Task 2 04

Assignment 2 2004 ANSWERS. QUESTION 1 1.1

The unwitnessed will must also be lodged with the master. He must refuse to accept the unwitnessed will.

1.2

LETTER HEAD The Master of the High Court, Private Bag 13190, WINDHOEK. Estate Late J.de Wet. We advise that we are attending to the administration of the estate of the late J de Wet who died on 1 October 1996. In reporting the estate we enclose the following: 1 2 3 4 5 6

Original wills dated 10 March 1990 and 14 August 1994. Death notice Section 9 inventory (preliminary inventory) Acceptance of trust in duplicate Certified copy of the death certificate (if the signatory of the death notice was not present at death or did not identify the deceased after death.) Bond of security for the full value of the assets unless exempted in the will.

Kindly issue the letters of executorship as soon as possible. Yours faithfully, Smith and Co. 1.3

Nominations by the reletives for the appointment of an executor. A bond of security for the full value of the assets unless the nominee is the parent, child or surviving spouse of the deceased. Next of kin affidavit if heirs are persons other than the surviving spouse.

Question 2. Notice to creditors government Gazette Advertiser Advertisement of account Government Gazette advertiser Provision for Bank charges Master's Fees (maximum)

10.00* 90.00 10.00* 90.00 100.00 3000.00*

Executor's remuneration 3 1/2% on 1 400 000.00

49 000.00*

Sales Tax 10% on 49 000

4 900.00*

J. Smith Sworn Appraiser

450.00

Jones and Co

Conveyancing costs

6 000.00

Def Brokers Commission on sale of shares GHI Inc Auditor's valuation shares in private co. V Swart Valuation of movables

of

2 000.00 1 500.00 300.00

* Exact figures to be given.

Question 3. 3.1

In terms of section 8 of Act 66 of 1965 the will of any deceased person Must be forwarded to the Master and to no one else.

3.2

As "X" has been nominated as executor in the will he is entitled to his appointment irrespective of the heirs views, however as the executor must act in co-operation with the heirs it may be advisable for "X" to renounce the nomination.

3.3

The Master will appoint the nominee of the surviving spouse in terms of section 19 of Act 66 of 1965.

Question 4.1 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 1Erf ………………………. Gobabis

N$150 000.00

2 Ford Sedan car

N$ 20 000.00

3

N$ 37 000.00

Furniture

4 Cash

N$15 000.00

LIABILITIES 1 Funeral expenses

N$ 4 000.00

2 Claims against the estate

N$100 000.00

3 Administration expenses

N$12 000.00

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 daughter ………… . The taking over will not be to the minor's 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 4.2 DISTRIBITION ACCOUNT Balance for distribution To Margaret Viljoen Surviving spouse 1/2 by virtue of the marriage

106 000 53 000

1/2 of funeral expences

2 000

1/3 in terms of the will

17 000 72 000

Consisting of Fixed property Movables

150 000 57 000 207 000 less cash contribution 135 000 72 000 To Jean Nell Married out of community of property to Piet Nel, Marital power excluded

OR [To Jean Nel married in comunity of property to Piet Nel] 1/3 in terms of the will Consisting of cash To Peter Viljoen minor born 1/1/80 (id no ........) 1/6 in terms of the will

17 000

17 000

Consisting of cash 106 000

106 000