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Inheritance is the practice of passing on
private property Private property is a legal designation for the ownership of property by non-governmental legal entities. Private property is distinguishable from public property Public property is property Property (''latin: Res Privata'') in the Abstract ...
,
titles A title is one or more words used before or after a person's name, in certain contexts. It may signify either generation, an official position, or a professional or academic qualification. In some languages, titles may be inserted between the firs ...
,
debt Debt is an obligation that requires one party, the debtor A debtor or debitor is a legal entity (legal person) that owes a debt Debt is an obligation that requires one party, the debtor, to pay money or other agreed-upon value to ...

debt
s,
entitlement An entitlement is a provision Provision may refer to: * Provision (accounting), a term for liability in accounting * Provision (contracting), a term for a procurement condition * Provision (album), ''Provision'' (album), an album by Scritti Politt ...

entitlement
s, privileges,
rights Rights are legal Law is a system of rules created and law enforcement, enforced through social or governmental institutions to regulate behavior,Robertson, ''Crimes against humanity'', 90. with its precise definition a matter of longstandi ...
, and obligations upon the
death Death is the permanent, irreversible cessation of all biological functions that sustain a living Living or The Living may refer to: Common meanings *Life, a condition that distinguishes organisms from inorganic objects and dead organi ...

death
of an
individual An individual is that which exists as a distinct entity Entity may refer to: Computing * Character entity reference, replacement text for a character in HTML or XML * Entity class, a thing of interest within an entity–relationship model or d ...
. 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 A notary is a person authorised to perform acts in legal affairs, in particular witnessing signatures on documents. The form that the notarial profession takes varies with local legal systems. A notary, while a legal professional, is distinc ...
.


Terminology

In law, an ''heir'' is a person who is entitled to receive a share of the
deceased (1906) Death is the permanent, Irreversible process, irreversible cessation of all biological functions that sustain a living organism In biology, an organism (from Ancient Greek, Greek: ὀργανισμός, ''organismos'') is a ...
's (the person who died) property, subject to the rules of inheritance in the
jurisdiction Jurisdiction (from Latin Latin (, or , ) is a classical language belonging to the Italic languages, Italic branch of the Indo-European languages. Latin was originally spoken in the area around Rome, known as Latium. Through the power of the ...
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 Will may refer to: Common meanings * Will and testament A will or testament is a legal document that expresses a person's ( testator) wishes as to how their property (estate (law), estate) is to be distributed after their death and as to which ...
or by
intestate Intestacy is the condition of the estate of a person who dies without having in force a valid will Will may refer to: Common meanings * Will and testament A will or testament is a legal document that expresses a person's ( testator) wishe ...
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 (for example, some states do not recognise
holographic will A holographic will, or olographic testament, is a will and testament A will or testament is a legal document that expresses a person's ( testator) wishes as to how their property (estate (law), estate) is to be distributed after their death and ...
s as valid, or only in specific circumstances) and the intestate laws then apply. 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 An heir apparent is a person who is first in an order of succession An order of succession or right of succession is the line of individuals entitled to hold a high office when it becomes vacated such as head of state A head of state ( ...
if first in line and incapable of being displaced from inheriting by another claim; otherwise, they are
heirs presumptive An heir presumptive is the person entitled to inherit a throne, peerage, or other hereditary honour, but whose position can be displaced by the birth of an heir apparent An heir apparent is a person who is first in an order of succession An or ...
. There is a further concept of joint inheritance, pending renunciation by all but one, which is called coparceny. In modern law, the terms ''inheritance'' and ''heir'' refer exclusively to succession to property by descent from a deceased dying
intestate Intestacy is the condition of the estate of a person who dies without having in force a valid will Will may refer to: Common meanings * Will and testament A will or testament is a legal document that expresses a person's ( testator) wishe ...
. Takers in property succeeded to under a will are termed generally ''
beneficiaries A beneficiary (also, in trust law, ''cestui que use'') in the broadest sense is a natural person or other legal entity who receives money or other employee benefit, benefits from a benefactor (law), benefactor. For example, the beneficiary of a life ...
,'' and specifically ''devises'' for
real property In England, English common law, real property, real estate, realty, or immovable property is land which is the property of some person and all structures (also called Land improvement, improvements or Fixture (property law), fixtures) integr ...
, ''bequests'' for
personal property Personal property is property Property is a system of rights that gives people legal control of valuable things, and also refers to the valuable things themselves. Depending on the nature of the property, an owner of property may have the ri ...
(except money), or ''legatees'' for money. Except in some jurisdictions where a person cannot be legally disinherited (such as the United States state of
Louisiana Louisiana (Standard French Standard French (in French: ''le français standard'', ''le français normé'', ''le français neutre'' eutral Frenchor ''le français international'' nternational French is an unofficial term for a standard ...

Louisiana
, 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 (an example is that of the will of comedian
Jerry Lewis Jerry Lewis (born Joseph Levitch; March 16, 1926 – August 20, 2017) was an American comedian, actor, filmmaker, humanitarian and singer. Nicknamed "The King of Comedy", he is regarded as one of the most significant American cultural figur ...

Jerry Lewis
; his will specifically disinherited his six children by his first wife, and their descendants, leaving his entire estate to his second wife).


History

Detailed
anthropological Anthropology is the scientific study of human Humans (''Homo sapiens'') are the most populous and widespread species of primates, characterized by bipedality, opposable thumbs, hairlessness, and intelligence allowing the use of culture, l ...
and
sociological Sociology is a social science Social science is the Branches of science, branch of science devoted to the study of society, societies and the Social relation, relationships among individuals within those societies. The term was formerly ...
studies have been made about customs of patrimonial inheritance, where only male children can inherit. Some cultures also employ
matrilineal Matrilineality is the tracing of kinship through the female line. It may also correlate with a social system in which each person is identified with their matriline – their mother's Lineage (anthropology), lineage – and which can inv ...
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.


Religious laws about inheritance


Jewish laws

The inheritance is patrimonial. The father —that is, the owner of the land— bequeaths only to his male descendants, so the Promised Land passes from one Jewish father to his sons. If there were no living sons and no descendants of any previously living sons, daughters inherit. In Numbers 27, the daughters of Zelophehad (Mahlah, Noa, Hoglah, Milcah, and Tirzah) of the tribe of Manasseh come to Moses and ask for their father's inheritance, as they have no brothers. The order of inheritance is set out: a man's sons inherit first, daughters if no sons, brothers if he has no children, and so on. Later, in Numbers 36, some of the heads of the families of the tribe of Manasseh come to Moses and point out that, if a daughter inherits and then marries a man not from her paternal tribe, her land will pass from her birth-tribe's inheritance into her marriage-tribe's. So a further rule is laid down: if a daughter inherits land, she must marry someone within her father's tribe. (The daughters of Zelophehad marry the sons' of their father's brothers. There is no indication that this was not their choice.) The tractate
Baba Bathra Bava Batra (also Baba Batra; Talmudic Aramaic Jewish Babylonian Aramaic was the form of Middle Aramaic employed by writers in Lower Mesopotamia between the fourth and eleventh centuries. It is most commonly identified with the language of the ...
, written during late Antiquity in Babylon, deals extensively with issues of property ownership and inheritance according to Jewish Law. Other works of Rabbinical Law, such as the Hilkhot naḥalot: mi-sefer Mishneh Torah leha-Rambam, and the Sefer ha-yerushot: ʻim yeter ha-mikhtavim be-divre ha-halakhah be-ʻAravit uve-ʻIvrit uve-Aramit also deal with inheritance issues. The first, often abbreviated to
Mishneh Torah The ''Mishneh Torah'' ( he, מִשְׁנֵה תּוֹרָה, "Repetition of the Torah"), also known as ''Sefer Yad ha-Hazaka'' (ספר יד החזקה "Book of the Strong Hand"), is a code of Jewish Jews ( he, יְהוּדִים ISO 259 ...
, was written by
Maimonides Moses ben Maimon ; (1138–1204), commonly known as Maimonides ( ) grc-gre, Μωυσής Μαϊμωνίδης ; la, Moses Maimonides and also referred to by the acronym Rambam ( he, רמב״ם),, for ''Rabbeinu Mōše bēn Maimun'', "Our Rab ...

Maimonides
and was very important in
Jewish Jews ( he, יְהוּדִים ISO 259-2ISO The International Organization for Standardization (ISO; ) is an international standard are technical standards developed by international organizations (intergovernmental organizations), suc ...

Jewish
tradition. All these sources agree that the firstborn son is entitled to a double portion of his father's estate. This means that, for example, if a father left five sons, the firstborn receives a third of the estate and each of the other four receives a sixth. If he left nine sons, the firstborn receives a fifth and each of the other eight receive a tenth. If the eldest surviving son is not the firstborn son, he is not entitled to the double portion.
Philo of Alexandria Philo of Alexandria (; grc, Φίλων, Phílōn; he, , Yedidia (Jedediah) HaCohen; ), also called Philo Judaeus, was a Hellenistic Jewish philosopher A philosopher is someone who practices philosophy. The term ''philosopher'' comes from ...
and
Josephus Titus Flavius Josephus (; ; 37 – 100), born Yosef ben Matityahu ( he, יוסף בן מתתיהו ''Yōsef ben Matiṯyāhu''; grc-gre, Ἰώσηπος Ματθίου παῖς ''Iṓsēpos Matthíou paîs''), was a first-century Romano-Jewish ...

Josephus
also comment on the
Jewish Jews ( he, יְהוּדִים ISO 259-2ISO The International Organization for Standardization (ISO; ) is an international standard are technical standards developed by international organizations (intergovernmental organizations), suc ...

Jewish
laws of inheritance, praising them above other law codes of their time. They also agreed that the firstborn son must receive a double portion of his father's estate.


Christian laws

At first, Christianity did not have its own inheritance traditions distinct from Judaism. With the accession of
Emperor Constantine Constantine I ( la, Flavius Valerius Constantinus; ; 27 February 22 May 337), also known as Constantine the Great, was a Roman emperor The Roman Emperor was the ruler of the Roman Empire during the History of the Roman Empire, imperial pe ...

Emperor Constantine
in 306, Christians both began to distance themselves from Judaism and to have influence on the law and practices of secular institutions. From the beginning, this included inheritance. The Roman practice of
adoption Adoption is a process whereby a person assumes the parenting Parenting or child rearing promotes and supports the physical Physical may refer to: *Physical examination, a regular overall check-up with a doctor *Physical (album), ''Physical'' ...
was a specific target, because it was perceived to be in conflict with the Judeo-Christian doctrine of
primogeniture Primogeniture ( ) is the right, by law or custom, of the firstborn legitimate child to inherit Inherit may refer to: * Inheritance, passing on of property after someone's death * Heredity, passing of genetic traits to offspring * Inheritance ( ...
. As Stephanie Coontz documents in ''Marriage, a History'' (Penguin, 2006), not only succession but the whole constellation of rights and practices that included marriage, adoption, legitimacy, consanguinity, and inheritance changed in Western Europe from a Greco-Roman model to a Judeo-Christian pattern, based on Biblical and traditional Judeo-Christian principles. The transformation was essentially complete in the Middle Ages, although in English-speaking countries there was additional development under the influence of
Protestantism Protestantism is a form of Christianity that originated with the 16th-century Reformation, a movement against what its followers perceived to be Criticism of the Catholic Church, errors in the Catholic Church. Protestants originating in the Ref ...

Protestantism
. Even when Europe became secularized and Christianity faded into the background, the legal foundation Christendom had laid remained. Only in the era of modern jurisprudence have there been significant changes.


Islamic laws

The
Quran The Quran (, ; ar, القرآن , "the recitation"), also romanized Qur'an or Koran, is the central religious text Religious texts are texts related to a religious tradition. They differ from literary texts by being a compilation or di ...

Quran
introduced a number of different rights and restrictions on matters of inheritance, including general improvements to the treatment of women and family life compared to the pre-Islamic societies that existed in the Arabian Peninsula at the time. Furthermore, the Quran introduced additional heirs that were not entitled to inheritance in pre-Islamic times, mentioning nine relatives specifically of which six were female and three were male. However, the inheritance rights of women remained inferior to those of men because in Islam someone always has a responsibility of looking after a woman's expenses. According to Quran 4:11, for example, a son is entitled to twice as much inheritance as a daughter. The Quran also presented efforts to fix the laws of inheritance, and thus forming a complete legal system. This development was in contrast to pre-Islamic societies where rules of inheritance varied considerably. In addition to the above changes, the Quran imposed restrictions on
testamentary A testator () is a person A person (plural people or persons) is a being that has certain capacities or attributes such as reason, morality, consciousness or self-consciousness, and being a part of a culturally established form of social relation ...
powers of a
Muslim Muslims () are people who follow or practice Islam Islam (; ar, اَلْإِسْلَامُ, al-’Islām, "submission o God Oh God may refer to: * An exclamation; similar to "oh no", "oh yes", "oh my", "aw goodness", "ah gosh", " ...

Muslim
in disposing his or her property. Three verses of the Quran, 4:11, 4:12 and 4:176, give specific details of inheritance and shares, in addition to few other verses dealing with testamentary. But this information was used as a starting point by Muslim jurists who expounded the laws of inheritance even further using
Hadith Ḥadīth ( or ; ar, حديث , pl. aḥādīth, , , , literally means "talk" or "discourse") or Athar ( ar, أثر, , literally means "tradition") in Islam refers to what the majority of believe to be a record of the words, actions, and ...

Hadith
, as well as methods of juristic reasoning like
Qiyas In Islamic jurisprudence ''Fiqh'' (; ar} ) is Islam Islam (;There are ten pronunciations of ''Islam'' in English, differing in whether the first or second syllable has the stress, whether the ''s'' is or , and whether the ''a'' is p ...

Qiyas
. Nowadays, inheritance is considered an integral part of
Sharia law Sharia (; ar, شريعة, sharīʿa ) is a religious law forming part of the Islamic tradition. It's derived from the Five Pillars of Islam, religious precepts of Islam and is based on the interpretations of the Islamic holy books, sacred scr ...
and its application for Muslims is mandatory, though many peoples (see
Historical inheritance systems Historical inheritance systems are different systems of inheritance Inheritance is the practice of passing on private property, titles A title is one or more words used before or after a person's name, in certain contexts. It may signify eith ...
), despite being Muslim, have other inheritance customs.


Inequality

The distribution of the inherited wealth has varied greatly among different cultures and legal traditions. In nations using
civil law Civil law may refer to: * Civil law (common law) Civil law is a major branch of the law.Glanville Williams. ''Learning the Law''. Eleventh Edition. Stevens. 1982. p. 2. In common law legal systems such as England and Wales and the law of the United ...
, 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 Hammurabi The Code of Hammurabi is a Babylonian legal text composed 1755–1750 BC. It is the longest, best-organised, and best-preserved legal text from the ancient Near East. It is written in the Old Babylonian dialect of Akkadian, purportedly by Ham ...

Code of Hammurabi
(ca. 1750 BC). In the US State of Louisiana, the only US state where the legal system is derived from the
Napoleonic Code The Napoleonic Code (, lit. "Code Napoleon"), officially the Civil Code of the French (; simply referred to as ) is the French French (french: français(e), link=no) may refer to: * Something of, from, or related to France France (), of ...
, this system is known as "
forced heirship Forced heirship is a form of testate partible inheritance whereby the estate of a deceased (''de cujus'') is separated into (1) an indefeasible portion, the ''forced estate'' ( Germ ''Pflichtteil'', Fr ''réserve'', It, ''legittima'', Sp ''l ...
" which prohibits disinheritance of adult children except for a few narrowly-defined reasons that a parent is obligated to prove. Other legal traditions, particularly in nations using
common law In law, common law (also known as judicial precedent or judge-made law, or ) is the body of law created by judges and similar quasi-judicial by virtue of being stated in written opinions. ' is the most-used legal dictionary used among legal profe ...
, 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. This is especially seen in old world cultures, but continues in many families to this day. Arguments for eliminating forced heirship include the right to property and the merit of individual allocation of capital over government wealth confiscation and redistribution, but this does not resolve what some describe as the problem of unequal inheritance. In terms of inheritance inequality, some economists and sociologists focus on the inter generational transmission of income or wealth which is said to have a direct impact on one's mobility (or immobility) and class position in society. Nations differ on the political structure and policy options that govern the transfer of wealth. According to the American federal government statistics compiled by Mark Zandi in 1985, the average US inheritance was $39,000. In subsequent years, the overall amount of total annual inheritance more than doubled, reaching nearly $200 billion. By 2050, there will be an estimated $25 trillion inheritance transmitted across generations.Marable, Manning. "Letter From America: Inheritance, Wealth and Race.
Google pages.com
Some researchers have attributed this rise to the
baby boomer Baby boomers (often shortened to boomers) are the demographic Demography (from prefix ''demo-'' from Ancient Greek Ancient Greek includes the forms of the Greek language used in ancient Greece and the classical antiquity, ancien ...
generation. Historically, the baby boomers were the largest influx of children conceived after WW2. For this reason,
Thomas Shapiro Thomas M. Shapiro is a professor of Sociology Sociology is the study of society, human social behaviour, patterns of social relationships, social interaction, and culture that surrounds everyday life. It is a social science that uses various ...

Thomas Shapiro
suggests that this generation "is in the midst of benefiting from the greatest inheritance of wealth in history". Inherited wealth may help explain why many Americans who have become rich may have had a "substantial head start". In September 2012, according to the
Institute for Policy Studies The Institute for Policy Studies (IPS) is an American progressive think tank started in 1963 that is based in Washington, D.C. It has been directed by John Cavanagh (economist), John Cavanagh since 1998. It focuses on U.S. foreign policy, domes ...
, "over 60 percent" of the Forbes richest 400 Americans "grew up in substantial privilege", and often (but not always) received substantial inheritances. Other research has shown that many inheritances, large or small, are rapidly squandered. Similarly, analysis shows that over two-thirds of high-wealth families lose their wealth within two generations, and almost 80% of high-wealth parents "feel the next generation is not financially responsible enough to handle inheritance".


Social stratification

It has been argued that inheritance plays a significant effect on
social stratification Social stratification refers to a society's categorization Categorization is the ability and activity to recognize shared features or similarities between the elements of the experience of the world (such as Object (philosophy), objects, ev ...
. 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 The distribution of wealth is a comparison of the wealth Wealth is the abundance (economics), abundance of Value (economics), valuable financial assets or property, physical possessions which can be converted into a form that can be used fo ...
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 In the field of sociology, cultural capital comprises the social assets of a person (education, intellect, style of speech, style of dress, etc.) that promote social mobility in a Social stratification, stratified society. Cultural capital functio ...
(i.e. linguistic styles, higher status social circles, and aesthetic preferences).(Edited By) Miller, Robert K., McNamee, Stephen J. Inheritance and Wealth in America. p. 2 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 Social stratification refers to a society's categorization Categorization is the ability and activity to recognize shared features or similarities between the elements of the experience of the world (such as Object (philosophy), objects, ev ...
.


Sociological and economic effects of inheritance inequality

It is further argued that the degree to which economic status and inheritance is transmitted across generations determines one's life chances in society. Although many have linked one's social origins and educational attainment to life chances and opportunities, education cannot serve as the most influential predictor of
economic mobility Image:Going up or down advertisement.jpg, upright=1.7, Illustration from a 1916 advertisement for a vocational school in the back of a US magazine. Education has been seen as a key to economic mobility, and this advertisement appealed to Americans ...
. In fact, children of well-off parents generally receive better schooling and benefit from material, cultural, and genetic inheritances. Likewise, schooling attainment is often persistent across generations and families with higher amounts of inheritance are able to acquire and transmit higher amounts of human capital. Lower amounts of human capital and inheritance can perpetuate inequality in the housing market and higher education. Research reveals that inheritance plays an important role in the accumulation of housing wealth. Those who receive an inheritance are more likely to own a home than those who do not regardless of the size of the inheritance. Often, racial or religious minorities and individuals from socially disadvantaged backgrounds receive less inheritance and wealth. As a result, mixed races might be excluded in inheritance privilege and are more likely to rent homes or live in poorer neighborhoods, as well as achieve lower educational attainment compared with whites in America. Individuals with a substantial amount of wealth and inheritance often intermarry with others of the same social class to protect their wealth and ensure the continuous transmission of inheritance across generations; thus perpetuating a cycle of privilege. Nations with the highest
income In microeconomics, income is the Consumption (economics), consumption and saving opportunity gained by an entity within a specified timeframe, which is generally expressed in monetary terms.Smith's financial dictionary. Smith, Howard Irving. 190 ...
and wealth inequalities often have the highest rates of homicide and disease (such as obesity, diabetes, and hypertension) which results in high mortality rates. A ''
The New York Times ''The New York Times'' is an American daily newspaper based in New York City with a worldwide readership. Founded in 1851, the ''Times'' has since won List of Pulitzer Prizes awarded to The New York Times, 132 Pulitzer Prizes, the most of a ...

The New York Times
'' article reveals that the U.S. is the world's wealthiest nation, but "ranks twenty-ninth in life expectancy, right behind Jordan and Bosnia" and "has the second highest mortality rate of the comparable OECD countries". This has been regarded as highly attributed to the significant gap of inheritance inequality in the country, although there are clearly other factors such as the affordability of
healthcare Healthcare is the maintenance or improvement of health Health, according to the , is "a state of complete physical, and social and not merely the absence of and ".. (2006)''Constitution of the World Health Organization''– ''Basic Docume ...

healthcare
. When social and economic inequalities centered on inheritance are perpetuated by major social institutions such as family, education, religion, etc., these differing life opportunities are argued to be transmitted from each generation. As a result, this inequality is believed to become part of the overall social structure.


Dynastic wealth

Dynastic wealth is monetary inheritance that is passed on to generations that didn't earn it. Dynastic wealth is linked to the term
Plutocracy A plutocracy ( el, πλοῦτος, ', 'wealth' and , ', 'power') or plutarchy is a society that is ruled or controlled by people of great wealth Wealth is the abundance (economics), abundance of Value (economics), valuable financial asse ...
. Much has been written about the rise and influence of dynastic wealth including the bestselling book ''
Capital in the Twenty-First Century ''Capital in the Twenty-First Century'' is the ''masterpiece, magnum opus'' of the French economist Thomas Piketty. It focuses on economic inequality, wealth and income inequality in Europe and the United States since the 18th century. It was initi ...
'' by the French economist
Thomas Piketty Thomas Piketty (; born 7 May 1971) is a French economist An economist is a professional and practitioner in the social science Social science is the Branches of science, branch of science devoted to the study of society, societies an ...

Thomas Piketty
.
Bill Gates William Henry Gates III (born October 28, 1955) is an American business magnate A business magnate is someone who has achieved great success and enormous wealth through the ownership of multiple lines of enterprise. The term characterist ...
uses the term in his article "Why Inequality Matters".BILL GATES
"Why Inequality Matters"
"LinkedIn", 15 October 2014


Soviet response to inheritance

As
Communism Communism (from Latin Latin (, or , ) is a classical language belonging to the Italic branch of the Indo-European languages. Latin was originally spoken in the area around Rome, known as Latium. Through the power of the Roman Repu ...

Communism
is founded on the
Marxist Marxism is a method of socioeconomic Socioeconomics (also known as social economics) is the social science that studies how economic activity affects and is shaped by social processes. In general it analyzes how modern societies progress, ...
Labor Theory of Value The labor theory of value (LTV) is a theory of value that argues that the economic value In economics Economics () is the social science that studies how people interact with value; in particular, the Production (economics), produc ...
, any money collected in the course of a lifetime is justified if it was based on the fruits of the person's own labor and not from exploiting others. The first communist government installed after the
Russian Revolution The Russian Revolution was a period of political Politics (from , ) is the set of activities that are associated with Decision-making, making decisions in Social group, groups, or other forms of Power (social and political), power relatio ...
resolved therefore to abolish the right of inheritance, with some exceptions.


Taxation

Many states have
inheritance tax An inheritance tax is a tax A tax is a compulsory financial charge or some other type of levy imposed on a taxpayer (an individual or legal entity In law Law is a system A system is a group of Interaction, interacting or interre ...
es or
estate tax An inheritance tax is a tax A tax is a compulsory financial charge or some other type of levy imposed on a taxpayer (an individual or legal entity In law, a legal person is any person A person (plural people or persons) is a being that h ...
es, under which a portion of any inheritance or estate becomes
government revenue Government revenue or National revenue is money received by a government A government is the system or group of people governing an organized community, generally a State (polity), state. In the case of its broad associative definitio ...
.


See also

*
Beneficiary A beneficiary (also, in trust law A trust is a legal relationship in which the holder of a right (eg. title to a chattel) gives it to another person or entity who must keep and use it solely for another's benefit. In , the party who entrusts t ...
*
Digital inheritance Digital inheritance is the process of handing over (personal) digital media Digital media means any media (communication), media that are encoded in Machine-readable data, machine-readable formats. Digital media can be created, viewed, distribut ...
* Inheritance law in Canada *
Smart contract A smart contract is a computer program or a Transaction Protocol Data Unit, transaction protocol which is intended to automatically execute, control or document legally relevant events and actions according to the terms of a contract or an agreemen ...
* Transformative asset *
Estate planning Estate planning is the process of anticipating and arranging, during a person's life, for the management and disposal of that person's estate during the person's life, in the event the person becomes incapacitated and after death. The planning incl ...
*
Family law Family law (also called matrimonial law or the ''law of domestic relations'') is an area of the that deals with matters and . Overview Subjects that commonly fall under a nation's body of family law include: * , s, and s: ** Entry into legall ...


References


External links

*
26 July 2006 USA Today article on dilemma the rich face when leaving wealth to children
{{Authority control Scots law legal terminology Wills and trusts Ancestors Social stratification