Inheriting property, if not in a trust, can be as simple as selling it and splitting the profits.
But that’s a best-case scenario. According to Ruce: “The family home is generally sold and the proceeds divided among whomever the parents wish, though it is usually the children.
Be careful who you appoint as your personal representative (‘executor’) or trustee; these decisions can be big ones and the settlement of an estate can be a tough job.”
Cash, on the other hand, is more straightforward.
“Cash is an asset that can most easily be divided among heirs,” Ruce said. “They will receive these assets easily and generally free of the probate court system, which is the administrative court proceeding whereby a representative is appointed to manage your estate.”
So if you can get cash, you should do it.
If there are other assets, including property, consider talking to your parents about setting up a trust to hold the assets and establish some sensible guidelines to dealing with the trust.