08 Jul Unpacking the terminology used in a will
Property owned by one’s estate. It may include items such as your properties and contents, cars, shares, investments, retirement benefits, etc.
The listed individuals and/or institutions that shall inherit your estate in the event of your death
An act of giving personal property or financial assets such as stocks, bonds, jewellery and cash to an individual or organization through provisions of a will or estate plan
Capital Gains Tax
A tax that is paid on the gains and growth of assets held by an individual or organisation when they are liquidated in one’s estate
It refers to everything you own; all your assets (moveable property and immovable property) as well as your liabilities (debts)
A tax payable on the estate that was owned by the deceased and must be paid prior the remaining estate being distributed to the beneficiaries. This applies only to estates above a certain threshold
The person/people appointed by the testator/testatrix who are tasked with the job of carrying out ones wishes, in the event of his/her death.
When you die without having left a valid Will
Are obligations that the testator/testatrix is liable for in the event of death
The person whose wishes are being documented (Testator is male, and Testatrix is female)
Someone appointed to look after any children of the testator in the event of their death
Trust A trust that is specified in the Will which is only established upon the passing of a testator usually to manage assets left behind to minors
Is a clause that calls for a cancellation of all your previous Wills.
Explains how you are to be taken care of medically if you are unable to communicate how you are to be treated yourself. This document will communicate whether you wish to be kept live by artificial means in the event that there is no hope of recovery.