After selling property you inherited does the Monday you get considered inheritance?

Asked 5 months ago - Whittier, CA

A family member sold a house they inherited. They are saying they need to put it in the family trust because it's an inheritance. Is that true?

Attorney answers (4)

  1. Amanda Marie Cook

    Contributor Level 15

    4

    Lawyers agree

    Answered . I'm a little confused by the question. If the family member inherited the house, then he or she can sell it. If the family member is the trustee of an existing trust that the family member is administering on behalf of the trust beneficiaries, then the the proceeds from sale are a trust asset.

    THESE COMMENTS ARE NOT LEGAL ADVICE. They are provided for informational purposes only. Actual legal advice can... more
  2. Christine James

    Pro

    Contributor Level 20

    3

    Lawyers agree

    Answered . They do not need to put it in a family trust because it is an inheritance, but if they want to avoid probate, a trust is advisable.

  3. Ivette M Santaella

    Contributor Level 19

    3

    Lawyers agree

    Answered . Hello,

    Please note that once an individual gets an inheritance they are free to do with it as they wish -- there are no other requirements, but there may be tax considerations.

  4. James Charles Shields

    Pro

    Contributor Level 15

    Answered . Agree with colleagues. Money received from sale of house is inheritance of individuals who receive the money. Trust may/may not be adviseable. Generally, trust not required unless a specific reason for the trust. I need more facts to competently answer.

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