INHERITANCE Meaning and
Definition
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Inheritance refers to the transfer of wealth, assets, or property from one individual to another, usually upon the death of the original owner. It is a legal and financial process by which the possessions and rights of a deceased individual are allocated and passed on to their heirs or beneficiaries. This transfer typically occurs in accordance with the deceased person's will, if one has been drafted, or through the laws of intestacy, which dictate how assets are divided when there is no will.
Inheritance can take various forms, including monetary assets such as cash, bank accounts, investments, or real estate properties. Additionally, it can involve tangible possessions like jewelry, artwork, or vehicles. Non-financial inheritance may also encompass intellectual property rights, business holdings, or other forms of valuable interests.
The process of inheritance is often overseen by legal professionals such as estate lawyers or probate courts, who ensure that the transfer of assets adheres to the wishes of the deceased or the applicable laws, depending on the situation. Inheritance can significantly impact the financial circumstances of the recipients, granting them a level of financial security or potentially burdensome responsibilities associated with managing and maintaining the inherited assets.
While inheritance is commonly viewed as a means to pass wealth from one generation to the next, it can also carry emotional significance and serve as a way for individuals to leave a meaningful legacy behind after their passing.
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That which is inherited, the act of inheriting.
A practical medical dictionary. By Stedman, Thomas Lathrop. Published 1920.
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Possessions which may descend to an heir; reception of possession; hereditary estate.
Etymological and pronouncing dictionary of the English language. By Stormonth, James, Phelp, P. H. Published 1874.
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Etymology of INHERITANCE
The word "inheritance" originated from the Old French term "enheritaunce" which was derived from the Latin word "inheritantia". "Inheritantia" is the noun form of the Latin verb "inhērēdare" meaning "to inherit". The Latin term itself is a compound of "in-" (meaning "in" or "into") and "hērēdare" (meaning "to inherit"). The concept of inheritance was further developed and assimilated into late Middle English, giving rise to the word "inheritance" as we know it today.
Similar spelling words for INHERITANCE
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