Mar 07 Ans

LEGAL PRACTITIONER'S QUALIFICATION EXAMINATION ANSWERS.

MAR 2007

QUESTION 1 1.1 1.2

The unwitnessed will must also be lodged with the master. He must refuse to accept the unwitnessed will. LETTER HEAD The Master of the High Court, Private Bag 13190, WINDHOEK. Estate Late J.de Wet. We advise that we are attending to the administration of the estate of the late J de Wet who died on 1 October 1996. In reporting the estate we enclose the following: 1 2 3 4 5 (6

Original wills dated 10 March 1990 and 14 August 1994. Death notice Section 9 inventory (preliminary inventory) Acceptance of trust in duplicate Certified copy of the death certificate Bond of security for the full value of the assets unless exempted in the will.

Kindly issue the letters of executorship as soon as possible. Yours faithfully, Smith and Co. 1.3

Nominations by the reletives for the appointment of an executor. A bond of security for the full value of the assets unless the nominee is the parent, child or surviving spouse of the deceased. Next of kin affidavit if heirs are persons other than the surviving spouse.

Question 2.

LIQUIDATION ACCOUNT LIABILITIES

Notice to creditors Government Gazette ………………………

20.00

Advertisement of Account Government Gazette ………………………

20.00

Bank Charges

…………

Masters Fees

3 000.00

Executor's remuneration 3 1/2% on 1400 000.00 VAT 15% on49 000 J. Smith Sworn Appraiser

………..

………..

49 000.00 7 350.00 …………….

GHI Inc Auditor's valuation of shares in private co.

………….

def Brokers Commission on sale of shares ………………….. Jones and Co Conveyancing costs

……………..

…………………………………….. Balance for distribution

………………… 1 250.000

1 400 000.00

Question 3. 3.1

In terms of section 8 of Act 66 of 1965 the will of any deceased person Must be forwarded to the Master and to no one else.

3.2

As "X" has been nominated as executor in the will he is entitled to his appointment irrespective of the heirs views, however as the executor must act in co-operation with the heirs it may be advisable for "X" to renounce the nomination.

4.3

The Master will appoint the nominee of the surviving spouse in terms of section 19 of Act 66 of 1965.

Question 4.1

AFFIDAVIT BY SURVIVING SPOUSE ESTATE LATE ………ESTATE NO ......../05 AFFIDAVIT IN TERMS OF SECTION 38 OF Act 66 OF 1965 I, the undersigned, ………widow, hereby make oath and say that I an the surviving spouse of the late ……….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………………………… Movables

150 000.00 60 000.00

LIABILITIES 2 Claims against the estate 3 Administration expenses

104 000.00 12 000.00

I hereby request your consent to the taking over of the following assets in terms of section 38 of the Act; Erf ……. 150 000 Movables 60 000 The reason for the taking over is that these assets, which form part of the residue, can not be transferred to the residuary heirs, one of whom is still a minor. 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, ..........., my daughter, and grandsonson ……….. 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 awards to 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 4.2 DISTRIBUTION ACCOUNT Balance for distribution To …………… Surviving spouse ½ By virtue of the marriage ½ funeral expenses Childs share Award consists of Fixed property 150 000 Movables 60 000 Less cash paid in 136 667

108 000 54 000 2 000 17 333

73 333

73 333

To ………………. Married icop to ………. Childs share Award consists of cash

17 333

To ……………. Minor born ………..ID no ……… Childs share Award consists of cash

17 334 108 000 108 000

Question 4.3 ………………………… S/S ½ by virtue of marriage ½ funeral expenses ½ ITO act Childs share ………………………. Childs share ………………………. Childs share

54 000 2 000 26 000 8 666 90 667 8 667 8 667