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More About a Valid Will
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Wills FAQ’s
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More About a Valid Will
Will Glossary
Estates FAQ
Will Glosary
Estate
A person’s assets and liabilities
Executor / Executrix
A person appointed to administer and wind-up an estate on death of another
Residue
All that is left of an estate after all debts, taxes, legacies and bequests have been paid
Guardian
A person who looks after the interests of people, such as children, who cannot look after their own affairs
Testator/Testatrix
A male / female person who makes a Will
Immovable property
Land and the fixed structures built on it
Trust
An agreement in terms of which property is held for one or more beneficiaries by a Trustee or Trustees
Trustee
A person who holds property and looks after it on behalf of someone else
Accrual
A method for calculating the division of assets on death or divorce
Issue
A person’s children, grandchildren and all other lineal descendants
Asset
Something owned such as property, a vehicle or money in the bank
Beneficiary
A person who benefits in terms of a Will or from a Trust
Master of the High Court
The Court’s representative who oversees the administration of deceased estates, trusts, insolvent estates and the care of Minors
Bequeath/Bequest
To give something by Will to another
Minor
A person under the age of 18 who has not achieved majority through marriage or a court order
Codicil
An alteration to an existing Will which must be signed in the same manner as a Will is signed
Per Stirpes
An alteration to an existing Will which must be signed in the same manner as a Will is signed
Collation
The legal obligation of an heir to bring into an estate any benefits received from a Testator/Testatrix during their lifetime
Community of Property
A marital property system in terms of which spouses share their assets and liabilities equally
Power of assumption
The power granted to an Executor or Trustee to nominate other persons to be appointed as co-Executor or co-Trustee to assist them
Representation
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
Descendants
A person’s children, grandchildren and all others descending from that person
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