The Family Tree [insert agency] Can Help Heirs Property is Complicated Creating a family tree from the original [Insert agency] has many resources owners to the present generation of If you own land with other family to help you at each stage of this living family members is a key step members, it can be very hard to make process. You do not have to face this that you can complete. decisions about the land and enjoy it. alone. We’ve got your back! This is because you may not know [Insert language about how owners Clear Ownership History who all the owners are and what their should seek help from your agency] Then a real estate attorney will use your rights are. And, it can be hard to get family tree to legally confirm who the along, especially when it comes to the [Insert contacts for regional service past and present owners are - all of family land. providers who can help: them! Then, all of the co-owners go to Land attorneys the next step. Understanding Heirs Property Accountants or tax specialists If you own land with other family Law school clinics Co-Owner Decision Making members because you inherited it, Small Business Center In this third phase, the co-owners the land is called “heirs property”. Resources choose a better way of owning the NC Agriculture Development You may have become owners at property, such as a Trust or LLC. and Farmland Preservation different times or have different-sized Trust Fund shares of ownership, but you all have Put Those Decisions into Action NCDA&CS Soil and Water equal rights to the land. Plus, you When co-owners have decided on how Conservation Division must all agree on every important to make management easier and the decision related to the land. future very secure, you hire an attorney Owning heirs property does not have to help you put the plan in action. to be difficult. In fact, you and your co-owners can create an ownership model that works for you. What does this require?
Heirs Property is Complicated If you own land with other family members, it can be very hard to make decisions about the land and enjoy it. This is because you may not know who all the owners are and what their rights are. And, it can be hard to get along, especially when it comes to the family land. Understanding Heirs Property If you own land with other family members because you inherited it, the land is called “heirs property”. You may have become owners at different times or have different-sized shares of ownership, but you all have equal rights to the land. Plus, you must all agree on every important decision related to the land. Owning heirs property does not have to be difficult. In fact, you and your co-owners can create an ownership model that works for you. What does this require? The Family Tree Creating a family tree from the original owners to the present generation of living family members is a key step that you can complete. Clear Ownership History Then a real estate attorney will use your family tree to legally confirm who the past and present owners are - all of them! Then, all of the co-owners go to the next step. Co-Owner Decision Making In this third phase, the co-owners choose a better way of owning the property, such as a Trust or LLC. Put Those Decisions into Action When co-owners have decided on how to make management easier and the future very secure, you hire an attorney to help you put the plan in action. [insert agency] Can Help [Insert agency] has many resources to help you at each stage of this process. You do not have to face this alone. We’ve got your back! [Insert language about how owners should seek help from your agency] [Insert contacts for regional service providers who can help: Land attorneys Accountants or tax specialists Law school clinics Small Business Center Resources NC Agriculture Development and Farmland Preservation Trust Fund NCDA&CS Soil and Water Conservation Division