Nov-03, Ans

November 2003 ANSWERS 1.1

The estate of the deceased is responsible for the maintenance of all his minor children. If only the claim of Charles is allowed then there will not be sufficient to maintain the other minors. Mary should therefore also put in a claim on behalf of Mable and Benny. As there is insufficient to pay all maintenance claims, they will all abate pro-rata.

1.2

(a) Simple arithmetic i.e. $X per month x Y months. (b) Using tables to determine how much must be invested to provide for $X per month for Y months. (c) Get an actuary to calculate amount of claim. He will not only take into consideration the minor’s present needs but also provide for inflation and minor’s increased needs as he gets older. 2.1

1 2 3 4 5 6 7

balance for distribution Full names of heirs and whether majors or minors If minor date of birth and ID number If a woman her marital status and if married icop, the name of her husband Details of assets in award Reason for award If subject to a condition this is to be stated.

2.2

1 2 3 4 5 6

income collected after date of death up to date of account Expenses paid from income Voucher number Balance for distribution To whom awarded If no income collected this is to be stated.

2.3

1 2

why account cannot be lodged within the prescribed period What steps have been taken to expedite the submission of the account and what progress has been made What progress has been made in realizing assets What moneys are on hand Why a first account cannot be lodged If written report has not been made in terms of section 34, whether the estate is solvent

3 4 5 6 3.1

LETTERHEAD Date (not Later Than11 July 2003) Master of the High Court Windhoek Re Estate Late Peter Thomas I enclose herewith the following documents to report the above estate A/ B C D E

Death Notice (Proof of death) Original will dated 27th March 1998 Inventory Acceptance of trust in duplicate

I await the letters of executorship in due cause. (signed)……………………………

3.1

Advertisement costs to creditors Government gazette 15 Namibian 135 Advertisement costs of account Government gazette 15 Namibian 135 Masters fee Executors fee 45 500 VAT 6825 Bank charges …………….. (Sworn appraisement) ……………… (Transfer costs) ………………. (broker sale of shares) (other liabilities) Balance for distribution

300 3000 52325 120 ……… ……… ……… ……….. 1 200 000 1 300 000

3.3 DISTRIBUTION ACCOUNT Balance for distribution To Betty Smith (born Jones) Married ICOP to John Smith Special bequest in terms of will Award consists of fixed property

1 200 000 800 000

To John Thomas Major ¼ residue in terms of will Award consists of cash

100 000

To Mary Thomas Major unmarried ¼ residue in terms of will Award consists of cash

100 000

To John Smith Minor born ………. Id no ………………. ¼ residue in terms of will Award consists of cash

100 000

To Mary Smith Minor born ………. Id no ………………. ¼ residue in terms of will Award consists of cash

100 000

840 000 3.4

INCOME ACCOUNT

Rental from Erf 747 Dividend on ………. Shares Executors Commission VAT Windhoek Municipality Rates

10 000 20 000 1 800 270

2 000

Balance for distribution To Betty Smith Rental Less liabilities 2000 Less share costs 690 To John Thomas Mary Thomas Peter Smith Paul Smith

2 070 25 930 30 000

10 000 2690

7 310 4 655 4.655 4 655 4 655

30 000

840 000

25 930