Inheritance refers to the process of receiving assets, properties, or rights from a deceased individual. It is a legal term and typically involves heirs, who are the individuals entitled to inherit the deceased person's possessions based on laws of succession. Inheritance can encompass various assets, such as money, real estate, personal belongings, or even intellectual property. It often follows specific laws and regulations that differ between jurisdictions. Inheritance can be received through a will or testament, or in the absence of one, laws of intestacy may apply. It plays a significant role in estate planning and wealth transfer between generations.