Definition - What does Inherit mean?
The term Inherit refers to receiving a part of or full estate of an ancestor after his or her death. This usually involves parents and other close relatives. In more technical terms, "Inherit" is any taking from the deceased wife, husband, parent or other legal relationships, by will or not.
Justipedia explains Inherit
What happens generally is after the death of an ancestor, a person is handed over the land or property of the deceased. However, some local laws might enforce a tax on all such things received as inheritance from a deceased ancestor. All these taxes would be based on whether the beneficiary accepts the money or property in the form of inheritance or not.