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FEBRUARY 96

ANSWERS TO QUESTIONS.

QUESTION 1.

First and Final Liquidation and Distribution Account in the estate of the
late Peter Smith (ID ........) of Windhoek, and of his surviving spouse
Anne Smith (ID .........) to whom he was married in community of property
Date of death 1 June 1995 Master's Ref No 195/95

LIQUIDATION ACCOUNT.

ASSETS.

1 Certain piece of land being erf 1234


Windhoek held under deed of transfer no
234/1956 as per sworn appraisement 1 450 000.00

Awarded and to be transferred to the heirs


as per the distribution account.

2 Toyota sedan N98760W as per appraisement 1 80 000.00

3 Household furniture as per valuation 1 40 000.00

Awarded to the heirs as per the distribution


account

4 Proceeds fixed deposit Swabou 2 130 000.00

5 Proceeds current a/c First National Bank 3 120 000.00

6 Proceeds Policy no 56789 Sanlam 4 130 000.00

7 Surrender value of Policy no 13653 Old 5 3 000.00


Mutual awarded to the heirs as per
distribution account
----------
953 000.00
==========

LIABILITIES.

Administration costs:

1 Advertisement to creditors
The Windhoek Advertiser 6 68.00

Government Gazette dated.14/8/95 12.00

2 Provision for advertisement of the account


The Windhoek Advertiser 68.00

Government Gazette 12.00

3 Bank charges 60.00

4 D. Mathews cost of valuation of fixed


property and movables 7 500.00
5 Jones and partners Transfer costs 8 2 235.00

6 Executor's remuneration
2 1/2% of 953 000.00 23 825.00

Sales tax 11% of 23825.00 2 620.00

7 Masters fee

600.00Claims against the estate

1 AVBOB funeral expenses 9 4 000.00

2 Receiver of Revenue Income Tax 10 8 000.00

3 Dr Muller 11 3 000.00

4 A B Furniture 12 4 000.00

5 Balance for distribution 904 000.00


----------
953 000.00
==========

RECAPITULATION STATEMENT

Total cash 380.000.00


Liabilities 49 000.00
surplus awarded to heirs 331 000.00
---------- ----------
380 000.00 380 000.00
========== ==========

DISTRIBUTION ACCOUNT.

Balance for distribution 904 000.00

To Anne Smith, surviving spouse,


1/2 by virtue of the marriage
in community of property 452 000.00

Plus 1/2 funeral expenses 2.000.00

1/6 in terms of the laws of intestate


succession 150 000.00

Award consists of:


2/3 fixed property 300 000.00
2/3 movables 80 000.00
2/3 policy 2 000.00
cash 222 000.00
----------
604 000.00
==========

To John Smith Major


1/6 in terms of the laws of intestate
succession 150 000.00

3 to Mary Adams (born Smith) married in


community of property to Paul Adams.
1/6 in terms of the laws of intestate
succession. 150 000.00

Award to 2 and 3 above


consists of:
1/6 fixed property 75 000.00
1/6 movables 2 000.00
1/6 policy 500.00
cash 72 500.00
----------
150 000.00
========== ---------- ----------
904 000.00 904 000.00
========== ==========

INCOME AND EXPENDITURE ACCOUNT Nil

FIDUCIARY ASSET ACCOUNT Nil

CERTIFICATE

I the undersigned certify that the above account is true and correct and
that all assets of the deceased have been accounted for and that no income
was collected.

Signed at Windhoek this ..... day of ..........1996

(sign) ..........
Executor

[Discretionary mark for neatness, layout and overall impression. (5)]

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QUESTION 2

There is a presumption that the testator intended A to receive the farm


free from the burden thereon.

A will receive the farm free from the bond (unless a contrary intention can
be gathered from the will ) The bond will have to be repaid from funds
forming part of the residue of the estate.

The bond is therefore effectively repaid out of B's share of the estate.

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QUESTION 3

3.1 We hereby mass our separate estates upon the death of the first dying
of us and direct that the so massed estates shall, upon the death of
the first dying devolve upon our son Peter, subject to the lifelong
usufruct in favour of the survivor of us.
3.2 I the undersigned ......... in my capacity as surviving spouse of the
late ......... do hereby declare as follows:

I am aware of the conditions contained in the joint will of the


deceased and myself, dated ........ which constitutes a massing of
our separate estates.

I am aware that I have the right to either accept or reject the said
will and that the consequences of both acceptance and rejection have
been explained to me. Under the circumstances I have decided to
adiate which will have the effect that I will forfeit my own estate
in favour of our son, Peter and that I will receive the usufruct of
both estates.

sgd ..............

I the undersigned, ........ an attorney duly sworn and admitted as


such do hereby certify that:

I have explained to the said ........... the consequences of either


accepting or rejecting the joint will of herself and the deceased,
that she fully understands the consequences of either accepting or
rejecting the will and that she has after due consideration elected
to accept the will.

sgd ............
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QUESTION 4

4.1 As the joiner is re et verbis jus accrescendi is applicable and the


share of the deceased child will accrue to the surviving children,
ie 1/2 each.

4.2 As the will is interpreted as at date of death, D will also be


included as an heir.

4.3 The addition of the words "equal shares" has the effect of joining
the children verbis tantum with the result that jus accrescendi does
not operate. The share of the predeceased child will devolve upon the
testator's intestate heirs.

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QUESTION 5

5.1 False
5.2 True
5.3 False
5.4 False
5.5 True

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