Oct 04 Ans

Legal practitioners examination October 2004 Answers Question 1 Assets Erf 1234 Windhoek held by Deed of Transfer no 4321/90 Sold for Joe Brown Occupational interest Liabilities Joe Brown Part payment of purchase price

500 000 30 000 300 000

Income Account Joe Brown occupational interest

20 000

Question 2 1 2 3 4 5 6 7 1 2 3 4 5 6 7 8 9 10 11

ASSETS Farm property (Full title deed description) Farm implements 1 & 2 Awarded to …….. i.t.o.RDA

600 000 200 000

Beach Cottage (Full title deed description) Shares in ……………… 3& 4 Awarded to …….. i.t.o.RDA ………. Balance purchase price tractor ………………. Cash ………………. In name of S/S LIABILITIES Advertoisement for creditors Government Gazette 20 …………….. 130 Advertisement of account Government Gazette 20 ……………. 130. Masters fees Executors commission 46 375 vat 6 956,25 …………. Valuation of f/p and movables …………. Transfer of fixed property ………….. Valuation of shares Bank charges ……………… Funeral expenses …………………………

300 000 40 000 10 000 100 000 75 000

300 3 000 53 331.25 ………… ………… ………… …………. 10 000

11

Balance for distribution

1 235 000 1 325 0001

325

000 DISTRIBUTION ACCOUNT Balance for distribution 1 235 000 To ………………… Surviving Spouse ½ by virtue of marriage icop 617 500 ½ funeral expenses 5 000 ½ in terms of will 306 250 926 750 Award consists of Fixed property Interest in time share Cash To …………….. Major 1.2 of balance I.T.O will award consists of Fixed Prpperty Movables Less cash paid in

300 000 40 000 588 750 928 750 306 250 600 000 200 000 800 000 493 750 306 250 1 235 000

1 235 000

REDISTRIBUTION AGREEMENT We the undersigned ………….. and …………… hereby agree to distribute the estate of the late ……….. as follows ………………….. shall receive The farm ………. Valued at 600 000 Farming implements 200 000 Subject to the payment of 493 750 …………….. shall receive the beach cottage valued at share in …………. cash of

300 000 40 000 588 750

Signed at …………… this ………. Day of ………………. …………………… QUESTION 3

……………………..

3.1 The Executor must first exhaust the assets which fall into the residue of the estate before realising assets that are specially bequeathed. (Meyerowitz, para 12.27). (2) The Sectional Title unit will therefore be sold (1) 3.2 C as residuary heir must consent in writing to the mode of realisation and the conditions of sale - section 47 Act 66 of 1965, (3) The Master must approve the sale m terms of section 42(2), by means of an endorsement on the power of attomey to pass transfer. (3) Question 4 4.1 John will inherit 120 000 ito marriage and 22 500 intestate Ruth will inherit 15 000 ito will and 22 500 intestate Joseph will inherit 15 000 ito will Joan will inherit 22 500 intestate Trevor will inherit 22.500 intestate 4.2 John cannot inherit under will as he wrote the will and he inherited more under the will than he would have inherited intestate Joan cannot inherit under the will as her husband witnessed same Peter cannot inherit either under the will or intestate as he caused the death of the deceased Timothy cannot inherit under section 115 as his father survived the deceased. He can also not inherit intestate as his father survived the deceased and even if Peter had predeceased the deceased he could not represent someone who is unworthy to inherit Joseph is not a blood relative of the deceased and cannot inherit intestate.