Inheritance Flashcards, test questions and answers
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What is Inheritance?
Inheritance is the process of passing on property, titles, debts, rights and obligations upon the death of an individual. Inheritance laws vary depending on each jurisdiction, but generally involve the distribution of a deceased person’s assets to their legal heirs. In many cases, this involves the creation of a trust that holds those assets in the name of the deceased until they can be distributed to those who are legally entitled to receive them.When it comes to inheritance, there are several types that may be involved. It can include both real estate and personal property such as jewelry or artwork. It also includes intangible assets such as stocks, bonds or even intellectual property like patents or copyrights. Depending on where one lives, inheritance may also include things like life insurance benefits and retirement funds. Moreover, a will is often used when an individual wishes to leave some sort of legacy for their family members after they have passed away.Inheritance can be particularly important when it comes to providing financial security for families following the death of a loved one. As such, it is important for individuals who plan on leaving any sort of inheritance behind them to make sure that they understand all relevant laws regarding inheritance in their jurisdiction before taking any action with regards to distributing their assets upon death.