Inheritance Definition

Inheritance definition is any portion of an individual's estate and/or assets that is given to another person or party upon the original owner's death.

Although the most common kind of inheritance definition is in the form of money, inheritance may also include other kinds of assets, such as property, investments, or real estate.

Inheritance definition may be pre-designated by the original owner before the event of their death through a will or an estate plan, which may have certain restrictions on the format and contents, including the number of witnesses that must sign the document, depending on the jurisdiction in which the individual lives.

All or part of a person's estate/assets that is given to an heir once the person is deceased. An inheritance is typically a cash endowment given to younger heirs of the deceased, however any assets can be considered as part of an inheritance, such as stock certificates or real estate.

If a will is not in place at the time of death, determining the rightful heirs of the deceased's estate becomes a much more complicated matter.

Inheritances often can be in the hundreds of thousands of dollars in value and, in most countries, inheritances are taxable. An inheritance tax is not necessarily an estate tax, as the two can be defined differently. An inheritance tax would aim to tax the heir who has received the inheritance, while an estate tax would apply to the assets of the deceased's estate.

This app includes

♦ Common Questions about Inheritance

♦ Eight Complex Inheritance Problems

♦ Five Common Inheritance Problems

♦ How to Find Out If Someone Has a Will?

♦ How to Make the Most of Your Inheritance?

♦ Issues That Arise When You Inherit Property from Parents

♦ Tips When You Inherit Something You Don't Want

♦ What Happens to an Inheritance When There Is No Will?

♦ What to Do When You Inherit Land?

♦ What to Do When You Inherit the Property You Live In?