Task 2 04 Que

ASSIGNMENT NO 2 2004 QUESTION 1 The firm of Smith and co of which you are a partner, holds the will of Jan de Wet dated 10 March 1990. On his death his family brings a later will of the deceased dated 14 August 1994. This will has been signed by only one witness. In terms of the earlier will you have been appointed as Executor whereas the later will nominates the surviving spouse as executor and appoints different heirs. 1.1 1.2 1.3

What advice will you give the surviving spouse in respect of the wills and why? Address a letter to the Master of the High Court to report the estate, stating in detail the documents enclosed. What other documents should be submitted if the deceased died intestate.

QUESTION 2 The deceased leaves assets to the value of N$1 400 000.00 comprising inter alia the following: a/ b/ c/ d/

Dwelling house awarded to the heirs at sworn appraised value. Shares listed on the stock exchange which are sold. Shares in a private company awarded to the heirs. A motor car, furniture and paintings awarded to the heirs.

Draw up the liabilities section of the account specifying ALL the administration expenses. Invent your own facts and figures where necessary. QUESTION 3 You hold Joe's will in which "X" has been nominated as executor. The heirs in terms of the will are Joe's four children, subject to the survivor's usufruct. On Joe's death the family approach another firm of attorneys to administer the estate. For personal reasons the family do not wish "X" to be appointed as executor, but can not agree as to who should in fact be appointed. Joe's wife would prefer "A" to be appointed whereas the children all want "B" as executor. 3.1 3.2 3.3

You are asked to forward the original will to the firm of attorneys who are now representing the family. How will you reply to this request? How would you advise "X" in respect of his appointment as executor? If "X" renounces his nomination as executor, who will the Master appoint as executor and why?

QUESTION 5 The deceased is survived by his wife to whom he is married in community of property, a married daughter and a minor son. The assets of the joint estate comprise the following: Dwelling House Motor car Furniture Cash

N$150 000 20 000 37 000 15 000 222 000

The liabilities are the following: Administration expenses Mortgage bond over the fixed property Funeral expenses

N$12 000 100 000 4 000 116 000

The deceased in his will leaves his estate to his wife and children in equal shares. The surviving spouse is advised to take over the joint estate in terms of section 38 of Act 66 of 1965. The take over is authorised by the Master of the High Court. 4.1

Draw up the section 38 affidavit by the surviving spouse

4.2

Draw the Distribution Account giving effect to the above. This Distribution Account MUST comply with the regulations to the Act. ____________________________________