Estate Planning/Drawing Up Will

ESTATE: Assets and liabilities of a person at any time, alive or in death, e.g. house, car, furniture, insurance.

WILL: A legally enforceable declaration of a person’s wishes upon death in terms of the distribution of property and assets (estate). If a person does not have a will, their estate will be distributed in accordance to the provisions of the Administration of Estates Act [Chapter 6:01]

EXECUTOR: An individual or legal entity appointed by the Master of the High Court or a Magistrate to administer the estate of a deceased person in accordance to the person’s will or instruction of the Master.

MINOR: A person under the age of 18.

GUARDIAN: A person appointed by a court to care for a minor in the event that the parents are not able to look after them, for example if both parents were to pass away.

TRUSTEE: A person or firm that acts as Trustee and administers certain assets under a Trust, for the benefit of a third party.