Know your family history. On the flip side, some people are surprised to learn they have a stake in heirs' property when a distant relative dies without a will or someone in the family does some digging and discovers old property records that show that a piece of land should still be in the family's hands. If you know of land that used to belong in your family and want to look up the ownership, check local courthouse records for title changes to the land. You can also check the National Archives for land records in the states your ancestors lived in. The National Association of Unclaimed Property Administrators also keeps a database of unclaimed money and other property across the United States.
Take time to do the planning. Many people don't like to think about what should happen to their property after they die. "But that leaves our community susceptible to fraud, trickery and deception, which leads to the loss of our property," says Lisa G. McCurdy, managing partner of The Wealth Counselor, an estate planning firm in Washington, DC. Think about who you want to have your property, as well as who you know will take care of it.
Do a transfer on death (TOD) deed. In some states, you can sign a legal document designating that your property go to a beneficiary of your choice when you die. If you're the owner of a piece of property and you want to pass it down to children or other relatives, a TOD provision lets you do that without your beneficiaries having to go through the probate process even if you don't create a will. "The transfer deed is the best thing to do," says Nelson. If your state doesn't accept them, your next best option is to make a will, Nelson says.
Hold official family meetings. When there is heirs property in the family, McCurdy suggests meeting at least once a year with all family members who own a portion of it. Not only will meetings help distant factions of the family to get to know one another and potentially cut down on family disagreements, but they can be used to discuss how the family property can benefit everyone, such as by generating income for scholarships or charitable donations. Also come up with a set of shared family values to guide decision-making.
Make sure property taxes are paid on time. If your family doesn't pay the taxes on the house, it can go into tax foreclosure where someone else can buy it. You may be able to pay the back taxes, but you may also be responsible for tens of thousands of dollars in attorney's fees in the process of trying to get the property back, Nelson says. "The best way to not have to deal with that is to make sure that the property taxes are paid and they're paid on time," Nelson says. When there are multiple heirs designate someone to be responsible for ensuring the taxes are paid and collecting contributions from all family members.
Know where to go for help. If you do own a piece of heirs property that's in danger of being lost or is no longer in your hands, look into state legal services programs, Nelson suggests. You can also contact your local bar association and ask if they can direct you to a legal services program in your area, she adds.
Staying together as a family is paramount, as a house divided is more likely to fall. "Work it out within the family. Don't allow for people to come in, divide and conquer," says Kavon Ward, the founder of Where Is My Land, an organization that helps Black Americans regain ownership of heirs' property. "That is a huge tactic that was used in the past and it's still being used today."
