Inheritance

economic-dictionary

The inheritance is the set of assets, rights or obligations that are transmitted from its owner or creator to other individuals considered as legitimate heirs or those volunteers (designated by the will).

The concept of inheritance applies to various areas of human life. In the field of economics and law, it refers to a set of goods, rights and obligations that are transmitted from one person to another or others.

Said transmission generally occurs when the person who owns the estate dies and then leaves their legacy to their loved ones. Thus, for example, when the father dies, the children receive as an inheritance the house and other properties that their father had acquired in life.

In the cultural and social sphere, it refers to a set of traditions, customs, artistic expressions, forms of communication, etc., which are transmitted from one generation to another. Thus, for example, the celebration of the Sun Festival in Peru is the cultural heritage left by generations of people who inhabited the area.

In the field of biology, meanwhile, it refers to the genes that are transmitted from biological parents to children. Thus, for example, eye color is defined by the genetic heritage or inheritance left by the parents.

Who are the heirs

The heirs are the people (natural or legal) who have the right to receive a certain inheritance. In most countries of the world, people can write a will specifying to whom they want to leave the assets and in what proportions.

In any case, in the absence of a will, the law establishes who will be considered as legitimate heirs. Usually the latter are widowers, children, parents or other close relatives.

Obligations and rights of the heirs

Heirs have two options regarding inheritance:

  1. Accept it, which implies accepting the rights and obligations associated with it.
  2. Repudiate or reject it because you consider that it does not benefit you.

In most countries, inheritance taxes have been established, which means that a part of the profits obtained will have to be paid to the State.

Tags:  right culture banks 

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