What term is used to describe the act of transferring ownership of property upon death?

The term that accurately describes the act of transferring ownership of property upon death is "inheritance." This term specifically refers to the legal process through which a deceased person's assets are passed on to their heirs or beneficiaries as outlined in their will or according to state law if no will exists.

Inheritance encompasses all forms of property, including real estate, personal belongings, and financial assets, and it carries with it the idea that the beneficiary has received these assets as a result of the death of the previous owner. This understanding is crucial in the context of estate planning and asset management, as it defines how property rights transition after an individual's passing.

While "bequest" refers to the act of leaving specific items or sums of money to individuals through a will, it is more limited in scope than inheritance, which covers the entire range of assets transferred upon death. "Establishment" does not pertain to property transfer but rather to creating something, and "transfer of assets" is a broader term that can apply to various situations, not solely related to death. Thus, inheritance is the most precise and relevant term in this context.