The Law Dictionary for Everyone
Estate taxes are taxes imposed by the federal government on property that is transferred after a person dies, whether according to deceased person’s will or other estate planning documents, or by order of the probate court. While it is commonly known that federal estate taxes apply in certain cases, states may also tax such inheritances. To explore this concept, consider […]
Read moreTo put it simply, a codicil is an amendment to an existing will. Creating a new will when circumstances change, or when the individual changes his or her mind, can be expensive. If the desired change or addition is not complex, stating the new wishes in a codicil is the easiest, and least expensive, way to update a will. Codicils […]
Read moreIn its most basic terms, a “beneficiary” is a person or entity that receives financial or other benefits from a patron or benefactor. While the concept of a beneficiary is commonly thought of in relation to wills and trusts, it is also used in connection with insurance policies and contracts. The beneficiary of an insurance policy is the individual that […]
Read more