Dear Messrs,
Re: Estate of the Late Luigi Manna
Mrs Manna [sic] has called at our office and instructed that you have decided to retain the property known as 21 Bradfield Street, Downer in that share that you would be entitled under the Administration and Probate Act 1929.
We enclose for your information the pertinent sections of the above Act that are applicable in this situation.
Section 49(1) - provides that the persons entitled to take an interest in an intestate estate, and the interest in that estate that those persons are entitled to take shall be ascertained by reference to Schedule 6.
Section 49(3) - provides that for the purpose of Schedule 6, the value of an intestate estate shall be ascertained by deducting from the gross value of that interstate [sic] estate an amount equal to such of the debts and liabilities of the estate, the funeral and testamentary expenses, the costs and expenses of administering the estate and the estate duties payable in relation to the estate as are payable out of that intestate estate.
Schedule 6 provides that if the intestate is survived by a partner and issue and the value of the estate exceeds $150,000.00, the partner is entitled to be paid out of the intestate estate -
(a) $150,000.00; and
(b) Interest on that sum, calculated at the rate of 8% per annum from the date of the death of the intestate to the date that sum is paid or appropriate to the partner, and
(c)
(i) An additional sum equal to;
(ii) If more than one child, 1/3 of the value of the balance of the intestate estate.
Please note that the assets that form part of estate are only those assets that were in the sole name or ownership of the late Mr Manna. Any asset/s held as joint tenants with Mrs Rosa Manna would have passed into the sole ownership of Mrs Rosa Manna by virtue of survivorship. The only asset held by the late Mr Luigi Manna in his own name was the property located at 21 Bradfield Street, Downer, ACT, and valued by JD Perryman Valuation on the 11th November, 2004 at $500,000.00. Mrs Rosa Manna has instructed that she repaid a bank loan in the sum of $100,000.00, which was secured by way or [sic] mortgage against the said property. She is entitled to reimbursement with said amount and she is also entitled to be reimbursed for all funeral expenses incurred by her.
If it is assumed that the claim by Mrs Rosa Manna is only for the bank loan repaid, namely, $100,000.00, then the nett worth of the late Mr Luigi Manna's estate is $400,000.00. Out of this estate Mrs Rosa Manna has to be paid $150,000.00, leaving a balance of $250,000.00 which in turn is to be split in three equal shares, each in the sum of $83,333.33. Therefore, Mrs Rosa Manna's share of the estate is (please note that this calculation is based on the above hypothesis and does not include funeral and testamentary expenses and interest that Mrs Rosa Manna is entitled to be reimbursed and/or paid) $333,333.34. Messrs Damiano and Pietro Manna are entitled to $83,333.33 each.
If the Crown Lease to 21 Bradfield Street, Downer ACT was to be retained in the shares calculate as above; then Mrs Rosa Manna would be entitled to a 666/1000 share and Damiano and Pietro Manna 137/1000 share each.
Yours faithfully,
ROMANO SATSIA KORDIS LEGAL
Per: John Memmolo
Consultant