Inherited Real Estate – Heirs Property – Rights to Inherited Real Property
Congratulations (and my condolences)! You just found out you are one of three heirs to your great grandfather’s property. But before you start packing your things, here are three things you should know about heirs’ property (land passed down through the generations without the benefit of a written Will).
- Undivided, and it Feels So Good.Generally with heirs’ property, each owner’s share is undivided. Some people assume if they have 1/3 interest in the property, the property would be split into thirds and each owner would own a specific portion of the property. In actuality, undivided means each owners owns a fraction of the entire parcel of land. This is not to say the land can only be enjoyed a fraction of the time! Which leads us to…
- This Land is Your Land, This Land is My Land.As a 1/3 owner, you have the right to use the entire land as if you were the only owner. This means you could even live on the property without asking the other owner’s permission. The other owners have the same rights as you do, but as long as you don’t prevent them from access or use of the property, you are free to enjoy it as much as you want. Now that’s a pretty sweet deal. This principle applies even if you only own a very small portion of the land. So go ahead and get out your fishing gear, but before you get big ideas about opening up a fish market, keep in mind….
- Profits, Profits, Profits!Imagine your great grandfather was a successful beet farmer, and this year’s crops make a million dollar profit. First of all, congratulations! As a 1/3 owner, you would be entitled to 1/3 of the profits. Likewise, if your interest was 1/10 instead of 1/3, you would only be entitled to 1/10 of the profits. But what if Cousin Jimmy did all the hard work? Unfortunately for Cousin Jimmy, it doesn’t matter. The profits should still be divided among the owners according to their percentage of interest in the land.
Remember, the more owners to the property, the more complicated things can get. As an heirs’ property owner, you have a responsibility to pay taxes, provide basic upkeep, and ward off unwanted guests. If the other owners are lazy or unresponsive, all that responsibility could potentially fall on you. If you have inherited real property, remember that it’s always wise to talk to a licensed attorney about your rights and duties as a property heir.