There is a lot of misunderstanding about heirs’ property. Having the wrong information might cause you to make the wrong decision about your land. Call the Center (843-745-7055) to schedule one, free hour “Advice and Counsel” with an attorney to find out what you need to know.
Here are some common “Myths and Truths” about heirs’ property ownership:
MYTH: Heirs’ property is the best way to own and maintain family land.
TRUTH: NO…Owning land as heirs-in-common is unstable and the land can be easily lost.
TRUTH: NO….Heirs who don’t live on the land have the same rights to the use, enjoyment and benefit of the land as the heirs who may live on it.
TRUTH: NO…. Payment of taxes does not increase an heir’s percentage of ownership. Heirs who do not contribute to tax payments do not lose any rights to ownership.
TRUTH: NO….Each heir owns a “percentage” of the whole property (not a “piece”). That percentage is determined by where they fall in the family tree.
TRUTH: NO…. A survey is not a deed. It cannot grant ownership of land to any heir. Ownership of any real property can only be transferred by a duly-recorded deed.