Is a K-1 Taxable?

Hello,

 

The K-1 Schedule is so confusing.  I had a relative who passed away.  The estate went through probate and I'll be receiving a K-1.  Is the K-1 taxable?  Do I have to file it with my tax return?

 

The more I read about it, the more confusing it gets.

 

Thank you,

Ron