Ul 04 Ans

LP QUALIFYING EXAM JULY 2004 ANSWERS Question 1 Letterhead The Master of the High Court Windhoek

(Date before 28th July)

Re estate Late Betty Smith I enclose herewith the following documents to report the above estate 1 Death notice 2 Proof of death 3 Original will 4 Inventory 5 Declination of trust by Tom Jones 6 Nominations by heirs 7 Acceptance of trust in duplicate 8 Bond of security for the full value of the assets I await the letters of Executorship in due course Yours Faithfully ……………………. Question 2 As the company is not an heir to the estate it cannot be a party to a redistribution agreement. The company must purchase the farm from the estate at valuation. Question 3 1.1 Describe it as a liquidation and distribution account 1.2 Reflect ordinal number 1.3 Specify if it is a final or supplementary account 1.4 Full names of deceased 1.5 Date of death 1.6 I/d number 1.7 Marital status 1.8 State that massing has taken place 1.9 Full name of person who has adiated 1.10 Master’s reference no. 2.1 2.2 2.3 2.4

Immovable property at title deed discription Description of movable property Voucher number Value of the assets

2.5 2.6 2.7 2.8 2.9 2.10

Divestment note Total of assets Administration costs Name of creditor Amount of each claim Balance for distribution

3.1 3.2 3.3 3.4 3.5 3.6 3.7 3.8 3.9

Balance for distribution Full names of heirs Whether major or minor if minor- date of birth and i/d number If a woman, marital status Name of husband if icop Reason for award Details of assets awarded If condition state this fact

4.1 4.2 4.3 4.4

Declares that account is true and correct Full details of assets not accounted for Approximate value of assets Reasons why not accounted for

Question 4 DISTRIBUTION ACCOUNT Balance for distribution To Alice ……….. Married I.C.O.P to …………………….. 1/3 in terms of will 1/6 intestate Award consists of cash

900 000 300 000 150 000

450 000

To Doris ………….. Major (married………..) 1/6 in terms of will and sec 115 1/9 intestate Award consists of cash

150 000 50 000

200 000

To Edward Smith Major 1/6 in terms of will and sec 115 1/9 intestate Award consists of cash

150 000 50 000

200 000

To David ………….. 1/9 intestate Award consists of cash

50 000 900 000

900 000