Inheritance

Dictionary Says

Definition of 'Inheritance'

All or part of a person's estate/assets that is given to an heir once the person is deceased.
Investopedia Says

Investopedia explains 'Inheritance'

Most countries tax any inheritances.

Related Definitions

  • Beneficiary

    A person or entity named in a will or a financial contract as the inheritor of property when the property owner dies.
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  • Escheat

    When property and/or an estate is transferred to the government because a person has died without a will or an heir to his or her estate.
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  • Heir

    A person who inherits some or all of the estate of a recently deceased person. The legal successor is usually selected because he or she is related to the deceased by a direct bloodline ...
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    • Life Insurance

      A protection against the loss of income that would result if the insured passed away. The named beneficiary receives the proceeds and is thereby safeguarded from the financial impact of ...
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    • Estate Tax

      A tax levied on an heir's inherited portion of an estate if the value of the estate exceeds an exclusion limit set by law. The estate tax is mostly imposed on assets left to heirs, but ...
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    • Will

      A legally enforceable declaration of how a person wishes his or her property to be distributed after death. In a will, a person can also recommend a guardian for his or her children. ...
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    • Estate Planning

      The collection of preparation tasks that serve to manage an individual's asset base in the event of their incapacitation or death, including the bequest of assets to heirs and the ...
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    • Dower

      A common law that entitles a widow to a portion of her husband's estate in absence of a will. The provision of dower allows the wife to provide for herself and any children born during ...
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    • Curtesy

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    • Oral Will

      An oral will is one that is communicated orally to witnesses, usually on the person's deathbed. An oral will is usually made in haste, which opens up the possibility for errors. Oral ...
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