Jul 04 Que

JULY 20004

LEGAL PRACTITIONER'S EXAMINATION. TIME 90 MINUTES Use your own facts where necessary.

MARKS 100

QUESTION !

(15)

Betty Smith ,Widow, who died on 14th July 2004, left a will in which her children, Peter, Paul and Mary were appointed as heirs and her friend Tom Jones as Executor. Tom Jones does not wish to accept the appointment. Draft a letter to the Master to report the estate and apply for your appointment as Executor Question 2

(6)

The deceased left inter alia farming property to his four children in equal shares. The heirs do not wish to sell the farm and suggested that a redistribution agreement be entered into whereby the farm is awarded to a company to be formed in which all the heirs will own equal shares. Advise the heirs in this regard. Question 3

(34)

List the facts that according to Regulation 5 must be stated in the following sections of an account 2.1 The heading to an account where two unmarried sisters massed their estates and the survivor has adiated. [10] 2.2 Liquidation account [10] 2.3 Distribution account. [10] 2.4 Certificate to a FIRST account. [4] Question 4

(35)

The will of the deceased dated 21St March 1980 appoints his three children Alice, Barbara and Charles as heirs of his estate in equal shares. He left the following family: His daughter Alice, Married in community of property. His Grand Daughter Doris and Grandson Edward, Children of predeceased Daughter Barbara, His minor grandson David, Adopted son of predeceased son Charles. David was the illegitimate Son of Barbara.

Draw up the distribution account of the deceased. The balance for distribution amounted to cash of $900 000.00. Question 5

(10)

Calculate the executor’s commission and Master’s fee in estates where the gross assets are: 5.1 $8 000 5.2 $90 000 5.3 $599 999 5.4 $876 954 5.5 $123 456