Administrator - a person appointed in circumstances where either
(i) there is no Will;
(ii) the Will is invalid;
(iii) no Executor is named
in the Will; or (iv) the Executor is unable and/or
incapable of acting as such.
Assets - a person's possessions and property that have a value attached to them.
Beneficiary - a person who will inherit in terms of a Will, a trust or the intestacy laws.
Bequest - a legacy of gift received in terms of a Will.
Codicil - an additional or supplemental document which explains, modifies, or revokes a Will or any part of the Will.
Executor - a person appointed to administer and distribute the estate.
Grant of Probate - a legal document confirming an Executor's authority to act and required by executors in order to administer the estate.
Guardian - a person appointed to take over the parental responsibility for children under the age of 18 years.
Inheritance Tax - tax levied on property and money acquired by gift or inheritance.
Intestate - the situation when a person dies without leaving a valid Will.
Legacy - a gift of a specific item left to a person in a Will.
Life Interest - a right to property that a person holds for life but cannot dispose of further and will eventually revert to the Estate on the death of that person to be dealt with in accordance with the terms of the Will.
Predeceased - someone who dies before another person.
Probate - the process whereby Executors are provided with the legal authority to administer and distribute an estate.
Residue - the remainder of the estate after payment of all expenses, debts, taxes and any specific gifts.
Testator/Testatrix - a person (male / female) who has made a Will.
Trust - a legal arrangement whereby a person (known as a trustee) holds property for the good of one or more beneficiaries.
Trustee - a person who holds property on behalf of another person and is responsible for administering the trust assets.
Will - a written declaration of a person's intentions which are to take effect on their death.