Absolutely! And reading on to Eph 2:1, the implicit word of law tells us the situation more explicitly, and that is why 1:3-14 is so dramatically good news.
For me, it's helpful to note that an "inheritance" is a form of "predestination" (which Paul talks about here). When you're adopted into a family as a full member, you acquire a title and become predestined to receive an inheritance.
