Background
Heirs’ property is real estate that official government records indicate is owned by someone who is deceased, and maybe has been for multiple generations. When a person dies, their home, land or other real estate is treated differently than their personal effects and financial assets. If new ownership of a deceased person’s property isn’t determined through a will or court proceeding, and the deceased person didn’t use alternative estate planning that doesn’t require a probate proceeding, that property becomes heirs’ property.
ALTA Position
In partnership with other industry groups and government leaders, ALTA is working to address the issue of heirs' property — a major hurdle to wealth building.
ALTA has brought together industry and outside experts to discuss the various ways industry and government can address the issue of heirs' property, including how to quantify heirs' property, how to better leverage estate planning tools and resources, and how to expand access to programs and services for those with heirs' property.
ALTA has endorsed the Uniform Partition of Heirs Property Act (UPHPA), which has now been enacted in 22 states.