Exam (elaborations)
PVL2602 - MCQ Test Bank (2022)
- Course
- Institution
PVL2602 - MCQ Test Bank (2022) S - The study-notes marketplace PVL2602 MCQ Test Bank PVL2602 MCQ Test Bank Notes. Memo. Questions. Answers ...
[Show more]
Seller
Follow
docguru
Reviews received
Content preview
PVL2602 - MCQ Test Bank (2022)Stuvia.com - The study-notes marketplace
PVL2602
MCQ Test Bank
Notes. Memo.
Questions. Answers
Downloaded by: ssmolelekoa | Distribution of this document is illegal
, Stuvia.com - The study-notes
marketplace
PVL2602
MCQ Test Bank
Notes. Memo.
Questions. Answers
Downloaded by: ssmolelekoa |
ssmolelekoa@gmail.com
Distribution of this document is illegal
, Stuvia.com - The study-notes
marketplace
PVL2602 TEST BANK
Question 1
Nimoy and Vickie were married in community of property. On 2 March
2011, Nimoy died intestate.
Nimoy is survived by:
his wife, Vickie
his adopted brother, Barry;
two granddaughters, Winnie and Lisa (the daughters of Nimoy‟s
predeceased son, Celestine. Celestine was born of a previous
marriage between Nimoy and Grace);
an extra-marital son, Gary;
Harry and Isaac, the sons of Gary (Harry and Isaac were born of the
marriage between Gary and Zinzi).
At his death, the joint estate of Nimoy and Vickie amounted to R360 000
(net value after all debts of estate have been paid). Distribute Nimoy‟s
estate. (10)
ANSWER:
From Nimoy‟s relations we can exclude the following persons for the
purposes of intestate succession:
1) Barry – although he is the deceased‟s adopted brother and is a
potential intestate heir since his adoption has the effect of treating him
as if he were a natural collateral relation of the deceased, the fact that
the deceased‟s has closer relations, excludes Barry from inheriting.(1)
2) The deceased‟s grandsons Harry and Isaac – they will not inherit
because their father Gary is still alive. (1)
Distribution of the estate:
3) The first step is to divide the joint estate equally between the spouses
who was married in community of property. Each spouse obtains 50%
in terms of the matrimonial property regime. Thus R360 000 ÷ 2 =
R180 000. Vickie immediately receives R180 000 as this is the share
that she entitled to in terms of matrimonial property law. (1) [Note:
She does not inherit this amount, but receives it in terms of matrimonial
property law.]
4) In addition to this, Vickie is also entitled to inherit in terms of the
Intestate Succession Act. She inherits either a child‟s portion or the
ministerial amount (at present R125 000) whichever is the greater.(1)
[See section 1(1)(c) of the Act.]
5) According to the Act, a child‟s portion is obtained by dividing the
deceased estate by the number of children who have survived
the deceased (1)
6) and the children who have predeceased the deceased but are
survived by their descendants (1)
7) Plus the number of spouses (1). [The explanation of this calculation is
very important and earns 3 marks for a completely correct
explanation or no marks if it is partially correct. Note that it is not only
“the number of children of the deceased”...]
1
Downloaded by: ssmolelekoa |
ssmolelekoa@gmail.com
Distribution of this document is illegal
, Stuvia.com - The study-notes
8) Thus: A child‟s share is R180 000 † 3 = R60 000. (1) [Note: The estate
marketplace
is divided by 3 because there are two children who survived the
deceased or who left descendants, namely Gary and Celestine, and
there is one spouse, Vickie. Thus:
2
Downloaded by: ssmolelekoa |
ssmolelekoa@gmail.com
Distribution of this document is illegal
The benefits of buying summaries with Stuvia:
Guaranteed quality through customer reviews
Stuvia customers have reviewed more than 700,000 summaries. This how you know that you are buying the best documents.
Quick and easy check-out
You can quickly pay through credit card or Stuvia-credit for the summaries. There is no membership needed.
Focus on what matters
Your fellow students write the study notes themselves, which is why the documents are always reliable and up-to-date. This ensures you quickly get to the core!
Frequently asked questions
What do I get when I buy this document?
You get a PDF, available immediately after your purchase. The purchased document is accessible anytime, anywhere and indefinitely through your profile.
Satisfaction guarantee: how does it work?
Our satisfaction guarantee ensures that you always find a study document that suits you well. You fill out a form, and our customer service team takes care of the rest.
Who am I buying these notes from?
Stuvia is a marketplace, so you are not buying this document from us, but from seller docguru. Stuvia facilitates payment to the seller.
Will I be stuck with a subscription?
No, you only buy these notes for $7.49. You're not tied to anything after your purchase.
Can Stuvia be trusted?
4.6 stars on Google & Trustpilot (+1000 reviews)
81311 documents were sold in the last 30 days
Founded in 2010, the go-to place to buy study notes for 14 years now