What is Heirs’ Property?
June 14, 2022
Heirs’ property is passed down from generation to generation. An individual often gets ownership of property from their ascendants, and when they pass away, their wealth is transferred to their descendants. This is the same way heirs’ property works, but with the addition of other complexities.
These assets are jointly owned by all the descendants of the person that passes away. That means all the heirs enjoy equal ownership, interest, and the right to access and use the property.
When the descendants of one generation pass away, heirs’ property is passed down to their children, by the laws of intestacy, or this distribution is done in accordance with instructions left in a will or trust. As the property is passed down, the number of descendant owners in each successive generation gets larger and larger.
The Issue With Heirs’ Property
Heirs’ property can have some roadblocks along the way. One of the biggest estate issues happens when the estate was never administered and the property stays titled in the deceased’s estate.
Because of this, the heirs who have inherited the titled property have limited rights over the property, which cannot be sold or transferred because of the lack of clear or marketable title.
Title of Heirs’ Property
If a person has an interest in heirs’ property, they should work to resolve the estate issues and get the title transferred as soon as possible. That way, when the time comes for their children to inherit it, they will not have to deal with the same estate issues.
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