Inheritance is a legal process where the assets and liabilities of a deceased person are transferred to their heirs or beneficiaries. This can include money, property, and personal belongings. The rules governing inheritance vary by jurisdiction and can be influenced by whether the deceased left a will or not. In cases where a will exists, the document outlines how the deceased wanted their assets distributed. If there is no will, intestate succession laws determine how the estate is divided among relatives. Understanding inheritance is important for effective estate planning and ensuring that one's wishes are honored after death.