What Is an Inheritance and Who Is an Heir?

It is common in India for people to use the terms heir, inheritance, and beneficiary in a very ambiguous way without fully understanding the difference between them. In India, anyone who acquires property or assets can divide the same among all of his/her legal heirs under a variety of different laws. As for the property or asset itself, it is an inheritance, while the heir is the one who receives it.

Who is an Heir? 

Heirs are immediate relatives, such as siblings, parents, brothers, sisters, aunts, uncles, whom are legally entitled to receive an inheritance from the deceased owner’s ancestral property and/or assets when a legal will has not been made. When no immediate family member is making a claim, an heir can also be a distant relative.

Who is Termed as a Beneficiary? 

A person named in a will becomes the beneficiary once the owner of the property makes a legal will.

What is an Inheritance? 

An inheritance refers to the inheritance of ancestral property, assets, jewelry, cash, shares, and other things that are left to the heir on the death of the owner. The actual tangible assets and real estate are called inheritances.

We describe how Hindu Succession Act inheritance is directly related to succession and is an essential concept to understand.

Click here to read about What if a Person Passes Without Leaving a Will?

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