LEGAL PRACTITIONER'S EXAMINATION.

NOVEMBER 2005 TIME 90 MINUTES MARKS 100

Use your own facts where necessary. Cents can be ignored in your calculations.
QUESTION 1 [45]

The will of Peter Thomas bequeaths his estate as follows

• A/ His Mercedes 220SE to his son Andrew
• B/ the residue of his estate to his three children

He left the following family:-

A/ his wife Sara married out of community of property
B/ his son Andrew
C/ His daughter Betty
D/ David and Edward, minor children of his predeceased son Freddy

He left the following assets

A/ fixed property valued at $1 000 000
B/ Mercedes 230SE motor vehicle valued at $100 000
C/ shares valued at $200 000
D/ cash of $100 000
The total liabilities and administration expenses amounted to $200 000

Apart from the above he also held the fiduciary interest in fixed property valued at $900 000. On his death, this
property had to be realized and distributed between his three children

1.1 Draw up the application by the surviving spouse to take over the assets I.T.O section 38 (15)
1.2 Draw up the Distribution Account of personal assets (20)
1.3 Draw up the Fiduciary Asset Account. (10)

QUESTION 2 [20]

2.1 Name 5 (five) states referred to in section 21 of the Estates Act. (5)
2.2 List the documents necessary to obtain an “appointment” in terms of section 21
where the deceased left a will lodged with the authorities in the foreign country as well as
fixed property in Namibia. (12)
2.3 How must foreign estates that do not fall to be dealt with in terms of section 21 be
dealt with? (3)
QUESTION 3 [35]

3.1 In terms of Act 66 of 1965,

3.1.1 Which estates need not be reported to the Master of the High Court? (2)
3.1.2 Who must report an estate to the Master? (4)
3.1.3 Which executors are obliged to furnish security to the Master before being appointed? (5)
3.1.4 The Master has the discretion to insist on security in certain instances where the
Executor is exempted. Name these instances? (2)
3.1.5 When must an executor lodge a section 27 inventory? (3)
3.1.6 List the facts that must be stated in an application for extension for lodgement of an
estate account? (5)
3.1.7 List the facts that in terms of Regulation 5(1)(f) must be stated under the heading
Income and Expenditure Account (8)

3.2 Discuss the ways in which an executor must deal with the share of a heir who
predeceased the testator and the will is silent as to substitution. (6)