It's tax season! If you received an inheritance in 2015, a portion of what you received may be includible on your 2015 1040 (individual income tax return). These amounts are shown on a Schedule K-1, which you will receive from the estate or trust that made the distribution. The Personal Representative or Trustee will be able to tell you if you are going to receive a Schedule K-1.
Estate planning, as many readers are aware, can quite complex, but it can also be very simple, depending on the needs and desires of each individual. Even in simple estate planning, though, there are various elements that need to be addressed and coordinated, and that includes beneficiary designations.