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LEGAL PRACTITIONERS QUALIFICATION EXAMINATION NOV 1999 ANSWERS.

Question 1.1

Death Notice
Proof of death
Original will
Inventory
Acceptance of trust in duplicate
Bond of security for $750 000

1.2
Sophie is not the Surviving spouse. She is therefor not entitled to take over the assets i.t.o. sec 38.

1.3
1.2
REDISTRIBUTION AGREEMENT. _____________

We the undersigned,

1/ ......................
2/ ......................
3/ ......................
4/ ................ 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 subject to the payment of ………….
................ , will receive cash of …….. as his share of the estate

Signed .................
.................
.................
............... Natural guardian of ...........

witnesses ..............
..............

1.4
Liabilities.

Bank charges …………..


Advertisement for creditors
Government gazette 10.00
Observer ………. ………….
Advertisement of account.
Government gazette 10.00
Observer ………. ………….

……………. Sworn appraisement ………….


……………. Valuation of shares ………….

……………. Transfer costs …………

Masters fees 2 220.00

Executors commission 25 900.00


Sales tax 2 590.00

Other liabilities …………

…………….. claim for maintenance 5 000.00

Balance for distribution 665 000.00


750 000.00

DISTRIBUTION ACCOUNT

Balance for distribution 665 000.00

Thomas Webber born ……….


Id no …………..
Special bequest in terms of will Cash 5 000.00
To Marie Peters married O.C.O.P
1/3 I.T.O. will 210 000.00
1/9 intestate 70 000.00
Award consists of ……………

To Sally Smythe married I.C.O.P.


To ……………
1/3 I.T.O. will 210 000.00
1/9 intestate 70 000.00
Award consists of ……………

To William Smith born ……..


Id no ………
1/9 intestate 70 000.00
---------------- ------------------
635 000.00 635 000.00

1.5
I.T.O.section 43 the NATURAL GUARDIAN of a minor can receive the amount that he receives as HEIR.
Security can not be given for a maintenance claim

2.1
Masters fee 1 287.00
Apportioned to personal assets 829.59
Fiduciary assets 457.41
-----------
1 287.00

No masters fee payable on usufructuary assets or policies not payable to the estate.
2.2
masters fee 2 307.00
Executors commission 40 482.75
GST 4 048.28

2.3

I.T.O.section 35 the executor can lodge with the master

A/ receipts by creditors and heirs


B/ paid cheques
C/ affidavit by the executor

A is the prefered method.