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Inheritance

Definition - What does Inheritance mean?

Inheritance occurs when property or possessions belonging to one party get passed on to another party upon the first party's death. It is very common for family members to pass on inheritances to other family members. For example, a man may pass the ownership of his land onto his wife or his child in the event of his death

Justipedia explains Inheritance

Inheritances are basically material items that a person gives away to someone else or a group of people after they dies. The ownership of the items is legally transferred upon the person's death. People create inheritances in order to make sure that their property goes to the people they want to give their possessions to after they die. All sorts of things can be part of an inheritance. For example, land, houses, cars, jewelry, money, and paintings can all be part of an inheritance. Items can be given to one person or divided amongst a group of people. The people who receive the inheritances can choose to give them away to other people as inheritances in the event of their own deaths. In this way, inheritances are often passed down through generations.

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