An Administratrix refers to a female administrator, often designated by a court to manage the estate of a deceased person when there is no will or other legal representative available.
In real estate and other facets of financial planning, a 'Beneficiary' is a person or entity designated to receive benefits or assets, such as proceeds from a life insurance policy, trusts, or estates.
Form K-1 is a tax document used to report the incomes, deductions, and credits of a partnership's partners, estate's beneficiaries, and S corporation's shareholders. It helps these individuals report their share of the business's income on their personal tax returns.
Schedule K-1 is a tax document used to report income, deductions, and credits from partnerships, S corporations, estates, and trusts to individuals, partners, or shareholders. It also contains information on these entities' distributive share of items like income, losses, and dividends.
