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LEGAL PRACTITIONER’S EXAMINATION MARCH 2001

Question 1.1

Death notice and proof of death


Original will
Inventory
Declination of trust
Nomination
Acceptance of Trust in duplicate
Bond of Security for full value of assets.

Question 1.2

Open bank account


Advertise for creditors
Determine solvency
Get valuations
Decide on mode of divestment
Draw up account
Advertise account
Pay creditors and heirs
Transfer property
Get filing notice
(Apply for discharge)

Question 1.3
Name of surviving spouse
Reference to massing in will
State that implications were fully explained to her and that she is fully aware of the implications
That she wishes to repudiate.
Certificate by legal practitioner

Question 1.4

Letterhead
Addressed to master
Name and number of estate
Why the account can not be lodged
What steps have been taken to expidite submission of account
What progress has been made
What moneys are on hand
Whether estate is solvent.

Question 2
Mary will receice
1………….
2 …………..
3 …………… ……………….
Less amount paid in ……………….. $ 375 000

Charles will receice


1………….
2 …………..
3 …………… ……………….
Less amount paid in ……………….. $ 375 000
June will receice
1………….
2 …………..
3 …………… ……………….
Less amount paid in ……………….. $ 375 000

David will receive


1……………….. $ 75 000
________
1 200 000

Question 3

First and final Liquidation and Distribution in the estate of the late John Brown I.D.No …… who
died on …………. And surviving spouse Judy Brown (born ………) I.D.No …… Estate No ….

LIQUIDATION ACCOUNT

Fixed property (full discription)


Awarded to …………………..
Sworn appraised value 500 000

Household furniture
Awarded to ……………..
Sworn appraised at 50 000

Motor vehicle (details)


Awarded to ……………….
Sworn appraised at 100 000

Fixed Deposit ………… Bank


Realised 150 000
1 200 000

Liabilities
Advertisement for creditors Government Gazette 10
Namibian 100
Advertisement of Account Government Gazette 10
Namibian 100 220
Bank charges ……
Smith & co Transfer Costs …….
Petersons valuation of assets …….
Master’s fee 2 400
Executor’s fee 3.5% 2800
VAT 420 3220
SWABOU mortage Bond ……..
Balance for distribution 710 000
800 000

RECAPITULATION STATEMENT

Cash in estate 150 000


Liabilities 90 000
Cash for distribution 60 000

DISTRIBUTION ACCOUNT

Balance for distribution 710 000


To Judy Brown Surviving Spouse
½ by virtue of marriage I.C.O.P. 355 000
½ Funeral expenses 5 000
¼ I.T.O.will 87 500 447 500
Award consists of ………………
447500

To Mary Smith , married out of


Community of property
¼ I.T.O.will 87 000
Award consists of …………….

To Charles Brown Major.


¼ I.T.O.will 87 000
Award consists of ……………….

To Peter Brown Minor born 14/02/82


I.D.No ………………..
¼ I.T.O.Will 87 000
Award consists of ……………
710 000

INCOME ACCOUNT

Interest fixed deposit 10 000


Executor’s commission 6% 600
VAT 90 690.00

Awarded to Judy Brown


½ marriage I.C.O.P 4 655.00
¼ I.T.O.Will 1 163.75 5818.75

To Mary Smith
¼ I.T.O. will 1 163.75

to Charles Brown
¼ I.T.O.will 1 163.75

To Peter Brown
¼ I.T.O.will 1 163.75
10 000.00 10 00.00

FIDUCIARY ASSET ACCOUNT

There are no fiduciary assets.

CERTIFICATE

I ………………… hereby certify that the above account is true and correct and that there are no
further assets or income to be accounted for

………………………….
Executor

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