The correct answer is option 'B', succession.

Explanation:
Succession refers to the process by which one person succeeds to the rights, interests, benefits, and obligations of another person. It typically occurs when there is a change in ownership or control of property or assets.

Succession can occur in various contexts, such as in the case of inheritance, where the rights and obligations of a deceased person are transferred to their legal heirs. In this situation, the legal heirs succeed to the property, assets, and liabilities of the deceased person.

Similarly, succession can also occur in the context of business or corporate entities. When a business owner or shareholder transfers their ownership or interest in the company to another person, the new person succeeds to the rights and obligations associated with that ownership or interest. This can happen through various mechanisms, such as selling or transferring shares, or through the appointment of a successor in a will or legal document.

In the legal field, succession is an important concept as it governs the transfer of rights and obligations from one person to another. It ensures the smooth transition of ownership or control, and allows for the orderly transfer of assets and liabilities. Without a proper process of succession, there can be confusion, disputes, and legal complications regarding the rights and obligations associated with a person or entity.

In conclusion, succession is the process by which one person succeeds to the rights, interests, benefits, and obligations of another person. It is an essential concept in various areas of law, including inheritance and business transactions, and ensures the orderly transfer of rights and responsibilities.