If someone inherits a house and finds money in it after probate, is the money theirs?
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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 12 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.
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