AUGUST 2006 ANSWERS

Question 1(a) (17)

Letterhead
Date
Master of the High Court
Windhoek

Re Estate late ……………………………………………..

The following documents are enclosed for the reporting of the above estate and the
appointment of ………………. As executor.

1 Death Notice
2 Proof of death
3 Original will
4 Inventory
5 Declination of trust
6 Next of kin affidavit
7 Nominations by heirs
8 Acceptance of trust by ………………..in duplicate
9 Security for the full value of the assets

QUESTION 1B [6]

Masters fee commission vat total

Personal 2 600 45 500 6 825 52 325
Fiduciary 400 7 000 1 050 8 059

2 marks for draftmanship

QUESTION 1(c) [35]

DISTRIBUTION ACCOUNT
Balance for distribution 1 200 000
Mary ………….Married icop to ………
1/5 ito will 240 000
1/15 Intestate 80 000 320 000

Award consists of cash

Penny ……….. married ocop

1/5 ito will and sec 115bis 240 000
1/15 Intestate 80 000 320 000
Award consists of cash

William………..Major
1/10 in terms of will and sec 115(bis) 120 000
1/30intestate 40 000 160 000
Award consists of cash
John………..Minor born ……..
ID no …………………..
1/10 in terms of will and sec 115(bis) 120 000
1/30intestate 40 000 160 000
Award consists of cash

Elizabeth …… Major
1/5 ito will 240 000
Award consists of cash

1 200 000 1 200 000

Question 1(d) [12]

FIDUCIARY ASSET ACCOUNT
1/3 proceeds of ……………………….. 200 000

Pro-rata Masters fees 400

Executors remuneration 7 000
VAT 1 050
Balance for distribution 191 550
200 000 200 000

Balance for distribution 191 550

To Mary ………….Married icop to ………
Ito will of ………. 191 550
191 550 191 550

QUESTION 2 20

ESTATE LATE JOHN SMITH ESTATE NO ......../05

AFFIDAVIT IN TERMS OF SECTION 38 OF Act 66 OF 1965

I, the undersigned, Shirley Peters (born Jones),widow, hereby make oath and say that
I an the surviving spouse of the late John Smith to whom I had been married out of
community of property.

To the best of my knowledge and belief the Estate Assets and Liabilities consist of
the following:

ASSETS

1.Farm Witvlei in the district of Gobabis N$900 000.00

4 Farming implements N$ 500 000.00

LIABILITIES

1 Funeral expenses N$ 3 000.00

 2 Claims against the estate N$55 000.00
3 Administration expenses N$37 400.00

I hereby request your consent to the taking over of the following assets in terms of
section 38 of the Act;

1 Farm Witvlei N$400 000.00

2Farming implements N$ 390 000.00

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 laws of intestate succession are I, the surviving
spouse, Shirley Peters(born Jones), widow, my son Peter Peters, my Daughter Jane
Smith and my grandchildren, Andrew Peters (born 24/6/95) and Brian Peters (born
27/6/97).

The taking over will not be to the minor's 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.

................................
Mary Smith

Signed and sworn before me in Windhoek, this ...............day .......... of .......... 20.......

...............................
Commissioner of Oaths

QUESTION 3 10
The account must be described as a liquidation and distribution account.
State the full names and surname of the deceased.
State the date of death.
State the identity number of the deceased.
State the marital status of the deceased as at date of death.
If the deceased was married as at date of death, it must be stated whether the
marriage was in or out of community of property.
If massing has taken place and the survivor has adiated, this fact must be stated as
well as the name of the person who has adiated, and finally
The Master's reference number must be specified.