Aug-98 Que

1998 LEGAL PRACTITIONER'S MID-TERM EXAMINATION PAPER 2. MARKS 100 TIME 60 MINUTES. ============================================================== = NOTE: The answers to paper 2 must be kept separate from the answers to paper 1. Candidates must use their own facts where necessary. ============================================================== == QUESTION 1 100 -------------------------------------------------------------Your client who died on 15 January 1998 left a will reading as follows: "I bequeath my fixed property to my wife. The residue of my estate I bequeath to my wife and my three children in equal shares." He left the following family: a/ His wife to whom he was married out of community of property, b/ A daughter married in community of property, c/ A daughter married out of community of property, d/ A minor son. The following are the assets and liabilities in his estate: Assets: a/ Fixed property situated in Windhoek valued at $400 000 b/ Furniture valued at $50 000, c/ Motor vehicle valued at $50 000, d/ Cash and investments in the bank of $500 000. e/ Rental from fixed property after death $5 000, Liabilities totalling $200 000 include: a/ Funeral expenses $4 000, b/ Medical expenses, c/ Bond on fixed property of which $1 000 is in respect of interest after death, d/ Normal administration expenses. The executor nominated in the will declined to accept the appointment and the family wish you to be appointed. As the movables can not be readily divided the heirs entered

into a redistribution agreement. 1.1

Draft your letter to the Master reporting the estate and enclosing ALL the necessary documents for your appointment as executor. (10)

1.2

Draft the redistribution agreement that must be attached to the account. (10)

1.3

Draw up account.

the

complete

liquidation

and

distribution (80)