Legal Definitions - inheritable

Inheritable describes anything that can be legally passed on to a person's heirs or beneficiaries after their death. This applies to various forms of property, rights, and sometimes obligations, meaning they do not cease to exist with the original owner but can be transferred according to a will or the laws of inheritance.

Here are some examples:

• Imagine a renowned artist who owns a vast collection of her own paintings, along with the intellectual property rights to those works. This entire collection, including the physical artworks and the associated copyrights, is considered inheritable. Upon her death, these valuable assets can be transferred to her children or a designated art foundation, allowing them to continue exhibiting the art, licensing images, and benefiting from the legacy, rather than the rights expiring or the collection being dissolved.

• Consider a long-standing family business, such as a successful restaurant chain, where the founder holds all the ownership shares. These shares are inheritable assets. When the founder passes away, the ownership of the business, represented by these shares, can be bequeathed to their spouse, children, or other named beneficiaries. This ensures the business can continue operating under new ownership, providing income and control to the heirs, rather than the company being forced into liquidation.

• A homeowner possesses a deed to their house and the land it sits on. This real estate is an inheritable form of property. If the homeowner dies, the house and land do not become ownerless. Instead, they can be passed down to the individuals named in the homeowner's will, or if there is no will, to their closest relatives according to state inheritance laws. This allows the property to remain within the family or be transferred to new owners without interruption of legal title.