Aug-03
This document was uploaded by user and they confirmed that they have the permission to share it. If you are author or own the copyright of this book, please report to us by using this DMCA report form. Report DMCA
Overview
Download & View Aug-03 as PDF for free.
More details
- Words: 406
- Pages: 1
MARCH 20003
LEGAL PRACTITIONER'S EXAMINATION. TIME 90 MINUTES Use your own facts where necessary.
MARKS 100
QUESTION 1
[45]
Joe Smith died intestate and left his wife Sara, married out of community of property, his minor daughter Mabel born from his present marriage as well as Charles, a minor son born from his previous marriage with Peggy. His assets consist of
A, Fixed property valued at B Movables C, Cash and proceeds of assets of
The liabilities are
A, Administration costs of $50 000 B, Funeral expenses $10 000 C, Claim by Peggy Smith for $30 000 being maintenance for Charles.
1.1 1.2 1.3 1.4
$600 000 $100 000 , and $200 000
Discuss briefly the merits of the maintenance claim, (9) Peggy offered to give security for the maintenance claim. Discuss. (5) As it is not practical to transfer the assets to the heirs, a redistribution agreement was entered into. Draw up such agreement. Each heir must receive the same monetary value of the estate as if no agreement was entered into (12) Draw up he Liabilities section of the account and the Distribution account . (19)
QUESTION 2
{25]
State the facts that must be mentioned in the following sections of an account:2.1 The heading where the deceased was married out of community of property and the parties massed their estates. (Regulation 5(1)(a)) (11) 2.2 Liquidation Account (Regulation 5(1)c)) (9) 2.3 Executor’s certificate to a First Account (Regulation 5(1)(i)) (5) QUESTION 3
[30]
The will of Peter Thomas bequeaths his estate as follows • A/ His Mercedes 220SE to my son Andrew • B/ the residue of his estate to his four children He left the following family:A/ his son Andrew B/ His daughter Betty C/ Charles, David and Edward, children of his predeceased son Freddy D/ Graham adopted son of predeceased daughter Hanna. He left the following assets A/ fixed property valued at $800 000 B/ Mercedes 230SE motor vehicle valued at $100 000 C/ shares valued at $200 000 D/ cash of $100 000 The total liabilities and administration expenses amounted to $100 000 To facilitate the distribution, the residue of the estate was reduced to cash He also held the fiduciary interest in fixed property valued at 500 000. on his death, this had to be realized and distributed between his four children 3.1 3.2
Draw up the Distribution Account of personal assets Draw up the Fiduciary Asset Account.
(20) (10)
LEGAL PRACTITIONER'S EXAMINATION. TIME 90 MINUTES Use your own facts where necessary.
MARKS 100
QUESTION 1
[45]
Joe Smith died intestate and left his wife Sara, married out of community of property, his minor daughter Mabel born from his present marriage as well as Charles, a minor son born from his previous marriage with Peggy. His assets consist of
A, Fixed property valued at B Movables C, Cash and proceeds of assets of
The liabilities are
A, Administration costs of $50 000 B, Funeral expenses $10 000 C, Claim by Peggy Smith for $30 000 being maintenance for Charles.
1.1 1.2 1.3 1.4
$600 000 $100 000 , and $200 000
Discuss briefly the merits of the maintenance claim, (9) Peggy offered to give security for the maintenance claim. Discuss. (5) As it is not practical to transfer the assets to the heirs, a redistribution agreement was entered into. Draw up such agreement. Each heir must receive the same monetary value of the estate as if no agreement was entered into (12) Draw up he Liabilities section of the account and the Distribution account . (19)
QUESTION 2
{25]
State the facts that must be mentioned in the following sections of an account:2.1 The heading where the deceased was married out of community of property and the parties massed their estates. (Regulation 5(1)(a)) (11) 2.2 Liquidation Account (Regulation 5(1)c)) (9) 2.3 Executor’s certificate to a First Account (Regulation 5(1)(i)) (5) QUESTION 3
[30]
The will of Peter Thomas bequeaths his estate as follows • A/ His Mercedes 220SE to my son Andrew • B/ the residue of his estate to his four children He left the following family:A/ his son Andrew B/ His daughter Betty C/ Charles, David and Edward, children of his predeceased son Freddy D/ Graham adopted son of predeceased daughter Hanna. He left the following assets A/ fixed property valued at $800 000 B/ Mercedes 230SE motor vehicle valued at $100 000 C/ shares valued at $200 000 D/ cash of $100 000 The total liabilities and administration expenses amounted to $100 000 To facilitate the distribution, the residue of the estate was reduced to cash He also held the fiduciary interest in fixed property valued at 500 000. on his death, this had to be realized and distributed between his four children 3.1 3.2
Draw up the Distribution Account of personal assets Draw up the Fiduciary Asset Account.
(20) (10)
More Documents from "André Le Roux"
Profil Batan.docx
June 2020 30
Khaosatpost
April 2020 0
Dubi2008a2
May 2020 0
Dethitotnghiep
May 2020 0
Quanhetoanly1
May 2020 0