Bequests and Probate
Bequests, of course, are subject to the delay of the "probate" process. Probate is the legal procedure by which a court supervises the disposition of the terms of a will.
The probate process varies from state to state but typically results in both time delays and possible reduction to the estate as a result of the various expenses (e.g., court costs, legal fees, appraisals, etc.).
Some planned gift arrangements may provide a gift to charity upon the death of the donor (similar to a bequest), but escape the probate process. See "Bequest Substitutes" in this section for a discussion of these gift arrangements.
Of course, just because a will is subject to probate does not necessarily mean that estate taxes are owed. Estate tax liability depends on the value of the estate (which includes both probate and non-probate assets) at the donor's death and whether the estate will be subject to tax on the federal and/or state level.
The probate process varies from state to state but typically results in both time delays and possible reduction to the estate as a result of the various expenses (e.g., court costs, legal fees, appraisals, etc.).
Some planned gift arrangements may provide a gift to charity upon the death of the donor (similar to a bequest), but escape the probate process. See "Bequest Substitutes" in this section for a discussion of these gift arrangements.
Of course, just because a will is subject to probate does not necessarily mean that estate taxes are owed. Estate tax liability depends on the value of the estate (which includes both probate and non-probate assets) at the donor's death and whether the estate will be subject to tax on the federal and/or state level.
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