What Does Inheritance Mean In Estate Planning?
Assets received from someone who has died, whether through will, trust, life insurance, retirement plan, deed or other transfer on death assets/accounts. These assets are specific to the person receiving them and, with special handling, can be retained as an individual asset even if the person is married. You cannot be forced to accept an inheritance.
Example Of Inheritance In Regards To Estate Planning
My inheritance from my mom’s estate was bigger than I expected. She had a large insurance policy as well as retirement accounts in addition to her investments and bank accounts.