beneficiaries |
the persons who inherit from a testator. Beneficiaries may be either heirs or legatees. A legatee inherits a legacy which is a specific asset (for example a house) or a specific amount of money (for example R10 000). An heir inherits the whole or part (for example, one third) of the estate or the residue of the estate. |
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codicil |
an addition to an existing will |
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descendants |
lineal descendants of the deceased (in other words, anyone in the direct line below the deceased) |
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estate |
consists of both assets and liabilities the testator had at the time of his death. The estate therefore not only consists of property but also of any debts that the deceased had incurred before his death. The residue of the estate refers to that part of the deceased's estate which remains after the payment of funeral expenses, administration costs, tax (if any), the testator's debts and the legacies |
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executor |
the person who winds up the estate of a deceased |
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guardian |
a person who has the legal authority and the corresponding duty to care for the personal and property interests of another person such as a minor |
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heir |
a person who inherits all the assets, or a share of the assets, or the "residue" of the estate. The benefit he inherits is known as an inheritance |
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joint will |
where two or more testators have set out their respective last wills in the same document |
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legatee |
the person who inherits a specific asset or a specific sum of money. A bequest of a specific asset or sum of money is known as a legacy or special bequest |
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mutual will |
where two or more testators have conferred benefits on each other in the same document |
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residue |
the portion of the estate remaining that has not been specifically bequeathed. Unless the entire estate is specifically bequeathed, a residuary heir must always be nominated |
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residuary heir |
an heir who inherits the residue |
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testator |
used when the person signing the will is a man |
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testatrix |
used when the person signing the will is a woman |
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usufruct |
a personal servitude that occurs where a testator bequeaths ownership of the thing to one person (the dominus or "remainder man") and the right to use the thing, to take its fruits and to enjoy the thing, to someone else. |