Heirs property refers to a home or land that passes from generation to generation without a clear legal owner which causes ownership to be divided among all living descendants in a family. This unstable form of ownership can cause conflict within a family and prevent generational wealth. Unfortunately, ownership that is fractured among generations significantly increases the risk that an heir will try to make a partition sale, or that the land turns to tax default and gets lost. Adding to the complications is that many technical and legal obstacles make the process fundamentally inequitable.
Below is an example of a complicated heirs property family tree that we simplified and solved for our clients.
The legal owners of the estate passed away and the property inheritance was split between their four children.
Once the four children inherited the property:
- Each heir has equal rights to full use and possession
- Each heir is legally responsible for taxes and other property-related expenses
- Each heir may transfer his or her interest in the property to another heir or to an outsider
- Each heir may seek a partition of the property
- Each heir must agree to any major decisions about the property
The four children eventually passed, and generations later the original owner’s grandchildren began to pass. Eventually passing the inheritance down to 18 different distant family members.
- This complex fractionated inheritance begs the following questions and more:
- Who becomes the rightful owner of the property?
- Who is liable to pay the taxes and fees on the property?
- Does each heir have equal rights to the property?
- What if the property is vacant and none of the heirs are making use of it?
This is where Premier Properties steps in to simply the process and answer those daunting questions.
Premier uses our proven research/investigation methods to locate, identify, and connect with all 18 of the heirs. We then gather all the legal and technical documentation to clear the title. Our investment team works to develop and present a favorable offer to purchase the shares in the property subject to all outstanding debts. This is beneficial to the heirs as it relieves them of a variety of different complications associated with the property ownership.
The complications that we relieve through our investment in shares include but are not limited to:
- These properties sitting vacant with tax liens
- Squatters taking over and living in the property
- Single family member owns a share and is collecting rent for himself while while the other heirs have absolutely zero benefit
Premier Properties takes the weight off of our clients shoulders by tackling the above complex fractionated inheritance tree. By purchasing the shares in your property, you will be relieved of any outstanding debt, legal and technical liabilities, and a variety of other obstacles. We have made a name for ourselves in the real-estate industry for our professionalism and expertise in the field of heirs inheritance.
Contact a representative today to learn more about how we can help you with your heir property.