what is an inheritance 
inheritance refers to the assets that an individual bequeaths to their loved ones after they pass away an inheritance may contain cash investments such as stocks or bonds and other assets such as jewelry automobiles art antiques and real estate a person may name beneficiaries in their will who will receive an inheritance in other cases assets will automatically pass to a spouse or children as heirs those who receive an inheritance may be subject to inheritance taxes where the more distantly related a beneficiary is to the decedent the larger the inheritance tax is likely to be in the united states assets can also be subject to federal and state income tax though life insurance policy death benefits are typically tax free for named beneficiaries 