Mar-01 Que

LEGAL PRACTITIONER’S EXAMINATION ADMINISTRATION OF ESTATES. March 2001

Time 90 minutes.

Question 1

Marks 100 [35]

Your client, Joe Saunders, died and his wife, Sarah, came to you to report his estate. He left a will in which their respective estates were massed and in which she was nominated as executrix. She however does not wish to adiate under the will nor to accept the appointment as executrix. 1.1 1.2 1.3 1.4

List the documents that you must lodge with the Master to obtain your appointment as executor. (7) State the steps to be taken by you, the executor, from date of appointment until your discharge as executor. (10) Draw up the certificate of repudiation by the survivor. (8) You are unable to lodge the account on due date. Draw up the letter to the Master requesting an extension of 2 months. (10)

Question 2

[20]

Your client, Peter Miller’s, will appoints his wife and 3 (three) children as heirs in equal shares. He left the following assets: A farm valued at Movables, including Farming implements Livestock and Motor vehicles valued at Cash and cash investments of

$600 000

$400 000 $200 000

He left the following family: His wife Mary married out of community of property His son Charles His daughter June Grandson, David, son of predeceased son Thomas Grandson, John, adopted son of predeceased son Thomas. Ignoring debts and administration expenses, and using your own facts where necessary, draw up a redistribution agreement to give effect to the testator’s wishes. N.B. each heir to receive the same value as he/she would have received if it were possible to divide the estate in terms of the will.

Question 3

[45]

John Brown died and left a will in which his wife Judy to whom he was married in community of property, his daughter Mary Smith (married out of community of property) and his sons Charles (born 37/12/1980) and Peter (born 14 /02/1982) were appointed as heirs in equal shares. He left the following estate: Assets: Fixed property in Windhoek $500 000 Furniture $ 50 000 Motor vehicle $100 000 Investments in the bank $150 000 Interest on investments accrued after death $10 000 Liabilities: Funeral expenses Other debts and administration expenses

$10 000 $80 000

Using the above information and your own facts where necessary, draw up the Liquidation and Distribution account.