Difference Between Inheritance And Succession?

The most common misunderstanding regarding family law is the difference between inheritance and succession and how they differ from one another. Although they both entail the transfer of property or obligations from one individual to another, their scope, setting, and legal ramifications are very different. Read on to get the differences.

Difference between Succession and Inheritance

In India, both inheritance and succession refer to the process of transferring property and assets from a deceased person to their heirs or legal beneficiaries. However, they are distinct and here are the inheritance and succession difference.

I hope you understand the difference between inheritance and succession.

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In the context of Indian law, succession and inheritance difference is a related concept. It means the passing of property, assets, and rights from a deceased person to their legal heirs.

Let's understand the inheritance vs succession one by one.

It is a process by which a person's property, assets, and rights are transferred to their legal heirs upon their death. The distribution of the deceased person's property between their heirs is determined by a valid will (if one exists) or by the laws of intestate succession (when there is no will).

Succession is a broader term that includes both inheritance and the transfer of other legal rights and obligations, such as debts and liabilities. It is a legal process of determining who will succeed or take over the rights and responsibilities of a deceased person.

According to the Hindu Succession Act, of 1956

the rules for intestate succession (when there is no will) and guidelines for the distribution of property among legal heirs are governed by it.

Muslim Personal Laws have

specific rules regarding the distribution of a deceased person's property among heirs.

 Different communities in India, such as Christians and Parsis, have their own personal laws that regulate inheritance and succession matters.

In all cases, the principles of inheritance and succession provide a legally recognized way to transfer property, ensuring a fair and orderly distribution.

It's important to note that succession and inheritance difference is based on personal laws, religion, and specific circumstances. This should clarify

what is the difference between succession and inheritance.

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Before I understood the

difference between inheritance and succession, I was of the view that inheritance and succession are terms used interchangeably. But as I read more about it, I understood that these are two entirely different terms with entirely different meanings. I will explain everything about it in this answer.

Succession vs Inheritance

L

egally speaking, succession involves assuming another person's rights. The term is frequently used to describe how assets are distributed in accordance with a government's intestate succession laws, that specify who gets property when a person passes away without leaving a valid will.

What is the difference between inheritance and succession?

The judicial process of distributing assets to heirs after death is known as succession. There is a will not always, but sometimes there is. The estate plan establishes a strategy to safeguard all of your assets and transfer them over the long term to the people you want to benefit from them. The difference between succession and inheritance is a common one; succession refers to the subsequent heir to the preceding heir or the deceased individual, while inheritance refers to someone who acquires the interest.

Explanation

• Succession refers to a set of regulations through which property is passed intestate, that is, without a will or testament, in accordance with the deceased's will and testament or the personal law rules that apply to it after death.

• Inheritance is the act of transferring property to a person's legal heir after death, whether through a "will" or in accordance with the current laws governing inheritance, possession, titles, debts, and liabilities. Legal procedures must be followed in order for legitimate successors to acquire ownership.

Succession refers to a set of regulations through which property is passed intestate, that is, without a will or testament, in accordance with the deceased's will and testament or the personal law rules that apply to it after death. The legal heirs to the deceased's property are said to be his intestate estate.

What do you call someone who leaves an inheritance?

A beneficiary is a person designated in a legally binding document to receive money or other assets as an inheritance. Beneficiaries are frequently designated in wills, trusts, insurance policies, and "payable-on-death" accounts. Bequeath: Another term for "gift;" the act of leaving property behind at death.

Is a successor the same as an heir?

one who follows another or takes their place. A sole corporation or any other type of corporation is more specifically referred to by this phrase. The term "heir" refers more accurately to a commoner who inherits an estate. 

I hope this explains the

difference between inheritance and succession to you.