of them or their assigns and after such
...
14 I do hereby desire and strictly charge deputise appoint
15 and require my said son Richard Gibbons and Ann his now
16 Wife and my Daughter Frances and the survivor or
17 Survivors of them or their assigns to be over lookers
The style of handwriting here is typical of an office/registered copy of a will (PCC?), which would have been written out by a clerk as a copy of the original. Copying errors did sometimes occur, so it's likely that the original would have the correct wording, which would make better sense.
