Wills Glossary
15 August 2016
Estates, Wills & Trust | Private Law
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– Summary

This page contains explanations for commons words and terms uses on this website when discussing Wills and Estates.

Below is a list of common words and terms you may come across concerning Wills.

Click here for our GLOSSARY OF LEGAL TERMS that relate to Law in general.

Click here for our list of LATIN terms that are commonly used in Law.

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A

Abatement

 The process of determining the order in which the estate will abate to pay debts, liabilities and expenses.

Ademption

 When a person makes a declaration in their Will to leave a gift to another but revokes the gift before death either by destroying it, selling it or disposing of it in some other way.

Administration

 Managing the affairs of the deceased. This involves establishing, collecting and distributing the assets of the estate as laid out in the Will or, where there is no Will, according to the intestacy rules that apply.

Administration period

 The time taken from the date of death to the completion of the estate’s administration.

Administrator

 The person who deals with distributing the estate in cases when there is no Will.

Apportionment

 The proportionate division of income between certain beneficiaries.

Attorney

 Someone appointed by another to act on their behalf.

Attestation

 Witnessing a signature.

Asset

 Property, money or belongings owned by the deceased.

B

Beneficiary

 Anyone or thing that is entitled to a share of the estate of the deceased.

Bequest

 Any gift left in a Will that is not land or buildings


C

Codicil

 An addition or change made to a Will. It has to be signed and witnessed in the same way as a Will. A codicil may be needed, for example, to increase a cash bequest, change a guardian or executor named in a Will, or to add another beneficiary. Codicils should only be used to perform minor changes to the existing Will. If more complicated changes are needed it is advisable to make an entirely new Will.

Conveyancing

 Conveyancing is the legal work that needs to take place when buying, selling and re-financing property.

D

Deceased

 The person who has died.

Discretionary Trust

 A trust where the trustee has the full power to decide when and which certain beneficiaries are to receive their capital.

Donee

 The person who receives the gift.

Donor

 The person leaving the gift.

E

Estate

 The property, money and possessions of the deceased person.

Executor

 The person appointed in a Will or codicil to administer an estate.

F

Fideicommissum

 A legal institution, where the owner of a property transfers this property to another person, subject to it being transferred from that person to yet another person at a later stage.

G

Gift

 Any bequest left in a Will.

Guardians

 The people chosen by the testator to look after their children in the event of their death.

I

Immovable Property

 Freehold or leasehold property.

Indemnity

 An agreement to compensate someone for any loss suffered as a result of a failure to act by another.

Insolvency

 When there is a shortfall of funds to meet all liabilities.

Interest

 The right to property.

Intestate

 When a person dies with no legally valid Will.

Intestate Succession

 The name for the situation which arises when someone dies without having made a legally valid Will. Their estate is then distributed according to the laws governing intestate succession.

Issue

 All the direct descendants of a person.

L

Last Will and Testament

 A legal document that lays out the way a person wishes to have their estate distributed upon death. It can also contain their wishes for their burial/cremation.

Letters of Executorship

 The legal document issued by the Master of the High Court, appointing an executor to deal with an estate.

Liability

 The debts that need to be settled by the estate following the death of the deceased.

Liquidation and Distribution Account

 Accounts of the financial transactions recorded during the Administration Period.

Living Will

 A Living Will usually covers specific directives as to the course of treatment that is to be taken by caregivers.

M

Matrimonial Home

 The place where a husband and wife live.

Minor

 A person under the age of 18.

Moveable Property

 Any property that is not immovable e.g. personal chattels.

N

Next of Kin

 The nearest blood relative of the deceased.

Notary Public

 A legal officer appointed to deal with legal documents, principally for the conclusion of an ante-nuptial contract (in South Africa) but also for international purposes.

O

Oath

 A pledge to tell the truth, verbally or in writing.

P

Post Mortem

  A medical examination of the body to determine the cause of death.

Power of Attorney

 Authorisation to act on someone else’s behalf, usually in the form of a signed document.

Predeceased

  Someone who dies before the person who has made the Will.

Pro Rata

  Proportionately.

R

Realisation

 Converting estate assets into cash.

Registrar

 The person who registers the death. Every death must be registered by the Department of Home Affairs.

Residuary Beneficiary

 Any person entitled to receive the whole or a share of any residue of the estate, under the terms of the Will or on intestacy.

Residuary Estate

 What is left of the estate after all liabilities and expenses have been paid.

Residue

 What’s left after the money legacies, specific gifts, funeral expenses and all other expenses.

Revocation

 When the testator decides to change their Will completely and invalidates the previous one.

S

Satisfaction

 Settling a debt or obligation.

Settlor

 A person who has set up a trust.

Specific Bequest

 Specific gifts left to specific people.

T

Testament

 Another name for a Will.

Testate

  Dying leaving a Will.

Testator

 The person who sets out his wishes and requests as to how their estate should be divided in the form of a Will.

Testatrix

 A female testator.

Trust

 An arrangement set up by Will or deed with Trustees being appointed and given money or assets to hold and manage for the defined beneficiaries.

Trustee

 Someone who is given the legal responsibility to holds any assets until nominated beneficiaries meet certain criteria set out in the deceased’s Will e.g. until a beneficiary reaches the age of 18. Trustees normally have powers to distribute monies and have full power to sell and invest.

U

Usufruct

 The right to use and enjoy the profits and advantages of something belonging to someone else, as long as the property is not altered in any way.  In the case of a Last Will and Testament, an asset that is bequeathed to one person but the use is given to someone else, usually for the remained of that person’s life (i.e. a husband might leave a house to his children but the use of the house to his wife until she dies).

W

Will

 A form of instructions indicating how someone wishes to dispose of their assets on death.

Witnesses

 The persons who must be present to see the testator sign the Will. They must also sign the Will themselves and should not be beneficiaries of the Will.

Get a Last Will and Testament Now

Use iLawyer.co.za to make a Last Will and Testament document today.  iLawyer.co.za is an online automatic Legal Document builder that allows you to make quality legal documents in minutes at low prices.

Go to iLawyer.co.za

DISCLAIMER: THERE ARE MORE CONSIDERATIONS THAN WE CAN COVER IN THIS ARTICLE SO ONLY USE THIS INFORMATION AS A GUIDE.   THIS INFORMATION DOES NOT CONSTITUTE LEGAL ADVICE.  IT IS ALWAYS BEST TO DISCUSS YOUR SITUATION WITH AN ATTORNEY; CONTACT US AT 0861 88 88 35; helpdesk@gcm-legal.com AND THROUGH THE CONTACT FORM ON THIS PAGE.

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