Aug 03 Ans

LP EXAMINATION AUGUST 2003 ANSWERS Question 1.1 Both natural guardians are responsible for the maintenance of their minor children. Peggy has therefore a legal claim against the estate for the deceased’s share of the maintenance. In terms of the decision in Zietsman and Bastard v the Master, the claim for maintenance must be set off against any inheritance that the minor receives from the estate. As the minor’s inheritance exceeds the claim for maintenance will then fall away. Question 1.2 In terms of section 43 a natural guardians may not give security for a claim for maintenance, however as the maintenance claim falls away there is nothing to prevent Peggy giving security for the minor’s inheritance. Question 1.3 AGREEMENT We the undersigned Sara Smith Mabel Smith assisted by Sara Smith Charles Smith assisted by Peggy Smith Agree that the estate of Joe Smith will be redistributed as follows Sara will receive ………….. …………. Less cash paid in…………… ……………… Mable will receive cash of ……………. Charles will receive cash of ……………. Signed at …………………….. this ……………day of …………………. Sara Smith …………………… Sara Smith on behalf of Mable Smith …………… Peggy Smith on behalf of Charles Smith ………….

Witness …………………… ……………………

Question 1.4 5

6 7 8 9 10 12 13

Advertisement for creditors Government Gazette Namibian 4 Advertisement of Account Government Gazette Namibian Masters Fees Executors remuneration VAT B Joseph valuation costs 5 Jenkins & co Transfer fees 6 Bank charges AVBOB Funeral costs 7 (claim for maintenance falls away as inheritance exceeds claim) Balance for distribution

15 135 15 135 31 500 4 725

300 2 700 36 225 5 000 5575 200 10 000 840 000 900 000 900 000

DISTRIBUTION ACCOUNT Balance for distribution To Sara Smith (Jones) surviving spouse 1/3 in terms of the laws of intestate succession Award consists of Fixed property Movables Less cash contribution

600 000 100 000 420 000

840 000 280 000

280 000

To Mable Smith Minor born ………. Id no ………………. Award consists of cash

280 000

To Charles Smith Minor born ………. Id no ………………. Award consists of cash

280 000

840 000

840 000

QUESTION 2.1 A/ describe it as a liquidation and distribution account B/ reflect ordinal no C/ specify if it is a final or supplementary or amended D/ full names, surname, date of death, and identity no E/ marital status F/ if married, how married G/ that it is a massed estate of the deceased and the person who has adiated. H/ masters reference no. Question 2.2 A/ full title deed description of immovable property B/ concise description of movable property C/ voucher no D/ value of assets E/ divestment note of assets except cash F/ total of assets G/ administration costs H/ name of each creditor and amount of claim I/ balance for distribution Question 2.3 A/ declares that account is true and correct B/ full particulars of all debts due to the estate and still outstanding, assets with approximate value of all assets unrealized and an explanation why such debts and assets have not been collected or realized Question 3.1 DISTRIBUTION ACCOUNT Balance for distribution To Andrew Thomas Major 1/2 in terms of the will Award consists of Cash To Betty Thomas Major 1/2 in terms of the will Award consists of Cash

1 350 000 675 000

675 000 1 350 000

1 350 000

Question 3.2 FIDUCIARY ASSET ACCOUNT Proceeds of ½ share in Certain piece of land ……………….. Masters Fees Executors commission 8 750 Vat 1 313 (1312.50) Balance for distribution

250 000 468.75 10 063 239 468.25 250 000

250 000

Distribution Balance for distribution To Andrew Thomas Major 1/2 in terms of the will Award consists of Cash To Betty Thomas Major 1/2 in terms of the will Award consists of Cash

239 468.25 119734.12

119734.13 239 468.25

239 468.25