If property is heritable, it can pass from the older members of a family to the younger ones when someone dies — land, a house, a title, a farm. The law treats it as something an heir can receive, not as a thing that dies with the owner. This is formal, legal English; in everyday talk people say the house can be inherited, or it stays in the family. (Though actually, biologists use the same word for a trait that can pass from parent to child through genes — a heritable disease, heritable height. That is a different door into the same idea of “passing down,” but the sense filed here is the family-property one.) Not all property is heritable in every legal system; money in a pocket and land in a deed are not always treated the same. The word describes the property (or the trait), not the person.