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 a free, one-hour “Advice and Counsel” session with the Center’s attorney to better understand the risks, responsibilities and rights of owning heirs’ property.
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 puts the property at a high risk of being lost by the family. Any person who inherits or purchases an interest in the property has the right to force a sale of the entire property in court.
TRUTH: NO….Heirs who don’t live on the land or don’t help to maintain the property have the same rights as heirs who live on the land and keep it up.
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…. A descendant’s share depends on the number of heirs in each preceding generation.
TRUTH: NO…. A survey cannot grant ownership of the land to any heir. Ownership of any real property can only be transferred by a duly-recorded deed.