There are two aspects of the Christian’s inheritance in the New Testament:
• It is material things—i.e. every created thing in heaven and on earth (Eph. 1:11, 14, 18; Col. 3:24).
• It is spiritual things that believers possess in Christ—i.e. our spiritual blessings (Acts 20:32; 26:18; Col. 1:12; 1 Peter 1:4).
Viewed as material things, it is called “His (Christ’s) inheritance” (Eph. 1:18) and “our inheritance” (Eph. 1:14) because we are “heirs of God, and joint-heirs with Christ” (Rom. 8:17). Paul said, “All things are yours” (1 Cor. 3:21), and this includes the inheritance. It is something that is ours now (Eph. 1:11 – “we have obtained an inheritance”). It has been purchased for us by Christ’s work on the cross (Heb. 2:9 – “tasted death for every thing”). However, while it belongs to us now, it has yet to be redeemed (Eph. 1:14). The redemption of the inheritance has to do with Christ’s setting it free from sin, Satan, and the world, so that it can be used for the display of His glory in the world to come (the Millennium). This will occur at the Appearing of Christ through His warrior-judgments.
Viewed as spiritual things, the inheritance has to do with what believers possess spiritually in Christ—i.e. our spiritual blessings (Eph. 1:3). Acts 26:18; Colossians 1:12; and 1 Peter 1:4 speak of it in this way. The J. N. Darby Translation renders it “a portion” in Acts 26:18 and Colossians 1:12 to distinguish it from the material side of inheritance. Seen from the perspective of the Christian being on earth, this aspect of the inheritance is viewed as being “in heaven.” J. N. Darby said, “The inheritance is the inheritance of all things that Christ created. But in 1 Peter, or in Colossians 1, the thing is in heaven” (Notes and Jottings, p. 101).