LPE MARCH 1998 ANSWERS.

Question 1.1

First and final liquidation and distributiuon account in the estate of the
late John Brown who doied on ........... identity no ......... married out
of community of property Master's no ..........

LIQUIDATION ACCOPUNT.

ASSETS

Certain .. (full t/d discription)

valued at 1 500 000

Awarded and to be transfered to

Susan Smith and Peter Brown in terms
of the will

(full discription of motor vehicle)

Sold for 2 105 000

Houshold furniture and effects

Specially bequeathed to Susan Smith 3 63 000

Proceeds Fixed Deposit with XYZ Bank 4 400 000

Proceeds Current Account XYZ Bank 5 21 350

Proceeds 20 000 Namsea shares 6 350 000

Proceeds 15 000 Nictus shares 6 147 750

Shares in ABC (pty) ltd

Transfered to Susan Smith and
Peter Brown 7 775 000

Loan account ABC (pty) ltd

Awarded to Susan Smith and Peter Brown 7 376 950
_______

LIABILITIES

Avbob 8 .....

Dr Medic 9 .....

SWABOU balance of bond 10 .......

Advertisement for claims

Government Gazette 8*
Observer ..

Advertisement of account
Government Gazette 8*
Observer ..

Bank charges ...

D Mathews Sworn appraisement 11 ....

Jones ans co Brokers (sale of shares) 12 ....

Coopers Chartered accountant Valuation of

shares abd loan accountin ABC (Pty)ltd 13 .....

Cartwright and partners Transfer costs 14 .....

Executors commission 68 476.25*

Sales tax 7 532.39*

Masters fee 600*

Balance for distribution 2 413 570*
---------- ------------
2 739 050 2 739 050
--------- ------------

(*exact amounts.)

RECAPITULATION STATEMENT.

Cash available 1 024 100

Total liabilities 325 480
--------
Cash available for distribution 698 620
========

DISTRIBUTION ACCOUNT

Balance for distribution 2 413 570

To Susan Smith married out of community

of property with the exclusion of marital
power;
OR
To susan Smith married in community of
property to ..... Smith.

Special bequest of furniture 63 000

!/2 residue 1 175 285

Award consists of
movables 63 000
fixed property 250 000
Shares 387 500
Loan account (claims) 188 475
cash 349 310
-------
1 238 285

To Peter Brown Minor (Born .....) identity

no .............
1/2 residue in terms of will 1 175 285

Award consists of
fixed property 250 000
 Shares 387 500
Loan account (claims) 188 475
cash 349 310
-------
1 175 285
---------- ---------
2.413 570 2 413 570
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INCOME AND EXPENDITURE ACCOUNT

No income collected.

FIDUCIARY ASSET ACCOUNT

No fiduciary assets.

EXECUTOR'S CERTIFICATE

I ........... certify that the above account is true and correct and that
all assets and income collected to date of the account has been disclosed
therein.

signed at ....... on the ...... day of ......... 1998

.......................
executor.
(marks 42 + 8 for draftsmanship)
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Question 1.2

1 Newspaper cutting and date of Gazette re advertisement to creditors.

2 Sworn appraisement of fixed property and movables.
3 Certificates from bank re fixed deposit and current account.
4 Voucher in support of sale price of car.
5 Certificate re sale of quoted shares
6 Valuation of shares and loan account in ABC (Pty)ltd
7 statements of accounts for
Funeral expenses
Doctor's account
Balance of bond
Taxed account by appraiser
Broker's costs
Valuation of Shares and loan account of ABC(pty)ltd
8 Bank statements to date.

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Question 2

2.1 When a person dies intestate

When the person or persons nominated is deceased, unwilling or

incapable to accept appointment or whose whereabouts are unknown

Where one or more of the nominated executors can for the reasons
mentioned above not be appointed and in the interests of the estate
one or more executors should be joined.

If the number of executors are less than the quorum required by will
 If the sole executor appointed or all the appointed executors cease
to be executors.

If one or more executors cease to be executors and in the interest of

the estate one or more executors should be joined.

2.2 a/ true b/ true c/ false d/ false

e/ false g/ false h/ false i/ false
j/ true k/ false l/ true m/ false

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Question 3

3.1
LETTERHEAD
Date (prior to 16 February 1998)

The Master of the High Court

Private Bag 13190
WINDHOEK.

Re estate ................. no ....../97

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,

................ (marks 7 + 3 for draftsmanship)

3.2
a/ Supplementary section 27 inventory
b/ Supplementary account.

3.3.1 By depositing a lumpsum in full settlement of the claim into

the Guardians Fund.

3.3.2 Affidavit by the guardian of the minor setting out the claim
and showing how amount claimed is arrived at.

Agreement between the guardian and the executor stating how any
balance must be dealt with should the minor die or become
selfsupporting before he turns 21 years.

Birth certificate of the minor.

3.3.3 In terms of section 43(1) the natural guardian may not give
security for a claim by a minor.
3.4.1 Spouse will receive 60 000 by virtue of marriage
20 000 as childs share
A will receive 20 000 ' " "
B " " 20 000 " " "

3.4.2 Spouse will receive 50 000

A " " 35 000
B " " 35 000

3.4.3 A , B and C will inherit the balance of 70 000 equally

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