Legal Question in Credit and Debt Law in Missouri
Question of Inheritance
If you are about to receive a small inheritance of money from a immediate family member, and you are about to go into a litigation wereby someone might get a judgement agianst you. Would you have to give up that money, because of the judgement?
1 Answer from Attorneys
Re: Question of Inheritance
If the other side secured a judgment against you, they could pursue any asset you had, regardless of how it was acquired. So, for example, if you had a $1,000 CD and a car worth $3,400, they could go after either asset by having the sheriff seize it. If the funds had been received from the inheritance by that time, they could seize those too.
Sometimes you can "disclaim" an inheritance so that it will pass to the next generation. So, for example, you could potentially disclaim and have your inheritance pass through to your children, and in this way avoid the effect of the judgment. However, doing this means that you would get no benefit from the money, and if the child is an adult, they can spend it as they wish. If they are a minor, it must be held in trust for them until they are old enough to claim it.
I hope this answers your questions.
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