Inheritance by amount and distribution received and action taken with inheritances in Great Britain
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Inheritance is the practice of receiving
private property Private property is a legal designation for the ownership of property by non-governmental Capacity (law), legal entities. Private property is distinguishable from public property, which is owned by a state entity, and from Collective ownership ...
,
titles A title is one or more words used before or after a person's name, in certain contexts. It may signify their generation, official position, military rank, professional or academic qualification, or nobility. In some languages, titles may be ins ...
,
debt Debt is an obligation that requires one party, the debtor, to pay money Loan, borrowed or otherwise withheld from another party, the creditor. Debt may be owed by a sovereign state or country, local government, company, or an individual. Co ...
s, entitlements, privileges,
rights Rights are law, legal, social, or ethics, ethical principles of freedom or Entitlement (fair division), entitlement; that is, rights are the fundamental normative rules about what is allowed of people or owed to people according to some legal sy ...
, and
obligations An obligation is a course of action which someone is required to take, be it a legal obligation or a moral obligation. Obligations are constraints; they limit freedom. People who are under obligations may choose to freely act under obligations. O ...
upon the
death Death is the end of life; the irreversible cessation of all biological functions that sustain a living organism. Death eventually and inevitably occurs in all organisms. The remains of a former organism normally begin to decompose sh ...
of an
individual An individual is one that exists as a distinct entity. Individuality (or self-hood) is the state or quality of living as an individual; particularly (in the case of humans) as a person unique from other people and possessing one's own needs or g ...
. The rules of inheritance differ among societies and have changed over time. Officially bequeathing private property and/or debts can be performed by a
testator A testator () is a person who has written and executed a last will and testament that is in effect at the time of their death. It is any "person who makes a will."Gordon Brown, ''Administration of Wills, Trusts, and Estates'', 3d ed. (2003), p. ...
via
will Will may refer to: Common meanings * Will and testament, instructions for the disposition of one's property after death * Will (philosophy), or willpower * Will (sociology) * Will, volition (psychology) * Will, a modal verb - see Shall and will ...
, as attested by a
notary A notary is a person authorised to perform acts in legal affairs, in particular witnessing signatures on documents. The form that the notarial profession takes varies with local legal systems. A notary, while a legal professional, is distin ...
or by other lawful means.


Terminology

In law, an "heir" ( heiress) is a person who is entitled to receive a share of property from a decedent (a person who died), subject to the rules of inheritance in the
jurisdiction Jurisdiction (from Latin 'law' and 'speech' or 'declaration') is the legal term for the legal authority granted to a legal entity to enact justice. In federations like the United States, the concept of jurisdiction applies at multiple level ...
where the decedent was a citizen, or where the decedent died or owned property at the time of death. The inheritance may be either under the terms of a will or by
intestate Intestacy is the condition of the estate of a person who dies without a legally valid will, resulting in the distribution of their estate under statutory intestacy laws rather than by their expressed wishes. Alternatively this may also apply ...
laws if the deceased had no will. However, the will must comply with the laws of the jurisdiction at the time it was created or it will be declared invalid (for example, some states do not recognise handwritten wills as valid, or only in specific circumstances) and the intestate laws then apply. The exclusion from inheritance of a person who was an heir in a previous will, or would otherwise be expected to inherit, is termed "disinheritance". A person does not become an heir before the death of the deceased, since the exact identity of the persons entitled to inherit is determined only then. Members of ruling noble or royal houses who are expected to become heirs are called
heirs apparent An heir apparent is a person who is first in the order of succession and cannot be displaced from inheriting by the birth of another person. A person who is first in the current order of succession but could be displaced by the birth of a more e ...
if first in line and incapable of being displaced from inheriting by another claim; otherwise, they are heirs presumptive. There is a further concept of joint inheritance, pending renunciation by all but one, which is called coparceny. In modern law, the terms ''inheritance'' and ''heir'' refer exclusively to succession to property by descent from a deceased dying
intestate Intestacy is the condition of the estate of a person who dies without a legally valid will, resulting in the distribution of their estate under statutory intestacy laws rather than by their expressed wishes. Alternatively this may also apply ...
. Takers in property succeeded to under a will are termed generally ''
beneficiaries A beneficiary in the broadest sense is a natural person or other legal entity who receives money or other benefits from a benefactor. For example, the beneficiary of a life insurance policy is the person who receives the payment of the amount of ...
,'' and specifically ''devises'' for
real property In English common law, real property, real estate, immovable property or, solely in the US and Canada, realty, refers to parcels of land and any associated structures which are the property of a person. For a structure (also called an Land i ...
, ''bequests'' for
personal property Personal property is property that is movable. In common law systems, personal property may also be called chattels or personalty. In civil law (legal system), civil law systems, personal property is often called movable property or movables—a ...
(except money), or ''legatees'' for money. Except in some jurisdictions where a person cannot be legally disinherited (such as the United States state of
Louisiana Louisiana ( ; ; ) is a state in the Deep South and South Central regions of the United States. It borders Texas to the west, Arkansas to the north, and Mississippi to the east. Of the 50 U.S. states, it ranks 31st in area and 25 ...
, which allows disinheritance only under specifically enumerated circumstances), a person who would be an heir under intestate laws may be disinherited completely under the terms of a will (an example is that of the will of comedian
Jerry Lewis Jerry Lewis (born Joseph Levitch; March 16, 1926 – August 20, 2017) was an American comedian, actor, singer, filmmaker and humanitarian, with a career spanning seven decades in film, stage, television and radio. Famously nicknamed as "Th ...
; his will specifically disinherited his six children by his first wife, and their descendants, leaving his entire estate to his second wife). Inheritance has been compared to
nepotism Nepotism is the act of granting an In-group favoritism, advantage, privilege, or position to Kinship, relatives in an occupation or field. These fields can include business, politics, academia, entertainment, sports, religion or health care. In ...
.


History

Detailed
anthropological Anthropology is the scientific study of humanity, concerned with human behavior, human biology, cultures, societies, and linguistics, in both the present and past, including archaic humans. Social anthropology studies patterns of behaviour, wh ...
and
sociological Sociology is the scientific study of human society that focuses on society, human social behavior, patterns of social relationships, social interaction, and aspects of culture associated with everyday life. The term sociology was coined in ...
studies have been made about customs of patrimonial inheritance, where only male children can inherit. Some cultures also employ
matrilineal Matrilineality, at times called matriliny, is the tracing of kinship through the female line. It may also correlate with a social system in which people identify with their matriline, their mother's lineage, and which can involve the inheritan ...
succession, where property can only pass along the female line, most commonly going to the sister's sons of the decedent; but also, in some societies, from the mother to her daughters. Some ancient societies and most modern states employ egalitarian inheritance, without discrimination based on gender and/or birth order.


Religious laws about inheritance


Jewish laws

The inheritance is patrimonial. The father —that is, the owner of the land— bequeaths only to his male descendants, so the Promised Land passes from one Jewish father to his sons. According to the
Law of Moses The Law of Moses ( ), also called the Mosaic Law, is the law said to have been revealed to Moses by God. The term primarily refers to the Torah or the first five books of the Hebrew Bible. Terminology The Law of Moses or Torah of Moses (Heb ...
, the firstborn son was entitled to receive twice as much of his father's inheritance as the other sons (). If there were no living sons and no descendants of any previously living sons, daughters inherit. In Numbers 27, the five daughters of Zelophehad come to Moses and ask for their father's inheritance, as they have no brothers. The order of inheritance is set out: a man's sons inherit first, daughters if no sons, brothers if he has no children, and so on. Later, in Numbers 36, some of the heads of the families of the tribe of Manasseh come to Moses and point out that, if a daughter inherits and then marries a man not from her paternal tribe, her land will pass from her birth-tribe's inheritance into her marriage-tribe's. So a further rule is laid down: if a daughter inherits land, she must marry someone within her father's tribe. (The daughters of Zelophehad marry the sons' of their father's brothers. There is no indication that this was not their choice.) The laws of Jewish inheritance are discussed in the
Talmud The Talmud (; ) is the central text of Rabbinic Judaism and the primary source of Jewish religious law (''halakha'') and Jewish theology. Until the advent of Haskalah#Effects, modernity, in nearly all Jewish communities, the Talmud was the cen ...
, in the
Mishneh Torah The ''Mishneh Torah'' (), also known as ''Sefer Yad ha-Hazaka'' (), is a code of Rabbinic Jewish religious law (''halakha'') authored by Maimonides (Rabbi Moshe ben Maimon/Rambam). The ''Mishneh Torah'' was compiled between 1170 and 1180 CE ( ...
and by Saadiah ben Joseph among other sources. All these sources agree that the firstborn son is entitled to a double portion of his father's estate. This means that, for example, if a father left five sons, the firstborn receives a third of the estate and each of the other four receives a sixth. If he left nine sons, the firstborn receives a fifth and each of the other eight receive a tenth. If the eldest surviving son is not the firstborn son, he is not entitled to the double portion.
Philo of Alexandria Philo of Alexandria (; ; ; ), also called , was a Hellenistic Jewish philosopher who lived in Alexandria, in the Roman province of Egypt. The only event in Philo's life that can be decisively dated is his representation of the Alexandrian Je ...
and
Josephus Flavius Josephus (; , ; ), born Yosef ben Mattityahu (), was a Roman–Jewish historian and military leader. Best known for writing '' The Jewish War'', he was born in Jerusalem—then part of the Roman province of Judea—to a father of pr ...
also comment on the
Jewish Jews (, , ), or the Jewish people, are an ethnoreligious group and nation, originating from the Israelites of History of ancient Israel and Judah, ancient Israel and Judah. They also traditionally adhere to Judaism. Jewish ethnicity, rel ...
laws of inheritance, praising them above other law codes of their time. They also agreed that the firstborn son must receive a double portion of his father's estate.


Christian laws

At first, Christianity did not have its own inheritance traditions distinct from Judaism. With the accession of
Emperor Constantine Constantine I (27 February 27222 May 337), also known as Constantine the Great, was a Roman emperor from AD  306 to 337 and the first Roman emperor to convert to Christianity. He played a pivotal role in elevating the status of Christ ...
in 306, Christians both began to distance themselves from Judaism and to have influence on the law and practices of secular institutions. From the beginning, this included inheritance. The Roman practice of
adoption Adoption is a process whereby a person assumes the parenting of another, usually a child, from that person's biological or legal parent or parents. Legal adoptions permanently transfer all rights and responsibilities, along with filiation, fro ...
was a specific target, because it was perceived to be in conflict with the Judeo-Christian doctrine of
primogeniture Primogeniture () is the right, by law or custom, of the firstborn Legitimacy (family law), legitimate child to inheritance, inherit all or most of their parent's estate (law), estate in preference to shared inheritance among all or some childre ...
. As Stephanie Coontz documents in ''Marriage, a History'' (Penguin, 2006), not only succession but the whole constellation of rights and practices that included marriage, adoption, legitimacy, consanguinity, and inheritance changed in Western Europe from a Greco-Roman model to a Judeo-Christian pattern, based on Biblical and traditional Judeo-Christian principles. The transformation was essentially complete in the Middle Ages, although in English-speaking countries there was additional development under the influence of
Protestantism Protestantism is a branch of Christianity that emphasizes Justification (theology), justification of sinners Sola fide, through faith alone, the teaching that Salvation in Christianity, salvation comes by unmerited Grace in Christianity, divin ...
. Even when Europe became secularized and Christianity faded into the background, the legal foundation Christendom had laid remained. Only in the era of modern jurisprudence have there been significant changes.


Islamic laws

The
Quran The Quran, also Romanization, romanized Qur'an or Koran, is the central religious text of Islam, believed by Muslims to be a Waḥy, revelation directly from God in Islam, God (''Allah, Allāh''). It is organized in 114 chapters (, ) which ...
introduced a number of different rights and restrictions on matters of inheritance, including general improvements to the treatment of women and family life compared to the pre-Islamic societies that existed in the Arabian Peninsula at the time. Furthermore, the Quran introduced additional heirs that were not entitled to inheritance in pre-Islamic times, mentioning nine relatives specifically of which six were female and three were male. However, the inheritance rights of women remained different to those of men because in Islam someone always has a responsibility of looking after a woman's expenses. According to 4:11, for example, a son is entitled to twice as much inheritance as a daughter. The Quran also presented efforts to fix the laws of inheritance, and thus forming a complete legal system. This development was in contrast to pre-Islamic societies where rules of inheritance varied considerably. In addition to the above changes, the Quran imposed restrictions on testamentary powers of a
Muslim Muslims () are people who adhere to Islam, a Monotheism, monotheistic religion belonging to the Abrahamic religions, Abrahamic tradition. They consider the Quran, the foundational religious text of Islam, to be the verbatim word of the God ...
in disposing his or her property. Three verses of the Quran, 4:11, 4:12 and 4:176, give specific details of inheritance and shares, in addition to few other verses dealing with testamentary. But this information was used as a starting point by Muslim jurists who expounded the laws of inheritance even further using
Hadith Hadith is the Arabic word for a 'report' or an 'account f an event and refers to the Islamic oral tradition of anecdotes containing the purported words, actions, and the silent approvals of the Islamic prophet Muhammad or his immediate circle ...
, as well as methods of juristic reasoning like
Qiyas Qiyas (, , ) is the process of deductive analogy in which the teachings of the hadith are compared and contrasted with those of the Quran in Islamic jurisprudence, in order to apply a known injunction ('' nass'') to a new circumstance and cre ...
. Nowadays, inheritance is considered an integral part of
Sharia law Sharia, Sharī'ah, Shari'a, or Shariah () is a body of religious law that forms a part of the Islamic tradition based on scriptures of Islam, particularly the Qur'an and hadith. In Islamic terminology ''sharīʿah'' refers to immutable, inta ...
and its application for Muslims is mandatory, though many peoples (see
Historical inheritance systems Historical inheritance systems are different systems of inheritance among various people. Cross cultural research about systems of inheritance Land inheritance Land inheritance customs greatly vary across cultures. The ''Ethnographic Atlas'' gi ...
), despite being Muslim, have other inheritance customs.


Inequality

The distribution of the inherited wealth has varied greatly among different cultures and legal traditions. In nations using civil law, for example, the right of children to inherit wealth from parents in pre-defined ratios is enshrined in law, as far back as the
Code of Hammurabi The Code of Hammurabi is a Babylonian legal text composed during 1755–1750 BC. It is the longest, best-organized, and best-preserved legal text from the ancient Near East. It is written in the Old Babylonian dialect of Akkadian language, Akkadi ...
(ca. 1750 BC). In the US State of Louisiana, the only US state where the legal system is derived from the
Napoleonic Code The Napoleonic Code (), officially the Civil Code of the French (; simply referred to as ), is the French civil code established during the French Consulate in 1804 and still in force in France, although heavily and frequently amended since i ...
, this system is known as "
forced heirship Forced heirship is a form of testate partible inheritance which mandates how the deceased's estate is to be disposed and which tends to guarantee an inheritance for family of the deceased. In forced heirship, the estate of a deceased (''de cu ...
" which prohibits disinheritance of adult children except for a few narrowly-defined reasons that a parent is obligated to prove. Other legal traditions, particularly in nations using
common law Common law (also known as judicial precedent, judge-made law, or case law) is the body of law primarily developed through judicial decisions rather than statutes. Although common law may incorporate certain statutes, it is largely based on prece ...
, allow inheritances to be divided however one wishes, or to disinherit any child for any reason. In cases of unequal inheritance, the majority might receive a small amount while the minority inherits a larger amount. The amount of inheritance is often far less than the value of a business initially given to the son, especially when a son takes over a thriving multimillion-dollar business, yet the daughter is given the balance of the actual inheritance amounting to far less than the value of the business that was initially given to the son. This is especially seen in old world cultures, but continues in many families to this day. Arguments for eliminating forced heirship include the right to property and the merit of individual allocation of capital over government wealth confiscation and redistribution, but this does not resolve what some describe as the problem of unequal inheritance. In terms of inheritance inequality, some economists and sociologists focus on the inter generational transmission of income or wealth which is said to have a direct impact on one's mobility (or immobility) and class position in society. Nations differ on the political structure and policy options that govern the transfer of wealth. According to the American federal government statistics compiled by Mark Zandi in 1985, the average US inheritance was $39,000. In subsequent years, the overall amount of total annual inheritance more than doubled, reaching nearly $200 billion. By 2050, there will be an estimated $25 trillion inheritance transmitted across generations.Marable, Manning. "Letter From America: Inheritance, Wealth and Race.
Google pages.com
Some researchers have attributed this rise to the
baby boomer Baby boomers, often shortened to boomers, are the demographic cohort preceded by the Silent Generation and followed by Generation X. The generation is often defined as people born from 1946 to 1964 during the mid-20th century baby boom that ...
generation. Historically, the baby boomers were the largest influx of children conceived after WW2. For this reason, Thomas Shapiro suggests that this generation "is in the midst of benefiting from the greatest inheritance of wealth in history". Inherited wealth may help explain why many Americans who have become rich may have had a "substantial head start". In September 2012, according to the
Institute for Policy Studies The Institute for Policy Studies (IPS) is an American Progressivism in the United States, progressive think tank, formed in 1963 and based in Washington, D.C. It was directed by John Cavanagh (economist), John Cavanagh from 1998 to 2021. In 202 ...
, "over 60 percent" of the Forbes richest 400 Americans "grew up in substantial privilege", and often (but not always) received substantial inheritances. Other research has shown that many inheritances, large or small, are rapidly squandered. Similarly, analysis shows that over two-thirds of high-wealth families lose their wealth within two generations, and almost 80% of high-wealth parents "feel the next generation is not financially responsible nd/or competentenough to handle inheritance".


Social stratification

It has been argued that inheritance plays a significant effect on
social stratification Social stratification refers to a society's categorization of its people into groups based on socioeconomic factors like wealth, income, race, education, ethnicity, gender, occupation, social status, or derived power (social and political ...
. Inheritance is an integral component of family, economic, and legal institutions, and a basic mechanism of
class stratification Class stratification is a form of social stratification in which a society is separated into parties whose members have different access to resources and power. An economic, natural, cultural, religious, interests and ideal rift usually exists b ...
. It also affects the
distribution of wealth The distribution of wealth is a comparison of the wealth of various members or groups in a society. It shows one aspect of economic inequality or heterogeneity in economics, economic heterogeneity. The distribution of wealth differs from the i ...
at the societal level. The total cumulative effect of inheritance on stratification outcomes takes three forms, according to scholars who have examined the subject. The first form of inheritance is the inheritance of
cultural capital In the field of sociology, cultural capital comprises the social assets of a person (education, intellect, style of speech, style of dress, social capital, etc.) that promote social mobility in a stratified society. Cultural capital functions as ...
(i.e. linguistic styles, higher status social circles, and aesthetic preferences).(Edited By) Miller, Robert K., McNamee, Stephen J. Inheritance and Wealth in America. p. 2 The second form of inheritance is through familial interventions in the form of ''inter vivos'' transfers (i.e. gifts between the living), especially at crucial junctures in the life courses. Examples include during a child's milestone stages, such as going to college, getting married, getting a job, and purchasing a home. The third form of inheritance is the transfers of bulk estates at the time of death of the testators, thus resulting in significant economic advantage accruing to children during their adult years. The origin of the stability of inequalities is material (personal possessions one is able to obtain) and is also cultural, rooted either in varying child-rearing practices that are geared to socialization according to social class and economic position. Child-rearing practices among those who inherit wealth may center around favoring some groups at the expense of others at the bottom of the
social hierarchy Social stratification refers to a society's categorization of its people into groups based on socioeconomic factors like wealth, income, race, education, ethnicity, gender, occupation, social status, or derived power (social and political). ...
.


Sociological and economic effects of inheritance inequality

It is further argued that the degree to which economic status and inheritance is transmitted across generations determines one's life chances in society. Although many have linked one's social origins and educational attainment to life chances and opportunities, education cannot serve as the most influential predictor of
economic mobility Economic mobility is the ability of an individual, family or some other group to improve (or lower) their economic status—usually measured in income. Economic mobility is often measured by movement between income quintiles. Economic mobilit ...
. In fact, children of well-off parents generally receive better schooling and benefit from material, cultural, and genetic inheritances. Likewise, schooling attainment is often persistent across generations and families with higher amounts of inheritance are able to acquire and transmit higher amounts of
human capital Human capital or human assets is a concept used by economists to designate personal attributes considered useful in the production process. It encompasses employee knowledge, skills, know-how, good health, and education. Human capital has a subs ...
. Lower amounts of human capital and inheritance can perpetuate inequality in the housing market and higher education. Research reveals that inheritance plays an important role in the accumulation of housing wealth. Those who receive an inheritance are more likely to own a home than those who do not regardless of the size of the inheritance. Often, racial or religious minorities and individuals from socially disadvantaged backgrounds receive less inheritance and wealth. As a result, mixed races might be excluded in inheritance privilege and are more likely to rent homes or live in poorer neighborhoods, as well as achieve lower educational attainment compared with whites in America. Nations with the highest
income Income is the consumption and saving opportunity gained by an entity within a specified timeframe, which is generally expressed in monetary terms. Income is difficult to define conceptually and the definition may be different across fields. F ...
and
wealth inequalities The distribution of wealth is a comparison of the wealth of various members or groups in a society. It shows one aspect of economic inequality or heterogeneity in economics, economic heterogeneity. The distribution of wealth differs from the i ...
often have the highest rates of homicide and disease (such as obesity, diabetes, and hypertension) which results in high mortality rates. A ''
New York Times ''The New York Times'' (''NYT'') is an American daily newspaper based in New York City. ''The New York Times'' covers domestic, national, and international news, and publishes opinion pieces, investigative reports, and reviews. As one of ...
'' article reveals that the U.S. is the world's wealthiest nation, but "ranks twenty-ninth in life expectancy, right behind Jordan and Bosnia" and "has the second highest mortality rate of the comparable OECD countries". This has been regarded as highly attributed to the significant gap of inheritance inequality in the country, although there are clearly other factors such as the affordability of
healthcare Health care, or healthcare, is the improvement or maintenance of health via the preventive healthcare, prevention, diagnosis, therapy, treatment, wikt:amelioration, amelioration or cure of disease, illness, injury, and other disability, physic ...
. When social and economic inequalities centered on inheritance are perpetuated by major social institutions such as family, education, religion, etc., these differing life opportunities are argued to be transmitted from each generation. As a result, this inequality is believed to become part of the overall social structure. Women's unequal inheritance rights refer to the disparities and discriminatory practices that women face in inheriting property and assets compared to men. These inequalities stem from a combination of legal, cultural, and religious practices that often prioritize male heirs over female ones, resulting in significant socio-economic consequences for women.


Dynastic wealth

Dynastic wealth is monetary inheritance that is passed on to generations that did not earn it. Dynastic wealth is linked to the term
Plutocracy A plutocracy () or plutarchy is a society that is ruled or controlled by people of great wealth or income. The first known use of the term in English dates from 1631. Unlike most political systems, plutocracy is not rooted in any established ...
. Much has been written about the rise and influence of dynastic wealth including the bestselling book ''
Capital in the Twenty-First Century ''Capital in the Twenty-First Century'' () is a book written by French economist Thomas Piketty. It focuses on economic inequality, wealth and income inequality in Europe and the United States since the 18th century. It was first published in Fren ...
'' by the French economist
Thomas Piketty Thomas Piketty (; born 7 May 1971) is a French economist who is a professor of economics at the School for Advanced Studies in the Social Sciences, associate chair at the Paris School of Economics (PSE) and Centennial Professor of Economics ...
.
Bill Gates William Henry Gates III (born October 28, 1955) is an American businessman and philanthropist. A pioneer of the microcomputer revolution of the 1970s and 1980s, he co-founded the software company Microsoft in 1975 with his childhood friend ...
uses the term in his article "Why Inequality Matters".BILL GATES
"Why Inequality Matters"
"LinkedIn", 15 October 2014


Soviet response to inheritance

As
Communism Communism () is a political sociology, sociopolitical, political philosophy, philosophical, and economic ideology, economic ideology within the history of socialism, socialist movement, whose goal is the creation of a communist society, a ...
is founded on the
Marxist Marxism is a political philosophy and method of socioeconomic analysis. It uses a dialectical and materialist interpretation of historical development, better known as historical materialism, to analyse class relations, social conflic ...
Labor Theory of Value The labor theory of value (LTV) is a theory of value that argues that the exchange value of a good or service is determined by the total amount of " socially necessary labor" required to produce it. The contrasting system is typically known as ...
, any money collected in the course of a lifetime is justified if it was based on the fruits of the person's own labor and not from exploiting others. The first communist government installed after the
Russian Revolution The Russian Revolution was a period of Political revolution (Trotskyism), political and social revolution, social change in Russian Empire, Russia, starting in 1917. This period saw Russia Dissolution of the Russian Empire, abolish its mona ...
resolved to abolish the right of inheritance regardless of being the result of someone's work or exploitation, with some exceptions.


Taxation

Many states have
inheritance tax International tax law distinguishes between an estate tax and an inheritance tax. An inheritance tax is a tax paid by a person who inherits money or property of a person who has died, whereas an estate tax is a levy on the estate (money and pro ...
es or
estate tax International tax law distinguishes between an estate tax and an inheritance tax. An inheritance tax is a tax paid by a person who inherits money or property of a person who has died, whereas an estate tax is a levy on the estate (money and pr ...
es, under which a portion of any inheritance or estate becomes
government revenue Government revenue or national revenue is money received by a government from Tax revenue, taxes and Non-tax revenue, non-tax sources to enable it, assuming full resource employment, to undertake non-inflationary public expenditure. Government re ...
.


See also

*
Beneficiary A beneficiary in the broadest sense is a natural person or other legal entity who receives money or other benefits from a benefactor. For example, the beneficiary of a life insurance policy is the person who receives the payment of the amount of ...
* Digital inheritance * Inheritance law in ancient Rome * Inheritance law in Bulgaria * Inheritance law in Canada *
Inheritance law in Switzerland In Swiss law, inheritance law is that part of private law under which the rights and obligations of a deceased person pass to one or more natural or juridical persons. As most of these rights and obligations are pecuniary in nature, the main purp ...
*
Smart contract A smart contract is a computer program or a Transaction Protocol Data Unit, transaction protocol that is intended to automatically execute, control or document events and actions according to the terms of a contract or an agreement. The objective ...
* Transformative asset *
Estate planning Estate planning is the process of anticipating and arranging for the management and disposal of a person's Estate (law), estate during the person's life in preparation for future incapacity or death. The planning includes the bequest of assets to ...
*
Family law Family law (also called matrimonial law or the law of domestic relations) is an area of the law that deals with family matters and domestic relations. Overview Subjects that commonly fall under a nation's body of family law include: * Marriag ...
* Civil law


References


External links

*
26 July 2006 USA Today article on dilemma the rich face when leaving wealth to children
{{Authority control Scots law legal terminology Wills and trusts Ancestors Social stratification