Other
PVL 2602 Assignment 1 semester 1 2021 (860040)
- Course
- Institution
Practical response for assignment. Please do not copy and paste(plagiarism)
[Show more]
1 review
By: sabatagudla • 3 year ago
Seller
Follow
gadzesano
Reviews received
Content preview
PVL2601 SEMESTER 1ASSIGNMENT 1 2021
Unique number :860040
Question 1: How Wanda’s estate is going to devolve
In terms of Intestate Succession Act 81 of 1987, estate and accrual must be added
before is divided. In this scenario, Wanda’s estate of R500 000 with total accrual of
R100 000, as such R600 000 is the value to be divided. Section 1(4) of the Act
informed…
, PVL 2602. Assignment 1 (860040)
Question 1: How Wanda’s estate is going to devolve
In terms of Intestate Succession Act 81 of 1987, estate and accrual must be added
before is divided. In this scenario, Wanda’s estate of R500 000 with total accrual of
R100 000, as such R600 000 is the value to be divided.
Section 1(4) of the Act1 informed that child share is calculated by dividing the value
of intestate estate by the number of children of deceased, surviving or predeceased
but survived by descendants plus one (plus one means surviving spouse) here,
Xavier.
Who benefits
In the scenario, two children Evert and Ben will be treated as natural children beside
that Ben was born out of wedlock. Dina will stand in for predeceased daughter
Celeste. Since Francis refused to inherit, her shares will be given to Gerald in
accordance to section 1(6) of the Act. This leaves total of 4 descendants to get the
shares (i.e. Evert, Ben, Dina and Gerald)
Statutory amount
R600 000/4 = R150 000,
In terms of Section 1(1) of the Act, when the deceased is survived by both a spouse
and descendants the estate will be divided in the following manner: The spouse is
entitled to a spouse intestate share which is currently R250 000.00 or a child’s share,
whichever is greater. The remaining decedents will inherit the balance of the estate.
R150 000 is less than statutory amount of R250 000 or the portion whichever great
to be given to the spouse.
Inheritance distribution
If Xavier inherit his statutory R250 000, the remaining R350 000 will be shared
among the children (R600 000 (total value of estate) - R250 000 (spouse statutory
amount) = R350 000 (remaining value). R350 000 shared to 4 children, each get
R87 500. (R350 000/4 =R87 500 each). Unfortunately, the mother, May, is excluded
and do not inherit
1 The Intestate Succession Act 81 of 1987 (hereinafter the “Act”) in Question 1
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 gadzesano. Stuvia facilitates payment to the seller.
Will I be stuck with a subscription?
No, you only buy these notes for $9.07. 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