For members of many families, the family property will be the source of fond lifetime memories that they would like to see subsequent generations have the opportunity to experience. For others, the property will be symbolic of a time in their lives they hope to forget. While some family properties will be enjoyed by multiple generations over decades, others will be sold for a multitude of individual reasons, but most commonly because subsequent generations don’t share the founders’ emotional attachment to the property, or because the members of a subsequent generation don’t get along with each other, can’t agree on how to manage the property, want to create new memories and traditions elsewhere, or simply can’t afford to keep the property
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SFLR exists to create a sustainable system of support for African American forest owners that significantly increases the value of African American owned forests, land retention, and asset development for Black families in the U.S. South.
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Real property passed to subsequent generations via intestate succession
(i.e., without a will) is termed a tenancy-in-common, or more
colloquially, “heirs’ property.” Property may also be classed as heirs’
property via an intentional simple will that divides real estate assets
equally among descendants. With this kind of property ownership,
co-heirs hold fractional interests in property that is not physically divided.
As such, heirs’ property represents a form of collective ownership...
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Heirs Property is a common term for property that is inherited from a deceased family member. However, the term eludes to property that is given or owned by more than one person. Under Heirs Property, numerous siblings, even cousins can own a piece of land and whatever is attached to it. Usually, it is created by either a family member willing the property equally to the descendants, or where someone dies without a will.
When numerous people own a single property, some things are confused.
In light of the above, heirs property can be saved or destroyed.
A land trust is a way to save property from the confusions stated above. A trust is an agreement between co-owners, where all owners of the heirs property give their interest to the trust and rely on the trust to make decisions for them. This arrangement would place the trust on the deed as being the sole owner, which removes the confusion associated with having more than one owner of a given property. A trust usually has one or two "trustees" who's duty is to work for the benefit of the co-owners, to pay taxes, and to maintain the property.
Heirs property can be destroyed by the court where co-owners can turn to the court for a Partition action that would either divide the physical property (partition in kind) among the co-owners, or that would result to selling the property where a fair division of property cannot be realized (partition in sale).
If you have any questions or concerns about creating a land trust or assistance in heirs property matters, you should speak with a local attorney.
Disclaimer: This information is made available by the lawyer or law firm publisher for educational purposes only as well as to give you general information and a general understanding of the law, not to provide specific legal advice. This information should not be used as a substitute for competent legal advice from a licensed professional attorney in your state.
The Black Family Land Trust, Inc. (BFLT) incorporated in 2004 and based in North Carolina, is one of the nation's only conservation land trust dedicated to the preservation and protection of African-American and other historically underserved landowners assets. The BFLT utilizes the core principles of land conservation and land-based community economic development to achieve our goals. We measurably improve the quality of life for landowners, by providing families with the tools necessary to make informed, proactive decisions regarding their land and its use. The BFLT works primarily in the Southeastern United States, our programs are intergenerational in their design. We honor the legacy of those stewards of the land that came before us and have faith in those stewards of the land that will come after us.
Learn More @ bflt.org/
Divorced couples may be familiar with how the courts divide a house or other real estate. In North Carolina, an "equitable distribution" proceeding can determine how the real estate will be divided, if spouses can't agree. But what can non-married co-owners do when they are no longer happy owning property together and can't resolve the situation by agreement? The law provides an answer: partition.
North Carolina, like other jurisdictions, allows a co-owner of real estate to ask the court for a partition of the land. In a partition proceeding, the court can divide the land in one of two ways – either by actually dividing the land itself (a partition "in kind") or by selling the land and dividing the proceeds. A partition in kind may be appropriate where, for example, several children inherit a large family farm from their parent, and each child wants to solely own a piece of the farm. In such a case, the court can appoint impartial "commissioners" to fairly divide the property, accounting for the fact that some portions of the property may be more valuable than others. On the other hand, where an unmarried couple buys a typical suburban house together, it is probably infeasible to literally split the house if the couple decides to end their cohabitation. In that case, a partition sale would be appropriate.
While partition has been available in North Carolina for many years, the General Assembly recently passed Senate Bill 729, an act to update the partition laws. The new laws take effect on October 1, 2020. While many of the changes in the law (including the creation of a new Chapter 46A in the General Statutes) are technical in nature and will be of greatest interest to attorneys who handle real estate disputes, some changes are important. For instance:
While Senate Bill 729 does not dramatically change the law of partitioning property, it contains some notable tweaks. Co-owners of property who may need a partition should consult a lawyer familiar with the current state of the law – and should evaluate whether it is best to file a partition case before or after the new law takes effect on October 1. Dissatisfied co-owners should also consider hiring an attorney to assist with negotiations before heading to court. While partition proceedings are sometimes necessary to resolve disputes, substantial expense can often be saved by negotiating a reasonable buy-out of a co-owner's interests in the property. Likewise, in situations where non-married parties (like business partners or unmarried couples) voluntarily take co-ownership of property together, they should consider consulting with an attorney about a "co-tenancy agreement" or other contract that will provide an agreed-upon buy-out mechanism in the event of a future dispute.
Disclaimer: This information is made available by the lawyer or law firm publisher for educational purposes only as well as to give you general information and a general understanding of the law, not to provide specific legal advice. This information should not be used as a substitute for competent legal advice from a licensed professional attorney in your state.
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