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Wills FAQ’s

Will Glosary

A person’s assets and liabilities
A person appointed to administer and wind-up an estate on death of another
All that is left of an estate after all debts, taxes, legacies and bequests have been paid
A person who looks after the interests of people, such as children, who cannot look after their own affairs
A male / female person who makes a Will
Land and the fixed structures built on it
An agreement in terms of which property is held for one or more beneficiaries by a Trustee or Trustees
A person who holds property and looks after it on behalf of someone else
A method for calculating the division of assets on death or divorce
A person’s children, grandchildren and all other lineal descendants
Something owned such as property, a vehicle or money in the bank
A person who benefits in terms of a Will or from a Trust
The Court’s representative who oversees the administration of deceased estates, trusts, insolvent estates and the care of Minors
To give something by Will to another
A person under the age of 18 who has not achieved majority through marriage or a court order
An alteration to an existing Will which must be signed in the same manner as a Will is signed
A stipulation that, should a beneficiary predecease the testator, the beneficiary’s share of the inheritance will go to his or her heirs
The legal obligation of an heir to bring into an estate any benefits received from a Testator/Testatrix during their lifetime
A marital property system in terms of which spouses share their assets and liabilities equally
The power granted to an Executor or Trustee to nominate other persons to be appointed as co-Executor or co-Trustee to assist them
Where a nominated heir dies per stirpes before the Testator/ Testatrix and the deceased heir’s issue inherit the deceased heir’s inheritance in equal shares
A person’s children, grandchildren and all others descending from that person