Which of the following best defines the term 'inheritance'?

The term 'inheritance' is best defined as the transfer of property upon the death of an individual. This definition captures the essence of what inheritance entails: it signifies the passing of rights to property or assets from a deceased person to their heirs. When someone dies, their belongings, which may include money, real estate, or personal possessions, are typically passed on to designated beneficiaries or heirs according to the instructions laid out in a will or by state laws if no will is present.

Viewing the other definitions, the total value of a person's estate at death refers more to the quantifiable aspect of what is left behind rather than the act of transferring. A legal document outlining how assets are distributed relates to wills or trusts, which are tools used to facilitate the inheritance but do not define the process of inheritance itself. Lastly, the process of resolving debts and distributing remaining assets describes elements of estate administration, but again, this process is broader than just inheritance, which specifically focuses on the transfer of property. Thus, the choice emphasizing the actual transfer of ownership is the most precise and relevant in defining 'inheritance.'