Landownership and homeownership are significant contributors to the creation of wealth and thus, drivers of intergenerational economic mobility. However, many people who have inherited family land are unable to realize these opportunities because of the legal effect of their particular form of landownership, often called heirs' property. These landowners are more likely to lose their land through what is known as a partition salea property sale resulting from a dispute between co-owners, often ignited by an outside party with an investment interest in the land. This Partners Update article explores the repercussions of heirs' property ownership and examines legislative solutions recently enacted in three southeastern states: Florida, Mississippi, and Virginia.
Partners Update
- Housing
- Racial Wealth Gap
- Real Property
- South
- Gentrification
- Intestacy
- Legal Reform
- Wealth
- Wills
- Land