LEGAL PRACTITIONER'S EXAMINATION.

AUGUST 20005 TIME 90 MINUTES MARKS 100

Use your own facts where necessary.
QUESTION 1 [25]

As Peter Parker was very ill in hospital, his wife Anne wrote out a joint will for themselves. In terms of this will,
the survivor was to inherit ½ of the estate and the balance to their children/step children Brian Daisy, Edna and
John
As peter was too weak to sign, he “signed” with a mark. Freddy Watson, who is a Commissioner of Oaths, added
the normal certificate to the will but as there was no space after the testator’s signature, he wrote his certificate in
the margin. The will was witnessed by Stephan Jones and Sally Smith.

Peter left the following family

His wife Anne to whom he was married out of community of property,
His daughter Daisy married in community of property to Martin Jones
His daughter Edna married out of community of property to Freddy Watson
His stepson John son of his wife from a prior marriage
His minor grand son Harry child of predeceased child Brian
His adopted minor grand son Ian adopted son of Brian

Draw up the Distribution account of Peter’s estate if the balance for distribution amounted to $1 200
000.00

QUESTION 2 [26]

In terms of the will of Peter Smith, he bequeathed his fixed property to his son Robert and the balance ½ to his
wife Susan ,1/3 to his daughter Tanja and the balance to his son Robert.

The following income and expenditure after death is included in the estate
Rental collected from the fixed property $12 000
Dividends on shares $5 500
Interest on fixed deposit $7 800
Interest on savings account $700
Rates and Taxes on the Fixed property $2 500
Interest on bank overdraft after death $1 500

Prepare the Income Account taking into account the requirements of Regulation 5.

QUESTION 3 [16]

Peter Smith died intestate.. He was survived by his wife Anne, to whom he was married in community of
property, his daughter, Mary Adams, Joan daughter of predeceased son Peter and John, Minor son of Peter

The assets of his estate consist of the following:

Farm valued at $ 450 000.00

Movable assets: Motor vehicles 80 000.00
Furniture 40 000.00
Investments and bank accounts 262 000.00

The liabilities amounted to 100 000.00

Draw up a redistibution agreement Each heir must receive the same monetary amount that they would
have received if it were possible to distribute the assets in speci.
 PTO
QUESTION 4 [33]

List the facts to be stated in terms of Regulation 5 in the following sections of the Account. NOTE I do not want
examples of these sections.

3(a) Heading of an account of a deceased married out of community of property who have massed
their estates and the survivor has adiated. (13)

3(b) Liquidation Account (13)

3(c) Executors certificate to a First Account. (7)