Do I pay zakat on an inheritance I just received?

Not straight away, according to most scholars. An inheritance becomes your wealth when you receive it, and zakat is due on it once it has been with you for a lunar year. Some scholars instead add it to your existing savings and count it on your usual zakat date.

Inheritance is a gift from Allah

Receiving an inheritance often comes with grief, and sometimes with a lot of paperwork. Islam treats your share as a right that Allah Himself assigned:

لِّلرِّجَالِ نَصِيبٌ مِّمَّا تَرَكَ ٱلْوَٰلِدَانِ وَٱلْأَقْرَبُونَ "For men is a share of what the parents and close relatives leave..." Quran 4:7

This applies whether the person who died was Muslim or not, as long as you were allowed to inherit from them. See Can I inherit from my non-Muslim parents as a Muslim?

When zakat starts: two views

Zakat is linked to wealth that has stayed with you for a full year (Sunan Abi Dawud 1573). Scholars differ on how that applies to new money that arrives mid-year:

Majority (Maliki, Shafi'i, Hanbali): the inheritance starts its own lunar year on the day you receive it. You pay zakat on it one year later, if you still have it and it is above the nisab.
Hanafi school: if you already own wealth above the nisab, the inheritance joins it and is counted on your normal zakat date, even if that is next month.

Both views are valid. The Hanafi way is simpler to track; the majority way gives you a later date for that money. See When do I have to pay zakat?

"Received" means in your hands

Estates in the UK, Europe and the USA can take months or years to settle through probate. While the money is still with the executor and you cannot use it, most scholars say the clock has not started for you yet. It starts when the funds are transferred to you or put under your control.

What kind of assets did you inherit?

Cash and savings: zakatable, as above.
Stocks or funds: zakatable, following the usual rules for shares.
A house you live in or a car you use: no zakat.
Property you plan to sell: many scholars treat it as trade goods once you intend to sell it.
Gold jewelry: follows the jewelry rules, where scholars differ.

The deceased's own zakat and debts

If the person who died was a Muslim who owed zakat, most scholars (Shafi'i and Hanbali) say it is paid from the estate before it is divided, like any other debt. The Hanafi view is that it is only paid if they asked for it in their will.

Key points

No zakat is due the moment an inheritance arrives (majority view).
Its zakat year starts when you actually receive it.
Hanafis add it to existing savings on your usual zakat date.
Your home and car are never zakatable; cash, gold and investments are.

Tip: Write down the date the inheritance reached your account. If you are unsure which view to follow, the Hanafi approach of counting it on your usual zakat date keeps everything in one simple calculation.