Probate is notoriously confusing. Small estate affidavits, formal vs. simple administration, executors & executrixes— there’s more than enough jargon to make your head spin. We get it, and that’s why we made a probate guide that actually tells you what you need to know without assuming anything. You’ll walk away with a tangible timeline, actionable next steps and real clarity on what probate actually means for you and your family.
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A codicil is a legal document that serves to change the will in some way. That change can take many different shapes, so a codicil is not a “one-size-fits all” document.
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There are four main types of gifts in a will: specific gifts, general gifts, demonstrative gifts, and residuary gifts. Here's what you should know about each.
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Probate isn’t cheap. In fact, the probate and estate settlement process costs approximately $14K for the average estate. Thankfully, you won’t be paying the $14K out of your own pocket as the executor or executrix of the estate.
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There’s an often-overlooked estate tax tip that can allow certain individuals to shield millions—up to $12.06 million, to be precise—from federal gift and estate taxes. Seems too good to be true? It’s not.
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The short answer is that, excluding federal student loan debts, tax burdens don’t magically puff into a cloud of monetary magic and disappear — they are still owed by the “estate” of the deceased, which means you have to file a tax return on their behalf.
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The short answer is yes, an executor has to show accounting to beneficiaries if requested, but context is key here.
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