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Assignee. Person to whom the inventor is obligated to assign.
A person to whom the inventor is under the obligation to assign the invention may file a patent application and be identified as the applicant.
Like other forms of property, the rights symbolized by a patent can be inherited, sold, rented, mortgaged and even taxed. When a patent expires, or is held invalid, the right to exclude the others ceases. The public is the ultimate beneficiary of the technical advance.
What's important to understand is that you must include as named inventors anyone who conceived of an invention in any claim ? even dependent claims.
When the inventor dies, he no longer owns the patent, so there is nothing to transfer. However, if the inventor still owns the patent, he can transfer it through a will or trust. If the inventor did not have a will or trust, it will pass to heirs via intestacy law, like every other right.