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aug 06 que

aug 06 que

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Published by André Le Roux

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Published by: André Le Roux on Jun 16, 2009
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02/01/2013

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LEGAL PRACTITIONERS EXAMINATION
ADMINISTRATION OF ESTATES
AUGUST 2006
TIME 90 MINUTES
MARKS 100
Candidates should use their own facts where necessary
QUESTION 1
(70)

Peter Thomas who died on 15th July 2006, left a will in which he appointed his children, James, George and Mary as well as his step children, Simon and Elizabeth Children of his wife from a previous marriage, as heirs in equal shares.

The executor nominated in the will declined the appointment and the family wish you to be the
executor.

His estate consisted of cash and cash investments totaling $900 000 as well as a fiduciary interest in fixed property valued at $600 000 which had to be sold on his death and the proceeds divided between his children James, George and Mary.

He left the following family
His daughter Mary married I.C.O.P.
Grand daughter Penny married O.C.P., daughter of predeceased son James
Grand son William son of predeceased son George
Grand son John, minor son of predeceased son George
Step daughter Elizabeth
Zelda minor daughter of step son Simon.

(a) Draft the letter to the Master enclosing the necessary documents for the appointment of an
executor
[17]
(b) Calculate the Master\u2019s fee and executor\u2019s remuneration in both the personal asset and
fiduciary accounts
[6]
(c) Assuming that the liabilities amounted to $100 000 draw up the Distribution account of the
deceased\u2019s personal assets.
[35]
(d) Draw up the Fiduciary asset account.
[12]
QUESTION 2(20)

Joe Peters died intestate leaving the following assets.
Farm property valued at $900 000
Movables valued at $500 000
Investments of $300 000

Joe\u2019s left the following family:
His wife Shirley married Out of Community of Property
His son Peter
His daughter Jane

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