Oct-02 Ans

LEGAL PRACTITIONER'S EXAM

OCTOBER 2002

Question 1.1 Death Notice Proof of death Inventory Nominations by family Acceptance of trust in duplicate Bond of security for full value of assets Question 1.2 LIABILITIES Avbob Swabou mortgage bond Master's Fee Executors fee 2 8 000 GST 4 200

(4) (5) 1 846.15 32 200.00

Advertisement creditors Namibian Gov. Gazette Advertisement account Namibian Gov. gazette 11 12 13

14

85 15

100

85 15

100

....... Sworn appraisement (6) ....... Transfer costs (7) Bank charges …….. bond of security …….. valuation of shares in private co …….. valuation of quoted shares in public co Balance for distribution

700 000 800 000

800 000

DISTRIBUTION ACCOUNT Balance for distribution

700 000

To Jenny Peters married i c o p to Paul Peters 1/2 in terms of intestate succession Award consists of 1/2 fixed property Movables shares

350 000 250 000 50 000 50 000 425 000

To Susan Smuts married ocop

175 000

1/4 in terms of intestate succession Award consists of shares To Benny Miller minor born ..... i/d no ............ 1/4 in terms of intestate succession Award consists of cash

175 000 _________ 700 000

INCOME ACCOUNT 1 2

Dividend on …. shares Executors fee 6%

(3)

1 200

20 000

__ 700 000

GST Balance for distribution

180

Awarded to Jenny peters Susan Smuts Benny Miller

1 380 18 620 20 000 20 000 9 310 4 655 4 655 18 620

FIDUCIARY ASSET ACCOUNT 1 2

Shares in ………. Executors fee GST

3

Master's Fee …….. valuation shares Balance for distribution

500 000 17 500 2 625

Balance for distribution

20 125 1 153.85 ……….. …………. 500 000

500 000

…………..

To Tom Smith Major in terms of the will of ....

……….. ………..

………..

Award consists of shares 500000. Less cash contribution ………. _____________________________________________________________________________________ _____ QUESTION 2 LETTERHEAD Date (prior to 27th September 2002) The Master of the High Court Private Bag 13190 WINDHOEK. Re estate Isaac Cohen no ....../02 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, …………………. _____________________________________________________________________________________ ____ QUESTION 3 Affidavit by surviving spouse ESTATE LATE……………estate no…….

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 in of community of property. To the best of my knowledge and belief the Estate Assets and Liabilities consist of the following: ASSETS 1 …………………… 2 …………………… LIABILITIES 1 ……………… 2 ……………….. I hereby request your consent to the taking over of the following assets in terms of section 38 of the Act; 1 2 3 The reason for the taking over is that these assets, which form part of the residue, can not be transferred to the residuary heirs, two of whom are still minors. All liabilities will be paid in cash out of the estate. The beneficiaries in terms of the Last Will and Testament of the deceased I, the surviving spouse, my son … …….., and my step children ………… . The taking over will not be to the minors’ 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 the cash portions of the heirs will be paid in full. I have no intention of selling the assets in the near future. ………………………………. Signed and sworn before me in Windhoek, this .............. .day .......... Of .......... 19. ...... Commissioner of Oaths QUESTION 4 4.1 if the survivor adiates, her assets will also devolve in terms of the will. She will only receive the usufruct over these assets. She will not be able to dispose of these assets , either during her lifetime or by will. She will be forced to give security to secure the minors’ interest 4.2 should she repudiate, she will retain her assets but will receive no benefit from the estate. She will have full authority to dispose of her assets during her lifetime or by will. The assets due to the minors would in the absence of any provision to the contrary in the will be sold and the proceeds deposited in the Guardians Fund.