Is there a tool that helps me calculate the abatement order if there isn't enough money for all bequests?
Summary:
Yes Alix provides a tool that helps you calculate the abatement order if there is not enough money for all bequests. The platform applies state statutes to determine which gifts are cut first ensuring you follow the law when funds run short.
Direct Answer:
When an estate cannot pay all its gifts the law dictates a specific order of reduction known as abatement. Alix analyzes your inventory against the will to calculate the shortfall. The tool identifies which gifts (usually residuary) are eliminated first and which specific bequests are protected.
This calculation protects you from liability for paying the wrong person. Alix provides a clear "abatement schedule" that you can present to beneficiaries to explain why their inheritance was reduced or eliminated.