Mar -98 Ans

LPE MARCH 1998 ANSWERS. Question 1.1 First and final liquidation and distributiuon account in the estate of the late John Brown who doied on ........... identity no ......... married out of community of property Master's no .......... LIQUIDATION ACCOPUNT. ASSETS Certain .. (full t/d discription) valued at

1

500 000

2

105 000

Awarded and to be transfered to Susan Smith and Peter Brown in terms of the will (full discription of motor vehicle) Sold for Houshold furniture and effects Specially bequeathed to Susan Smith 3

63 000

Proceeds Fixed Deposit with XYZ Bank

4

400 000

Proceeds Current Account XYZ Bank

5

21 350

Proceeds 20 000 Namsea shares

6

350 000

Proceeds 15 000 Nictus shares

6

147 750

Shares in ABC (pty) ltd Transfered to Susan Smith and Peter Brown

7

775 000

Loan account ABC (pty) ltd Awarded to Susan Smith and Peter Brown

7

376 950 _______

LIABILITIES Avbob

8

.....

Dr Medic

9

.....

SWABOU balance of bond

10

.......

Advertisement for claims Government Gazette Observer

8* ..

Advertisement of account Government Gazette Observer

8* ..

Bank charges

...

D Mathews Sworn appraisement

11

....

Jones ans co Brokers (sale of shares)

12

....

Coopers Chartered accountant Valuation of shares abd loan accountin ABC (Pty)ltd 13

.....

Cartwright and partners Transfer costs

14

.....

Executors commission Sales tax

68 476.25* 7 532.39*

Masters fee Balance for distribution

600* 2 413 570* ---------2 739 050 ---------

-----------2 739 050 ------------

(*exact amounts.) RECAPITULATION STATEMENT. Cash available Total liabilities

1 024 100 325 480 -------698 620 ========

Cash available for distribution DISTRIBUTION ACCOUNT Balance for distribution

2 413 570

To Susan Smith married out of community of property with the exclusion of marital power; OR To susan Smith married in community of property to ..... Smith. Special bequest of furniture !/2 residue Award consists of movables fixed property Shares Loan account (claims) cash

63 000 1 175 285

63 000 250 000 387 500 188 475 349 310 ------1 238 285

To Peter Brown Minor (Born .....) identity no ............. 1/2 residue in terms of will Award consists of fixed property

250 000

1 175 285

Shares Loan account (claims) cash

387 500 188 475 349 310 ------1 175 285 ---------2.413 570 ==========

INCOME

--------2 413 570 =========

AND EXPENDITURE ACCOUNT

No income collected. FIDUCIARY ASSET ACCOUNT No fiduciary assets. EXECUTOR'S CERTIFICATE I ........... certify that the above account is true and correct and that all assets and income collected to date of the account has been disclosed therein. signed at ....... on the ...... day of ......... 1998 ....................... executor. (marks 42 + 8 for draftsmanship) =========================================================================== Question 1.2 1 2 3 4 5 6 7

8

Newspaper cutting and date of Gazette re advertisement to creditors. Sworn appraisement of fixed property and movables. Certificates from bank re fixed deposit and current account. Voucher in support of sale price of car. Certificate re sale of quoted shares Valuation of shares and loan account in ABC (Pty)ltd statements of accounts for Funeral expenses Doctor's account Balance of bond Taxed account by appraiser Broker's costs Valuation of Shares and loan account of ABC(pty)ltd Bank statements to date.

=========================================================================== = Question 2 2.1

When a person dies intestate When the person or persons nominated is deceased, unwilling incapable to accept appointment or whose whereabouts are unknown

or

Where one or more of the nominated executors can for the reasons mentioned above not be appointed and in the interests of the estate one or more executors should be joined. If the number of executors are less than the quorum required by will

If the sole executor appointed or all the appointed executors cease to be executors. If one or more executors cease to be executors and in the interest of the estate one or more executors should be joined. 2.2

a/ true e/ false j/ true

b/ true g/ false k/ false

c/ false h/ false l/ true

d/ false i/ false m/ false

-------------------------------------------------------------------------Question 3 3.1 LETTERHEAD Date (prior to 16 February 1998) The Master of the High Court Private Bag 13190 WINDHOEK. Re estate .................

no ....../97

Dear Sir I Hereby apply for extension of ..... for the lodgement of the estate account in the above estate. The following information is furnished in compliance with Regulation 6 a/ b/ c/ d/ e/

(reasons why account can not be lodged) (what steps have been taken) (what progress has been made) (what moneys are on hand and why an interim account can not be lodged) (whether the estate is solvent)

Yours Faithfully, ................

(marks 7 + 3 for draftsmanship)

3.2 a/ b/

Supplementary section 27 inventory Supplementary account.

3.3.1

By depositing a lumpsum in full settlement of the claim into the Guardians Fund.

3.3.2

Affidavit by the guardian of the minor setting out the claim and showing how amount claimed is arrived at. Agreement between the guardian and the executor stating how any balance must be dealt with should the minor die or become selfsupporting before he turns 21 years. Birth certificate of the minor.

3.3.3

In terms of section 43(1) the natural guardian may not give security for a claim by a minor.

3.4.1

Spouse will receive A will receive B " "

3.4.2

3.4.3

Spouse will receive A " " B " "

60 000 by virtue of marriage 20 000 as childs share 20 000 ' " " 20 000 " " " 50 000 35 000 35 000

A , B and C will inherit the balance of 70 000 equally

=========================================================================== ==