Mar -01 Ans

LEGAL PRACTITIONER’S EXAMINATION MARCH 2001 Question 1.1 Death notice and proof of death Original will Inventory Declination of trust Nomination Acceptance of Trust in duplicate Bond of Security for full value of assets. Question 1.2 Open bank account Advertise for creditors Determine solvency Get valuations Decide on mode of divestment Draw up account Advertise account Pay creditors and heirs Transfer property Get filing notice (Apply for discharge) Question 1.3 Name of surviving spouse Reference to massing in will State that implications were fully explained to her and that she is fully aware of the implications That she wishes to repudiate. Certificate by legal practitioner Question 1.4 Letterhead Addressed to master Name and number of estate Why the account can not be lodged What steps have been taken to expidite submission of account What progress has been made What moneys are on hand Whether estate is solvent. Question 2

Mary will receice 1…………. 2 ………….. 3 …………… Less amount paid in Charles will receice 1…………. 2 ………….. 3 …………… Less amount paid in June will receice 1…………. 2 ………….. 3 …………… Less amount paid in

………………. ………………..

$ 375 000

………………. ………………..

$ 375 000

………………. ………………..

$ 375 000

David will receive 1………………..

$ 75 000 ________ 1 200 000

Question 3 First and final Liquidation and Distribution in the estate of the late John Brown I.D.No …… who died on …………. And surviving spouse Judy Brown (born ………) I.D.No …… Estate No …. LIQUIDATION ACCOUNT Fixed property (full discription) Awarded to ………………….. Sworn appraised value Household furniture Awarded to …………….. Sworn appraised at Motor vehicle (details) Awarded to ………………. Sworn appraised at Fixed Deposit ………… Bank Realised Liabilities

500 000

50 000

100 000 150 000 1 200 000

Advertisement for creditors Government Gazette Namibian Advertisement of Account Government Gazette Namibian Bank charges Smith & co Transfer Costs Petersons valuation of assets Master’s fee Executor’s fee 3.5% 2800 VAT 420 SWABOU mortage Bond Balance for distribution

10 100 10 100

220 …… ……. ……. 2 400 3220 …….. 710 000 800 000

RECAPITULATION STATEMENT Cash in estate Liabilities Cash for distribution

150 000 90 000 60 000

DISTRIBUTION ACCOUNT Balance for distribution To Judy Brown Surviving Spouse ½ by virtue of marriage I.C.O.P. ½ Funeral expenses ¼ I.T.O.will Award consists of ………………

710 000 355 000 5 000 87 500

447 500

447500 To Mary Smith , married out of Community of property ¼ I.T.O.will Award consists of ……………. To Charles Brown Major. ¼ I.T.O.will Award consists of ……………….

To Peter Brown Minor born 14/02/82 I.D.No ………………..

87 000

87 000

¼ I.T.O.Will Award consists of ……………

87 000 710 000

INCOME ACCOUNT Interest fixed deposit Executor’s commission 6% VAT

600 90

10 000

Awarded to Judy Brown ½ marriage I.C.O.P ¼ I.T.O.Will

4 655.00 1 163.75

690.00

5818.75

To Mary Smith ¼ I.T.O. will

1 163.75

to Charles Brown ¼ I.T.O.will

1 163.75

To Peter Brown ¼ I.T.O.will

1 163.75 10 000.00

10 00.00

FIDUCIARY ASSET ACCOUNT There are no fiduciary assets. CERTIFICATE I ………………… hereby certify that the above account is true and correct and that there are no further assets or income to be accounted for …………………………. Executor