Task 03 Ans

Question 1 1.1 1.2 1.3 1.4 1.5 1.6

$300 schedule 2.(1) (a). Foreign estates consisting of movables only sec 25(1)(b) where minors absent heirs or persons under curatorship are involved or heirs cannot agree Section 47. If the executor is insolvent or has committed an act of insolvenvy or resided outside Namibia. Proviso to section 23 (2) The Master will remove A as executor and appoint B Section 54 (1)(b)(i) The executor can apply for his removal in terms of section 54(1)(b)(vi) so that the estate can be administered in terms of section 18(3)

Question 2.1 REDISTRIBUTION AGREEMENT.

[NB No Stamp]

We the undersigned, 1/ 2/ 3/

...................... ...................... ................ assisted by ........... as natural guardian,

hereby agree to redistribute the estate of the late ............. as follows: ............... , will receive …………. ….as her share of the estate subject to the payment of …………. ................ , will receive …………….. as her share of the estate plus cash of …………. ................ , will receive cash of …….. as his share of the estate Signed ................. ................. ............... Natural guardian of ........... witnesses .............. ..............

Question 2.2 LIABILITIES Master's Fee Executors fee GST

11 12 13

14 14

1 846.15 2 8 000 4 200

Advertisement creditors Namibian 85 Gov. Gazette 15 Advertisement account Namibian 85 Gov. gazette 15 ....... Sworn appraisement (6) ....... Transfer costs (7) Bank charges …….. bond of security …….. valuation of shares in private co …….. valuation of quoted shares in public co ………..claim for maintenance Balance for distribution

DISTRIBUTION ACCOUNT

32 200.00

100 100

5 000 695 000 800 000

800 000

Balance for distribution Thomas Webber born ………. Id no ………….. Special bequest in terms of will Cash

695 000 5 000.00

To Marie Peters married O.C.O.P 1/3 I.T.O. will 1/9 intestate Award consists of ……………

230 000.00 76 666.00

To Sally Smythe married I.C.O.P. To …………… 1/3 I.T.O. will 1/9 intestate Award consists of ……………

230 000.00 76 666.00

To William Smith born …….. Id no ……… 1/9 intestate

76 666.00 ---------------695 000.00

-----------------695 000.00

__ 700 000

700 000

INCOME ACCOUNT 1 2

Dividend on …. shares Executors fee 6% GST Balance for distribution

(3) 180

Awarded to Mary Peters Sally Smythe William Smith

20 000 1 200 1 380 18 620 20 000 20 000 8 275 8 375 2 069 18 620

FIDUCIARY ASSET ACCOUNT 1 2 3

Shares in ………. Executors fee GST Master's Fee …….. valuation shares Balance for distribution

Balance for distribution To Tom Smith Major in terms of the will of .... Award consists of shares 500000. Less cash contribution ……….

500 000 17 500 2 625

20 125 1 153.85 ……….. …………. 500 000

500 000

………….. ……….. ………..

………..