Inheritance
Definition 1 of 3
Pro Tip 1/3
Wealth Transfer
Inheritance often involves transferring wealth across generations within a family. The inheritance from his grandparents made him financially independent.
Pro Tip 2/3
Legal Process
Receiving an inheritance can involve a legal process, including wills, probate, and taxes. They had to wait for the probate process to conclude before accessing the inheritance.
Pro Tip 3/3
Unexpected Wealth
An inheritance can be unexpected and bring sudden changes to someone's financial situation. I suddenly received an inheritance from a relative I barely remembered.