Asignment 2006 1

ADMINISTRATION OF ESTATES (2006) ASSIGNMENT NO 1 To be handed in on or before the start of the lectures on 31st May 2006. Question 1

10

Act 15 of 2005 was passed in reply to the decision in Berendt v Stuurman and others (Case No (P) A 105/2003). In what way does this act comply or not comply with the order in the said case Give reasons for your answer. Question 2.

60

John Smith died intestate and left the following assets: Farm valued at $800 000, Movables of $50 000 Investments of 30 000 Cash of $80 000 Liabilities including administration costs amounted to $60 000 He left the following family: Wife June married in of community of property, Father Peter, Brother Simon Minor nephew Paul, son of predeceased sister Ester. Using the above and your own facts where necessary 2.1

Draw up a redistribution agreement entered into by the parties. Each heir must receive the same value that they would have received if the assets could have been distributed in speci. {20}

2.2

Draw up the liabilities section and the distribution account of the deceased.

(37)

2.3

How will the minor’s share be dealt with?

(3)

Question 3

19

Piet van Wyk, a member of the Rehoboth Baster community died intestate leaving the following family: Sara his wife married out of community of property, His father Jacob His brother Jan Abraham son of a predeceased sister If the balance for distribution amounted to cash of $180 000 draw up the distribution account. Question 4 4.1 Explain the methods how the Namibian estate of a person resident outside Namibia can be administered. (6) 4.2 Under what circumstances will the provisions of Section 25 of the Estates Act not be applicable(5)