Define: Inheritance

Quick Summary of Inheritance

Inheritance refers to the process by which property, assets, rights, and obligations are transferred from one individual, known as the decedent or deceased, to another individual or entity, typically upon the death of the decedent. The transfer of inheritance can occur according to the decedent’s will (testate succession) or according to the laws of intestacy if the decedent died without a valid will (intestate succession). Inheritance may include real property, personal property, financial assets, investments, business interests, and other tangible or intangible assets owned by the decedent. The individuals or entities who receive the inheritance are called heirs or beneficiaries, and their rights to the inherited property are governed by the decedent’s will or by applicable laws of succession. Inheritance laws and practices vary by jurisdiction, and they often involve complex legal, tax, and financial considerations. Proper estate planning, including the drafting of a will or trust, can help individuals ensure that their assets are distributed according to their wishes and minimize potential disputes or complications in the inheritance process.

Disclaimer

This site contains general legal information but does not constitute professional legal advice for your particular situation. Persuing this glossary does not create an attorney-client or legal adviser relationship. If you have specific questions, please consult a qualified attorney licensed in your jurisdiction.

This glossary post was last updated: 29th March, 2024.