Any money or property you receive after the death of a friend or relative is an inheritance. Your grandmother might have left you a small inheritance, but she left the bulk of her estate to her Chihuahua, Killer.
A title that passes with death is also called an inheritance. If the current monarch of Britain dies, the inheritance passes to the next in line for the throne, first to the oldest son. A trait that is passed from parent to child genetically is also referred to as an inheritance. The inheritance of red hair, for example, might be common in your family.