LEGAL PRACTITIONER'S EXAM OCTOBER 2002

Question 1.1
Death Notice
Proof of death
Inventory
Nominations by family
Acceptance of trust in duplicate
Bond of security for full value of assets

Question 1.2

LIABILITIES

Avbob (4)
Swabou mortgage bond (5)
Master's Fee 1 846.15
Executors fee 2 8 000
GST 4 200 32 200.00

Advertisement creditors
Namibian 85
Gov. Gazette 15 100
Advertisement account
Namibian 85
Gov. gazette 15 100

11 ....... Sworn appraisement (6)

12 ....... Transfer costs (7)
13 Bank charges
…….. bond of security
…….. valuation of shares in private co
…….. valuation of quoted shares in public co
14 Balance for distribution 700 000
800 000 800 000

DISTRIBUTION ACCOUNT

Balance for distribution 700 000

To Jenny Peters married i c o p to Paul Peters 350 000

1/2 in terms of intestate succession
Award consists of
1/2 fixed property 250 000
Movables 50 000
shares 50 000
425 000

To Susan Smuts married ocop

175 000
1/4 in terms of intestate succession
Award consists of shares

To Benny Miller minor born .....

i/d no ............ 175 000
1/4 in terms of intestate succession
Award consists of cash _________ __
700 000 700 000
INCOME ACCOUNT

1 Dividend on …. shares (3) 20 000

2 Executors fee 6% 1 200
 GST 180 1 380
Balance for distribution 18 620
20 000 20 000

Awarded to
Jenny peters 9 310
Susan Smuts 4 655
Benny Miller 4 655
18 620

FIDUCIARY ASSET ACCOUNT

1 Shares in ………. 500 000

2 Executors fee 17 500
GST 2 625 20 125

3 Master's Fee 1 153.85

…….. valuation shares ………..
Balance for distribution ………….
500 000 500 000

Balance for distribution …………..

To Tom Smith Major

in terms of the will of .... ………..
……….. ………..
Award consists of shares 500000.
Less cash contribution ……….

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QUESTION 2

LETTERHEAD
Date (prior to 27th September 2002)

The Master of the High Court

Private Bag 13190
WINDHOEK.

Re estate Isaac Cohen no ....../02

Dear Sir
I Hereby apply for extension of ..... for the lodgement of the estate account in the above estate.

The following information is furnished in compliance with Regulation 6

a/ (reasons why account can not be lodged)

b/ (what steps have been taken)
c/ (what progress has been made)
d/ (what moneys are on hand and why an interim account can not be lodged)
e/ (whether the estate is solvent)

Yours Faithfully,
………………….
_____________________________________________________________________________________
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QUESTION 3 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

1 ……………………

2 ……………………

LIABILITIES
1 ………………
2 ………………..

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 step children ………… .
The taking over will not be to the minors’ 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
4.1 if the survivor adiates, her assets will also devolve in terms of the will. She will only receive the
usufruct over these assets. She will not be able to dispose of these assets , either during her lifetime or
by will. She will be forced to give security to secure the minors’ interest
4.2 should she repudiate, she will retain her assets but will receive no benefit from the estate. She will
have full authority to dispose of her assets during her lifetime or by will. The assets due to the minors
would in the absence of any provision to the contrary in the will be sold and the proceeds deposited in
the Guardians Fund.