QUESTION 1 (30 marks, 36 minutes)
You have been appointed as the executor of the deceased estate of your lifelong friend, Mary Berry
(ID660520 0128 086), who passed away recently in Durban, where she resided. Your friend's particulars
are as follows:
Date of birth:
20 May 1966
Date of death: 15 February 2024
Marital status: Married in community of property to Bluey Berry (ID 640320 0122 088)
(Master's reference no. 1778/KZN)
Relevant information regarding the estate:
1. Mary and Bluey owned a house where they resided in Westville, Durban, with an estimated cur-
rent market value of R2 200 000, as part of their joint estate.
2.
Their estate included sundry household goods valued at R250 000.
3.
Mary owned a motor vehicle, with a market value of R265 000.
4.
The executor collected proceeds from the sale of a listed investment amounting to R250 000.
The listed value on the date of Mary's death was R300 000.
5. Mary had a bank overdraft of R19 194.
6.
Proceeds of an insurance policy amounted to R475 000 and were paid to the estate and collected
by the executor. Total premiums of R120 000, together with 6% interest of R25 000, were paid
from their joint bank account.
7. Mary and Bluey's attorney was in the process of drafting a will for them, but they failed to com-
plete and sign it before Mary's death.
8.
9.
Mary and Bluey had two children: Joey (28) and Tammy (25). Joey was estranged from his
parents and refused to inherit anything from either of them.
Master's fees and executor's remuneration must be provided for according to current prescribed
tariffs.
10. After Mary's death, all parties involved agreed that Bluey could take over the motor vehicle and
household goods as part of her share of the estate, but the house had to be sold for the dis-
tribution of the estate. The proceeds of the house amounted to R2 000 000.
11. Various costs of administration amounted to R100 000, included were funeral expenses of
R40 000.
REQUIRED:
MARKS
Compile the complete executor's account for Mary & Bluey Berry's joint estate to be
lodged with the Master of the High Court.
30
Ignore the fiduciary and income and expenditure accounts.