Heredity refers to the distribution of assets after an individual’s death. Types of inheritance include property, money, asset, debt, and partial inheritance. Wills can determine inheritance, but laws vary by region. Inheritance laws in the US prioritize spouses, children, grandchildren, parents, and siblings.
Heredity is a term with many different definitions, but perhaps the most widespread understanding involves events that occur after an individual’s death. When an individual dies, they usually leave behind physical or monetary objects or possessions. A legal inheritance indicates how these assets will be distributed to others upon the death of an individual. There are various types of inheritances around the world, including partial inheritance, coparcenia, age or gender inheritance, intestate inheritance, monetary inheritance, debt inheritance, and property inheritance.
The most basic types of inheritance are property inheritance, money inheritance, asset inheritance, or debt inheritance. With the first three types, an inheritance usually has some value. Hereditary properties may include houses, businesses or land owned by the deceased. The individual may also pass down owned valuables such as jewelry or family heirlooms, or an inheritance may consist mostly of cash. The latter of the types of inheritances can be unintentional and unwelcome, however, as any debts accumulated by the deceased can become the responsibility of the spouse or other family members.
In many cases, an individual will create a legal document, known as a will, which sets out the rules and types of inheritance. This document divides assets between one or more individuals or groups following a handover. The parties named in the will are known as beneficiaries and can include anyone of the deceased’s choosing, including relatives, close friends, or even charitable organizations. An individual may also choose not to divide assets, but rather to let the beneficiaries inherit jointly and equally in a process called coparcenia.
Some cultures view inheritance types along gender or age lines. An inheritance accessible only to male beneficiaries is known as patrilineal succession, while an inheritance focused on women is known as matrilineal succession. Conversely, some forms of inheritance grant sole beneficiary status to an older or younger child. The first type is called primogeniture and the second case is called ultimageniture. Many regions, however, have a legal statute that is considered partial inheritance which requires all children of a deceased individual to receive an equal share of any inheritance.
Wills are useful documents for determining inheritance, but many individuals die without a will or having made a will. In such cases, inheritance laws determine who will receive the deceased person’s assets, and these laws vary by region. If an individual dies with large debts, a large part of the assets can be used to pay off these debts. Otherwise, in many areas of the world such as the United States, inheritance laws dictate that the majority of an inheritance will go to the spouse, then children and grandchildren. Provided no spouses or descendants are found, next in line to inherit are parents and siblings.
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