The Collaborative International Dictionary of English v.0.48:

Inherit \In*her"it\, v. t. [imp. & p. p. Inherited; p. pr. &
   vb. n. Inheriting.] [OE. enheriten to inherit, to give a
   heritage to, OF. enheriter to appoint as an heir, L.
   inhereditare; pref. in- in + hereditare to inherit, fr. heres
   heir. See Heir.]
   [1913 Webster]
   1. (Law) To take by descent from an ancestor; to take by
      inheritance; to take as heir on the death of an ancestor
      or other person to whose estate one succeeds; to receive
      as a right or title descendible by law from an ancestor at
      his decease; as, the heir inherits the land or real estate
      of his father; the eldest son of a nobleman inherits his
      father's title; the eldest son of a king inherits the
      crown.
      [1913 Webster]

   2. To receive or take by birth; to have by nature; to derive
      or acquire from ancestors, as mental or physical
      qualities, genes, or genetic traits; as, he inherits a
      strong constitution, a tendency to disease, etc.; to
      inherit hemophilia
      [1913 Webster +PJC]

            Prince Harry is valiant; for the cold blood he did
            naturally inherit of his father he hath . . .
            manured . . . with good store of fertile sherris.
                                                  --Shak.
      [1913 Webster]

   3. To come into possession of; to possess; to own; to enjoy
      as a possession.
      [1913 Webster]

            But the meek shall inherit the earth. --Ps. xxxvii.
                                                  11.
      [1913 Webster]

            To bury so much gold under a tree,
            And never after to inherit it.        --Shak.
      [1913 Webster]

   4. To put in possession of. [R.] --Shak.
      [1913 Webster]

The Collaborative International Dictionary of English v.0.48:

inheriting \inheriting\ adj.
   capable of inheriting by law.
   [WordNet 1.5]

WordNet (r) 3.0 (2006):

inheriting
    adj 1: having the legal right to inherit