Passing it down: wills, trusts, and heirs' property

The heirs' property problem

When a property owner dies without a will, the land passes to all heirs as 'tenants in common.' Any one heir — or anyone who buys out one heir's stake — can force a court-ordered partition sale. Investors specifically target these properties.

The fix: a will (free in most states)

A simple will costs $0-200 to create. Templates from your state's bar association, or services like FreeWill.com (free), are valid in all 50 states when signed and witnessed correctly.

When to consider a revocable living trust

• For estates over ~$500K, or with multiple properties, a trust:
• Avoids probate (saves time and ~3-7% of estate value in fees)
• Keeps the transfer private (wills become public record)
• Lets you specify conditions ('property must be held by family for 25 years', etc.)

Cost: ~$500-3,000 with an attorney. Worth it.

Other paperwork while you're at it

• Beneficiary designations on retirement accounts, life insurance, bank accounts — these pass outside the will.
• Healthcare proxy and durable power of attorney — so a family member can act if you're incapacitated.
• Letter of intent — non-legal but invaluable: where the accounts are, which lawyer you used, where the safe-deposit-box key lives.

Free resources

• Uniform Partition of Heirs Property Act — your state may have adopted protections. Search your state + the act name.
• Federation of Southern Cooperatives Land Assistance Fund (federation.coop) — specifically helps Black landowners.
• Center for Heirs' Property Preservation (heirsproperty.org) — direct legal help.