Inheritance

Source: Wikipedia, the free encyclopedia.
From William Hogarth's A Rake's Progress. "The Young Heir Takes Possession Of The Miser's Effects".

Inheritance is the practice of receiving

will, as attested by a notary
or by other lawful means.

Terminology

In law, an "heir" (FEM: heiress) is a person who is entitled to receive a share of property from a

decedent (a person who died), subject to the rules of inheritance in the jurisdiction
where the decedent was a citizen, or where the decedent died or owned property at the time of death.

The inheritance may be either under the terms of a will or by

intestate
laws if the deceased had no will. However, the will must comply with the laws of the jurisdiction at the time it was created.

The exclusion from inheritance of a person who was an heir in a previous will, or would otherwise be expected to inherit, is termed "disinheritance".

A person does not become an heir, since the exact identity of the persons entitled to inherit is determined only then. Members of ruling noble or royal houses who are expected to become heirs are called

coparceny
.

In modern law, the terms inheritance and heir refer exclusively to succession to property by descent from a deceased dying intestate. Takers in property succeeded to under a will are termed generally beneficiaries, and specifically devises for real property, bequests for personal property (except money), or legatees for money.

Except in some jurisdictions where a person cannot be legally disinherited (such as the United States state of Louisiana, which allows disinheritance only under specifically enumerated circumstances[1]), a person who would be an heir under intestate laws may be disinherited completely under the terms of a will (an example is that of the will of comedian Jerry Lewis; his will specifically disinherited his six children by his first wife, and their descendants, leaving his entire estate to his second wife).

Inheritance has been compared to nepotism.[2]

History

Detailed

matrilineal
succession, where property can only pass along the female line, most commonly going to the sister's sons of the decedent; but also, in some societies, from the mother to her daughters. Some ancient societies and most modern states employ egalitarian inheritance, without discrimination based on gender and/or birth order.

Religious laws about inheritance

Jewish laws

The inheritance is patrimonial. The father —that is, the owner of the land— bequeaths only to his male descendants, so the Promised Land passes from one Jewish father to his sons. According to the Law of Moses, the firstborn son was entitled to receive twice as much of his father's inheritance as the other sons (Deuteronomy 21:15–17).

If there were no living sons and no descendants of any previously living sons, daughters inherit. In Numbers 27, the five daughters of Zelophehad come to Moses and ask for their father's inheritance, as they have no brothers.[3] The order of inheritance is set out: a man's sons inherit first, daughters if no sons, brothers if he has no children, and so on.[4]

Later, in Numbers 36, some of the heads of the families of the tribe of Manasseh come to Moses and point out that, if a daughter inherits and then marries a man not from her paternal tribe, her land will pass from her birth-tribe's inheritance into her marriage-tribe's. So a further rule is laid down: if a daughter inherits land, she must marry someone within her father's tribe.[5] (The daughters of Zelophehad marry the sons' of their father's brothers. There is no indication that this was not their choice.)

The laws of Jewish inheritance are discussed in the Talmud,[6] in the Mishneh Torah[7] and by Saadiah ben Joseph[8] among other sources. All these sources agree that the firstborn son is entitled to a double portion of his father's estate.[9] This means that, for example, if a father left five sons, the firstborn receives a third of the estate and each of the other four receives a sixth. If he left nine sons, the firstborn receives a fifth and each of the other eight receive a tenth.[7][10] If the eldest surviving son is not the firstborn son, he is not entitled to the double portion.

Jewish
laws of inheritance, praising them above other law codes of their time. They also agreed that the firstborn son must receive a double portion of his father's estate.

Christian laws

At first, Christianity did not have its own inheritance traditions distinct from Judaism. With the accession of Emperor Constantine in 306, Christians both began to distance themselves from Judaism and to have influence on the law and practices of secular institutions. From the beginning, this included inheritance. The Roman practice of adoption was a specific target, because it was perceived to be in conflict with the Judeo-Christian doctrine of primogeniture. As Stephanie Coontz documents in Marriage, a History (Penguin, 2006), not only succession but the whole constellation of rights and practices that included marriage, adoption, legitimacy, consanguinity, and inheritance changed in Western Europe from a Greco-Roman model to a Judeo-Christian pattern, based on Biblical and traditional Judeo-Christian principles. The transformation was essentially complete in the Middle Ages, although in English-speaking countries there was additional development under the influence of Protestantism. Even when Europe became secularized and Christianity faded into the background, the legal foundation Christendom had laid remained. Only in the era of modern jurisprudence have there been significant changes.

Islamic laws

The

Muslim
in disposing his or her property. Three verses of the Quran, 4:11, 4:12 and 4:176, give specific details of inheritance and shares, in addition to few other verses dealing with testamentary.
Sharia law and its application for Muslims is mandatory, though many peoples (see Historical inheritance systems
), despite being Muslim, have other inheritance customs.

Inequality

Inheritance by amount and distribution received and action taken with inheritances in Great Britain between 2008 and 2010

The distribution of the inherited wealth has varied greatly among different cultures and legal traditions. In nations using civil law, for example, the right of children to inherit wealth from parents in pre-defined ratios is enshrined in law,[17] as far back as the Code of Hammurabi (ca. 1750 BC).[18] In the US State of Louisiana, the only US state where the legal system is derived from the Napoleonic Code, this system is known as "forced heirship" which prohibits disinheritance of adult children except for a few narrowly-defined reasons that a parent is obligated to prove.[19] Other legal traditions, particularly in nations using common law, allow inheritances to be divided however one wishes, or to disinherit any child for any reason.

In cases of unequal inheritance, the majority might receive a small amount while the minority inherits a larger amount. The amount of inheritance is often far less than the value of a business initially given to the son, especially when a son takes over a thriving multimillion-dollar business, yet the daughter is given the balance of the actual inheritance amounting to far less than the value of the business that was initially given to the son. This is especially seen in old world cultures, but continues in many families to this day.[20]

Arguments for eliminating forced heirship include the right to property and the merit of individual allocation of capital over government wealth confiscation and redistribution, but this does not resolve what some[who?] describe as the problem of unequal inheritance. In terms of inheritance inequality, some economists and sociologists focus on the inter generational transmission of income or wealth which is said to have a direct impact on one's mobility (or immobility) and class position in society. Nations differ on the political structure and policy options that govern the transfer of wealth.[21]

According to the American federal government statistics compiled by Mark Zandi in 1985, the average US inheritance was $39,000. In subsequent years, the overall amount of total annual inheritance more than doubled, reaching nearly $200 billion. By 2050, there will be an estimated $25 trillion inheritance transmitted across generations.[22]

Some researchers have attributed this rise to the

baby boomer generation. Historically, the baby boomers were the largest influx of children conceived after WW2. For this reason, Thomas Shapiro suggests that this generation "is in the midst of benefiting from the greatest inheritance of wealth in history".[23] Inherited wealth may help explain why many Americans who have become rich may have had a "substantial head start".[24][25] In September 2012, according to the Institute for Policy Studies, "over 60 percent" of the Forbes richest 400 Americans "grew up in substantial privilege", and often (but not always) received substantial inheritances.[26]

Other research has shown that many inheritances, large or small, are rapidly squandered.[27] Similarly, analysis shows that over two-thirds of high-wealth families lose their wealth within two generations, and almost 80% of high-wealth parents "feel the next generation is not financially responsible enough to handle inheritance".[28][29]

Social stratification

It has been argued that inheritance plays a significant effect on social stratification. Inheritance is an integral component of family, economic, and legal institutions, and a basic mechanism of class stratification. It also affects the distribution of wealth at the societal level. The total cumulative effect of inheritance on stratification outcomes takes three forms, according to scholars who have examined the subject.

The first form of inheritance is the inheritance of

social hierarchy.[32]

Sociological and economic effects of inheritance inequality

It is further argued that the degree to which economic status and inheritance is transmitted across generations determines one's life chances in society. Although many have linked one's social origins and educational attainment to life chances and opportunities, education cannot serve as the most influential predictor of economic mobility. In fact, children of well-off parents generally receive better schooling and benefit from material, cultural, and genetic inheritances.[33] Likewise, schooling attainment is often persistent across generations and families with higher amounts of inheritance are able to acquire and transmit higher amounts of human capital. Lower amounts of human capital and inheritance can perpetuate inequality in the housing market and higher education. Research reveals that inheritance plays an important role in the accumulation of housing wealth. Those who receive an inheritance are more likely to own a home than those who do not regardless of the size of the inheritance.[34]

Often, racial or religious minorities and individuals from socially disadvantaged backgrounds receive less inheritance and wealth.[citation needed] As a result, mixed races might be excluded in inheritance privilege and are more likely to rent homes or live in poorer neighborhoods, as well as achieve lower educational attainment compared with whites in America. Individuals with a substantial amount of wealth and inheritance often intermarry with others of the same social class to protect their wealth and ensure the continuous transmission of inheritance across generations; thus perpetuating a cycle of privilege.[citation needed]

Nations with the highest

healthcare
.

When social and economic inequalities centered on inheritance are perpetuated by major social institutions such as family, education, religion, etc., these differing life opportunities are argued to be transmitted from each generation. As a result, this inequality is believed to become part of the overall social structure.[38]

Women's unequal inheritance rights refer to the disparities and discriminatory practices that women face in inheriting property and assets compared to men. These inequalities stem from a combination of legal, cultural, and religious practices that often prioritize male heirs over female ones, resulting in significant socio-economic consequences for women.

Dynastic wealth

Dynastic wealth is monetary inheritance that is passed on to generations that did not earn it.[39] Dynastic wealth is linked to the term Plutocracy. Much has been written about the rise and influence of dynastic wealth including the bestselling book Capital in the Twenty-First Century by the French economist Thomas Piketty.[40]

Bill Gates uses the term in his article "Why Inequality Matters".[41]

Soviet response to inheritance

As Communism is founded on the Marxist Labor Theory of Value, any money collected in the course of a lifetime is justified if it was based on the fruits of the person's own labor and not from exploiting others. The first communist government installed after the Russian Revolution resolved therefore to abolish the right of inheritance,[42] with some exceptions.

Taxation

Many states have

estate taxes, under which a portion of any inheritance or estate becomes government revenue
.

See also

References

  1. ^ "LSU Law: Louisiana Civil Code". lcco.law.lsu.edu. Retrieved 2022-07-19.
  2. ISSN 0002-8282
    .
  3. ^ Hebrew-English Bible Numbers 27:1–4
  4. ^ Hebrew-English Bible Numbers 27:7–11
  5. ^ Hebrew-English Bible Numbers 36
  6. Baba Bathra
  7. ^ a b "Nachalot - Chapter 2". www.chabad.org. Archived from the original on 9 June 2013. Retrieved 28 September 2017.
  8. ^ Saʻadia ben Joseph, Joel Müller (28 September 1897). "Sefer ha-yerushot: ʻim yeter ha-mikhtavim be-divre ha-halakhah be-ʻAravit uve-ʻIvrit uve-Aramit". Ernest Leroux. Retrieved 28 September 2017 – via Internet Archive.
  9. ^ Hebrew-English Bible Deuteronomy 21:17
  10. ^ "Archived copy" (PDF). Archived from the original (PDF) on 2016-03-04. Retrieved 2013-04-02.{{cite web}}: CS1 maint: archived copy as title (link)
  11. ^ Spec. Leg. 2.130
  12. ^ Ant. 4.249
  13. ^ .
  14. ^ Quran 4:11
  15. ^ "The Quranic Arabic Corpus - Translation". corpus.quran.com. Archived from the original on 1 March 2017. Retrieved 28 September 2017.
  16. ^ Quran 4:11,4:12,4:176
  17. ^ Julia Twigg and Alain Grand. Contrasting legal conceptions of family obligation and financial reciprocity in the support of older people: France and England Archived 2018-02-01 at the Wayback Machine Ageing & Society, 18(2) March 1998, pp. 131-146
  18. ^ Edmond N. Cahn. Restraints on Disinheritance University of Pennsylvania Law Review and American Law Register, Vol. 85, No. 2 (Dec., 1936), pp. 139-153
  19. ^ 43 Loy. L. Rev. 1 (1997-1998) The New Forced Heirship in Louisiana: Historical Perspectives, Comparative Law Analyses and Reflections upon the Integration of New Structures into a Classical Civil Law System Archived 2018-04-29 at the Wayback Machine
  20. Quarterly Journal of Economics
    , Vol. 97, No. 3, pp. 471
  21. ^ Angel, Jacqueline L. Inheritance in Contemporary America: The Social Dimensions of Giving across Generations. p. 35
  22. ^ Marable, Manning. "Letter From America: Inheritance, Wealth and Race." Google pages.com Archived 2008-12-16 at the Wayback Machine
  23. ^ Shapiro, Thomas M. The Hidden Cost of Being African American: How Wealth Perpetuates Inequality. Oxford University Press. 2004. p. 5
  24. Salon. Archived
    from the original on July 31, 2014. Retrieved August 24, 2014.
  25. ^ Staff (March 18, 2014). "Inequality – Inherited wealth". The Economist. Archived from the original on August 26, 2014. Retrieved August 24, 2014.
  26. ^ Pizzigati, Sam (September 24, 2012). "The 'Self-Made' Hallucination of America's Rich". Institute for Policy Studies. Retrieved August 24, 2014.
  27. ^ Elizabeth O'Brien. One in three Americans who get an inheritance blow it Archived 2018-02-01 at the Wayback Machine, Market Watch.com
  28. ^ Chris Taylor. 70% of Rich Families Lose Their Wealth by the Second Generation Archived June 28, 2021, at the Wayback Machine, Time.com, June 17, 2015
  29. ^ Legacy Matters
  30. ^ a b (Edited By) Miller, Robert K., McNamee, Stephen J. Inheritance and Wealth in America. p. 2
  31. ^ (Edited By) Miller, Robert K., McNamee, Stephen L. Inheritance and Wealth in America. p. 4
  32. ^ Clignet, Remi. Death, Deeds, and Descendants: Inheritance in Modern America. p. 3
  33. ^ Bowles, Samuel; Gintis, Herbert, "The Inheritance of Inequality." Journal of Economic Perspectives Vol. 16, No. 3, 2002, p. 4
  34. ^ Flippen, Chenoa A. "Racial and Ethnic Inequality in Homeownership and Housing Equity." The Sociological Quarterly, Volume 42, No. 2 p. 134
  35. ^ page 20 of "The Spirit Level"by Wilkinson & Pickett, Bloomsbury Press 2009
  36. ^ "How do mortality rates in the U.S. compare to other countries?".
  37. ^ Dubner, Stephen. "How Big of a Deal Is Income Inequality? A Guest Post". The New York Times. August 27, 2008.
  38. ^ Rokicka, Ewa. "Local policy targeted at reducing inheritance of inequalities in European countries." May 2006. Lodz.pl Archived 2008-12-16 at the Wayback Machine (in Polish)
  39. ^ John J. Miller, "Open the FloodGates", "The Wall Street Journal", July 7, 2006
  40. ^ Piketty, Thomas, "Capital in the Twenty-First Century". Harvard University Press, Mar 10, 2014
  41. ^ BILL GATES, "Why Inequality Matters", "LinkedIn", 15 October 2014
  42. ^ "Abolition of Inheritance". Seventeen Moments in Soviet History. 2015-08-26. Retrieved 2021-01-06.