INHERITANCES Meaning and
Definition
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Inheritances refer to the assets, properties, or possessions that are passed down from one generation to another upon the death of an individual. In legal terms, an inheritance is the material, financial, or non-financial heritage received by a person, often referred to as the heir or beneficiary, after the death of a family member, typically a parent or a close relative. It may include a wide array of valuable or sentimental items like real estate properties, bank accounts, cash, investments, stocks, bonds, jewelry, artwork, or any other personal belongings.
The process of inheritance usually involves the distribution of the deceased person's assets according to a will or testament. A will is a legal document that outlines the wishes and instructions of the deceased regarding the division of their property and the appointment of an executor to oversee the distribution. In cases where the deceased person did not leave a will or the will is invalid, the inheritance may be subject to the rules of intestate succession, which varies among different jurisdictions.
Inheritances can have profound implications for the heirs, both positive and negative. They can provide financial stability, open up opportunities, and enhance a person's quality of life. On the other hand, inheritances can also lead to conflicts among family members, disputes over assets, or create expectations that may not be fulfilled. Consequently, proper estate planning is often advised to ensure the efficient transfer of assets and minimize the potential for disputes.
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Etymology of INHERITANCES
The word inheritances is derived from the Latin word inherentia, which means that which is inherited. The Latin word is derived from the verb inherere, which means to be inherent or to be retained.
Similar spelling words for INHERITANCES
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