If someone inherits a house and finds money in it after probate, is the money theirs?
Get Legal Help Today
Compare Quotes From Top Companies and Save
Secured with SHA-256 Encryption
If someone inherits a house and finds money in it after probate, is the money theirs?
If the money legally belongs to them, do they have to report it? Do they have to pay inheritance tax on it?
Asked on June 14, 2011 under Estate Planning, Texas
Answers:
M.T.G., Member, New York Bar / FreeAdvice Contributing Attorney
Answered 13 years ago | Contributor
I am so sorry for your loss. I think that you know the answer to this question without my having to say anything, don't you? The money is an asset of the estate that was unaccounted for in the probate. Are you saying that you inherited the house "and all its contents" and that you do not have to declare it? The contents were valued as part of the whole estate and the estate taxes paid were based upon it. I think that you should consult with an attorney on this matter as soon as you can. Your conscience will be getting to you sooner or later anyway. Good luck to you.
IMPORTANT NOTICE: The Answer(s) provided above are for general information only. The attorney providing the answer was not serving as the attorney for the person submitting the question or in any attorney-client relationship with such person. Laws may vary from state to state, and sometimes change. Tiny variations in the facts, or a fact not set forth in a question, often can change a legal outcome or an attorney's conclusion. Although AttorneyPages.com has verified the attorney was admitted to practice law in at least one jurisdiction, he or she may not be authorized to practice law in the jurisdiction referred to in the question, nor is he or she necessarily experienced in the area of the law involved. Unlike the information in the Answer(s) above, upon which you should NOT rely, for personal advice you can rely upon we suggest you retain an attorney to represent you.