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Once you are in possession of the inheritance, you need to legally define what portion belongs to you, when and how youwill receive it and how you will handle any contingencies placed on this inheritance by your parents. You should get a lawyer to create a document that is fair to both you and your sister. Your wife has no claim at this time to that property just because you are married. It belongs only to you, legally.

You can name your wife as beneficiary to your "estate" A will is the best way to make known your intentions for distribution of whatever remains of that inheritance and any other assets you have. I would think you would want your wife to be the beneficiary of you estate (when you die) but you may also have others you want to include. All of this can be clearly stated in your will. If you don't have a will, in all likelihood the next of kin, being your wife, will get it all.

There are always exceptions, but this is a time when you really need a lawyer to create a will for you. Remember too, that you can modify this document any time your situation changes. Just protect yourself and what you are entitled to receive. Don't assume anything. People get funny when there are assets to be had and to simply trust that you and your sister will be fair with each other is a mistake that might damage your relationship with her, and cause you both a lot of grief. Find a lawyer asap and talk with him about all of this. And take his advice!

Inheritance takes affect when you die. As long and you are living, your wife has no legal right to any of it. It is not considered community property. If, for example, you were to divorce, she would not be entitled to any part of that inheritance and it would not be factored into any distribution of marital assets. Spend it all on your wife, if you want to, but there is no reason she should have legal ownership.

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15y ago

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