Andre Snyman who was married in community of property to Michelle Snyman, dies on 30 June 2022.

Andre Snyman who was married in community of property to Michelle Snyman, dies on 30 June 2022.

He is survived by his wife and their major son, Adam Snyman.

The following assets form part of the joint estate:

1. Erf 269, Welkom, Free State Province. The property has an appraised value of R3,000,000.00.

2. 100 shares in Cape Cot (Pty) Ltd. These shares are sold for R1,200,000.00. The company’s auditor values the shares at R1,500,000.00, which value is accepted by the Commissioner of Revenue.

3. A life insurance policy with Old Mutual on the life of the deceased with no named beneficiary. The maturity value amounts to R800,000.00.

4. Current bank account with ABSA Bank. The balance as on date of death amounted to R200,000.00.

The only claim against the estate is a final income tax assessment of R60,000.00.

The deceased and his surviving spouse in their joint Will massed together their respective estates and leave the entire massed estate to their son, Adam, subject to a lifelong usufruct in favour of the surviving spouse. However, the surviving spouse repudiates the Will.

You are nominated and appointed as the executor.

You are a registered VAT vendor.

Draft the following sections of the Liquidation and Distribution Account and provide your own imaginary information where necessary:

1. Liquidation Account.

2. Recapitulation Statement.

3. Distribution Account.

4. Estate Duty Account.

The total administration expenses (including the Master’s fees and Executor’s fees)

amount to R223,000.00. It is not necessary to specify the administration expenses, except for the Executor’s fees and Master’s fees.