Children frequently inherit their parent’s homes and land. However, with no will or estate plan, the process can be volatile and exploitative. In such instances, state laws decide how the assets are divided, often resulting in a loss of ownership of the property and assets. The importance of a will and proper succession planning is essential to ensure assets are passed on and managed as intended. While this is an issue for all people, the African American community is more likely to endure adverse outcomes, legal complexities, and partition sales as it relates to being heir property owners.
In the absence of a will, each heir owns a proportional stake in the property. All heirs must agree on major decisions affecting the assets. With every generation, the number of heirs can grow, creating a difficult environment to navigate. In the absence of empowerment, the guidance and support of trusted external partners becomes essential.