What is the difference between succession and inheritance?
Succession and inheritance are both ways for an individual to obtain property or an inheritance upon the death of another. The main difference between succession and inheritance is the way in which the property is distributed. In the case of succession, the property is acquired by the beneficiary immediately upon the death of the deceased. This is done through a process known as “intestate succession” which is based on a series of laws that dictate how the deceased’s property is to be distributed. On the other hand, inheritance refers to property that is given to an individual after the deceased’s will is read and the estate has been settled. In California, beneficiaries named in a will are granted rights to the deceased’s property. Inheritance laws can be complex, and they may vary in your state. In summary, succession is the transfer of property upon death, while inheritance is the grant of property to a beneficiary after all legal procedures of settling the estate are complete.
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