Heirs’ Property

Heirs’ Property is when a property owner dies without a will or any other estate planning in place (the “decedent”), and the decedent’s property passes to the decedent’s descendants (heirs) undivided. In most cases, the property continues to pass down through generations causing an even larger problem—multiple heirs—which leads to serious implications for the heirs and the property. For instance, heirs may be unknown, unable to be located, or unwilling to agree on what is best for the property. These cases are problematic because, without all owners in agreement, routine tasks such as obtaining a loan, insurance, federal assistance, or even selling the property, become nearly impossible. In some cases, a portion of the property may be sold to a corporate investor who then asks the court to partition the property through a sale. Consequently, Heirs’ Property may result in generational family homes being lost forever.

That said, Heirs’ Property is preventable. For example, you can prevent it with proper estate planning, which may be as simple as executing a Will or, in Florida, an Enhanced Life Estate Deed (commonly known as a Lady Bird Deed). If you are unsure of the status of your family home, check who is listed as the owner of the property. You can find this information on the property appraiser’s website for the county in which the property is located. If you are having trouble locating your property’s ownership information, are interested in estate planning, or live in an Heirs’ Property home, contact Bracho Law. Bracho Law can help you determine the ownership status of your property, facilitate your estate planning, and address Heirs’ Property issues.