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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 at the societal level. The total cumulative effect of inheritance on stratification outcomes takes three forms, according to scholars who have examined the subject.
In common law, an estate is a living or deceased person's net worth. It is the sum of a person's assets – the legal rights, interests, and entitlements to property of any kind – less all liabilities at a given time. The issue is of special legal significance on a question of bankruptcy and death of the person. (See inheritance.)
Primogeniture (/ ˌ p r aɪ m ə ˈ dʒ ɛ n ɪ tʃ ər,-oʊ-/) is the right, by law or custom, of the firstborn legitimate child to inherit the parent's entire or main estate in preference to shared inheritance among all or some children, any illegitimate child or any collateral relative.
Legitimacy (family law) – Legal status of a child born to parents who are legally married; Lineal descendant – Blood relative in the direct line of descent; Primogeniture – Inheritance by the eldest, usually male, child; Royal bastard – Child of a reigning monarch born out of wedlock; Royal descent – Genealogical kinship and descent
Inheritance tax is a tax on the value of someone’s property, money, and belongings after they pass away before it is given to their heirs or beneficiaries.
A lineal or direct descendant, in legal usage, is a blood relative in the direct line of descent – the children, grandchildren, great-grandchildren, etc. of a person.In a legal procedure sense, lineal descent refers to the acquisition of estate by inheritance by parent from grandparent and by child from parent, whereas collateral descent refers to the acquisition of estate or real property ...
In English common law, fee tail or entail is a form of trust, established by deed or settlement, that restricts the sale or inheritance of an estate in real property and prevents that property from being sold, devised by will, or otherwise alienated by the tenant-in-possession, and instead causes it to pass automatically, by operation of law, to an heir determined by the settlement deed.
Advancement is a common law doctrine of intestate succession that presumes that gifts given to a person's heir during that person's life are intended as an advance on what that heir would inherit upon the death of the parent. Not to be confused with an advance of someone's expected distribution from an estate currently in probate.
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