Inheritance

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Inheritance is the practice of passing on private property, titles, debts, entitlements, privileges, rights, and obligations upon the death of an individual. The rules of inheritance differ among societies and have changed over time. The passing on of private property and/or debts can be done by a notary.

Terminology[edit | edit source]

In law, an heir is a person who is entitled to receive a share of the deceased's (the person who died) property, subject to the rules of inheritance in the jurisdiction of which the deceased was a citizen or where the deceased (decedent) died or owned property at the time of death.

The inheritance may be either under the terms of a will or by intestate 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.

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 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.

Except in some jurisdictions where a person cannot be legally disinherited (such as the Xxxxxxxx, 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.

History[edit | edit source]

Detailed anthropological and sociological studies have been made about customs of patrimonial inheritance, where only male children can inherit. Some cultures also employ matrilineal 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.

Inequality[edit | edit source]

The distribution of the inherited wealth has varied greatly among different cultures and legal traditions. In states 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 Xxxxxx (ca. 1750 BT). Other legal traditions, particularly in states using common law, 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 little while only a small number inherit 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 business that was initially given to the son.

Social stratification[edit | edit source]

It has been argued that inheritance plays a significant effect on social stratification. Inheritance is an integral component of family, economic, and legal institutions, and a basic mechanism of class stratification. It also affects the distribution of wealth 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 (i.e. linguistic styles, higher status social circles, and aesthetic preferences).

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.

Dynastic wealth is monetary inheritance that is passed on to generations that didn't earn it. Dynastic wealth is linked to the term Plutocracy. Much has been written about the rise and influence of dynastic wealth including the bestselling book Capital in the Twenty-First Century by the French economist Thomas Piketty.

Taxation[edit | edit source]

Some states have inheritance taxes or estate taxes, under which a portion of any inheritance or estate goes to the crown or general government revenue.

Resources[edit | edit source]



 
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