There are 3 basic ways in which most simple Estates may be
required to pay taxes.
1.
If all or part of your state is being submitted
to Probate, you'll need to pay what's called an Estate Administration Tax on
that portion.
2.
If you have to sell property or shares in a
corporation, your state may need to pay Capital Gains Tax on the proceeds from
the sale of that property.
3.
Lastly your Estate will need to file a tax
return for the year in which you die until your Estate is wrapped up and all of
the money is paid out.
Beware. If you use an online form instead of a lawyer:
When you name a person in your last will to be the Executor
of your Estate, that person sometimes needs to also apply to the Court to be
appointed formally as the legal representative of your Estate in order to deal
with certain property that you own, potentially like a house or a bank account
that solely in your name. The process of applying to Court to be appointed as
the representative of your Estate is what we call Probate.
You can definitely name somebody in your last will to have
custody and guardianship of your minor children in the event both of the
parents pass away.
Now, the appointment you make in you last will is temporary.
That person will eventually need to apply to the court to be appointed as a
permanent guardian. But, when they make that application, the court will look
very closely on who you named in your last will, and factor that in the
decision about who should be the permanent guardian of your children.
