What Is the Difference Between Succession and Inheritance? Explained

Learn the key difference between succession and inheritance: the legal process versus the assets received after death.

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Succession and inheritance are often used interchangeably but have key differences. Succession refers to the legal process by which a person’s assets and liabilities are distributed after their death. Inheritance, on the other hand, refers to the actual assets and properties received by an individual from the deceased. In essence, succession is the process, and inheritance is the result.

FAQs & Answers

  1. What does succession mean in legal terms? Succession is the legal process through which a deceased person's assets and liabilities are distributed among heirs or beneficiaries.
  2. How is inheritance different from succession? Inheritance refers to the actual assets or properties received by an individual after a person's death, whereas succession is the formal legal procedure that governs this distribution.
  3. Is succession necessary for inheritance to occur? Yes, succession is the process that legally enables the transfer of assets, so inheritance typically follows after succession is completed.

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