Aug 06 Ans

AUGUST 2006 ANSWERS Question 1(a)

(17) Letterhead Date

Master of the High Court Windhoek Re Estate late …………………………………………….. The following documents are enclosed for the reporting of the above estate and the appointment of ………………. As executor. 1 2 3 4 5 6 7 8 9

Death Notice Proof of death Original will Inventory Declination of trust Next of kin affidavit Nominations by heirs Acceptance of trust by ………………..in duplicate Security for the full value of the assets

QUESTION 1B Personal Fiduciary

[6]

Masters fee 2 600 400

commission 45 500 7 000

vat 6 825 1 050

total 52 325 8 059

2 marks for draftmanship QUESTION 1(c)

[35] DISTRIBUTION ACCOUNT

Balance for distribution Mary ………….Married icop to ……… 1/5 ito will 1/15 Intestate

1 200 000 240 000 80 000

320 000

240 000 80 000

320 000

Award consists of cash Penny ……….. married ocop 1/5 ito will and sec 115bis 1/15 Intestate Award consists of cash William………..Major 1/10 in terms of will and sec 115(bis)

120 000

1/30intestate Award consists of cash John………..Minor born …….. ID no ………………….. 1/10 in terms of will and sec 115(bis) 1/30intestate Award consists of cash

40 000

160 000

120 000 40 000

160 000

Elizabeth …… Major 1/5 ito will Award consists of cash

240 000 1 200 000

[12] FIDUCIARY ASSET ACCOUNT 1/3 proceeds of ………………………..

1 200 000

Question 1(d)

Pro-rata Masters fees Executors remuneration VAT Balance for distribution

400 7 000 1 050 191 550 200 000

Balance for distribution To Mary ………….Married icop to ……… Ito will of ……….

QUESTION 2

200 000

200 000 191 550

191 550 191 550

191 550

20 ESTATE LATE JOHN SMITH ESTATE NO ......../05 AFFIDAVIT IN TERMS OF SECTION 38 OF Act 66 OF 1965 I, the undersigned, Shirley Peters (born Jones),widow, hereby make oath and say that I an the surviving spouse of the late John Smith to whom I had been married out of community of property. To the best of my knowledge and belief the Estate Assets and Liabilities consist of the following: ASSETS 1.Farm Witvlei in the district of Gobabis 4 Farming implements

N$900 000.00 N$ 500 000.00

LIABILITIES 1 Funeral expenses

N$ 3 000.00

2 Claims against the estate 3 Administration expenses

N$55 000.00 N$37 400.00

I hereby request your consent to the taking over of the following assets in terms of section 38 of the Act; 1 Farm Witvlei 2Farming implements

N$400 000.00 N$ 390 000.00

The reason for the taking over is that these assets, which form part of the residue, can not be transferred to the residuary heirs, two of whom are still minors. All liabilities will be paid in cash out of the estate. The beneficiaries in terms of the laws of intestate succession are I, the surviving spouse, Shirley Peters(born Jones), widow, my son Peter Peters, my Daughter Jane Smith and my grandchildren, Andrew Peters (born 24/6/95) and Brian Peters (born 27/6/97). The taking over will not be to the minor's disadvantage as their inheritances will be paid into the Guardians Fund. I will pay sufficient cash into the estate so that all the liabilities and the cash portions of the heirs will be paid in full. I have no intention of selling the assets in the near future. ................................ Mary Smith Signed and sworn before me in Windhoek, this ...............day .......... of .......... 20....... ............................... Commissioner of Oaths

QUESTION 3

10 The account must be described as a liquidation and distribution account. State the full names and surname of the deceased. State the date of death. State the identity number of the deceased. State the marital status of the deceased as at date of death. If the deceased was married as at date of death, it must be stated whether the marriage was in or out of community of property. If massing has taken place and the survivor has adiated, this fact must be stated as well as the name of the person who has adiated, and finally The Master's reference number must be specified.