Inheritance means ownership of the assets left behind by a person after his or her death. Inheritance takes place through legal heirs or through a will in which the heirs are specified.
A person’s heirs are usually his or her close relatives or those whom he or she designated before his or her death. Legal heirs are the person’s spouse, children, grandchildren, mother, father, siblings and other relatives. The inheritance is divided according to the shares of the legal heirs.
After the death of a person, the concept of inheritance often leads to legal disputes between heirs. In particular, factors such as an invalid will or family disputes during the division of the inheritance can cause such disputes.
Inheritance consists of the assets of the deceased person. Assets may include property, money, investments and other assets. Debts, taxes and other liabilities can be deducted from the amount of inheritance that the heirs will share.
The inheritance is usually divided by the deceased person’s will. If no will was made, the legal heirs divide the inheritance. If disputes arise between the heirs, court intervention may be necessary.
Inheritance is one of the most important assets that a person leaves behind after their death. The rights and responsibilities of legal heirs may vary according to local laws. In order to divide a person’s inheritance in an orderly manner, it is recommended to draw up a will.