What is the definition of inheritance in legal terms?

Inheritance in legal terms refers to the estate or assets that pass from a deceased individual to their heirs. This concept encompasses the rights of heirs to receive property, money, or other assets that were owned by the deceased at the time of their death. It is an essential part of estate law, as it outlines how wealth and property are transmitted after someone's passing, typically according to the decedent's will or applicable intestacy laws if there is no will.

This definition establishes a clear understanding of the transfer of ownership following death, distinguishing it from other legal concepts. For instance, taxation of estate assets pertains to the financial obligations related to an estate, while the distribution of a living will concerns healthcare decisions rather than inheritance of property after death. Similarly, a legal obligation of the executor relates to the responsibilities of an individual tasked with managing the estate but does not define what inheritance is. The correct answer encapsulates the essence of what inheritance represents in legal contexts.