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Reply to "How do you inherit money?"
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[quote=Anonymous]It depends on the size of your father's estate and where you live. If he owns a home, stuff inside of it, a car and has bank accounts and a retirement account that is relatively simple IMO. There would be probate but the bank accounts should move to you via POD and the retirement account should have you named as the beneficiary. Those items would avoid probate. Any insurance policies should have a name beneficiary. In Virginia you can probate an estate like the one above in a year. Trusts have their purposes but can be overkill in some situations. If he owns a house, I would not recommend you being on the title. You will loose the stepped up basis and will probably face significant capital gains when/if you sell it. [/quote]
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