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Heir Property Opportunities in Arkansas
Transcript of Heir Property Opportunities in Arkansas
Opportunities and Challenges
The Uniform Partition of
Heirs Property Act
Pass the Heir Property Act
Heir Property . . .
- is family-owned, inherited real property (land) owned by multiple heirs with undivided interest.
- has economic and historical value for the family and larger community.
- results from a family member dying intestate (without a will) or with just a simple will.
- CAN be sold, often below market rate.
Protecting Family Land
- Sale of heir property can be initiated without notification of all heirs.
- Heir property can be sold below market rate, robbing families of their inheritance.
- Heirs have no right of first refusal in a sale.
Assets and Opportunity
When well managed, family land can provide
- Assets for living heirs
- Opportunity for generational wealth transfer
- A strong connection to our Arkansas heritage
Uniform Law Commission
- Nonprofit, nonpartisan organization founded in 1892.
- Commissioners are volunteer, state-appointed attorneys.
- Funded predominately by state dues.
Heir Property Act
A Fine Balance
The Short and Sweet
Passage of the Heir Property Act would prevent the forced sale of inherited property against the heirs’ wishes, encouraging the retention of family-
owned land and promoting the growth of generational wealth.
- Suggest heir property resources for distribution.
- Learn about the Heir Property Act and share your knowledge with your family and friends.
- Write an op-ed for your local paper.
- Speak about the Heir Property Act at civic and family gatherings.
- Talk with candidates about the Heir Property Act.
- Identify legislators who will sponsor or vote for the Heir Property Act in 2015.
- Ask the governor to sign the Heir Property Act once it arrives on his desk.
"So what can I do?"
PO Box 166661 Little Rock AR 72206
- Like us on Facebook.
- Write your legislators to ask for their support.
- Encourage your family and friends to do the same.
- Volunteer to spread the word.
- Contact us to get started.
Find your legislator:
Check your knowledge!
Many people still think that dying without a will prevents family land from ever being sold.
This is NOT TRUE!
Check your knowledge!
High wealth families often use estate planning to pass on wealth.
Low and moderate wealth families are more likely to need the Heir Property Act to protect and pass on their limited wealth.
Arkansas has a long history of enacting ULC legislation:
- Uniform Commercial Code
- Uniform Anatomical Gift Act
- Uniform Electronic Transactions Act
- Uniform Unclaimed Property Act
- Uniform Trust Code
- and many others.
ULC in Arkansas
"The Uniform Law Commission provides states with non-partisan, well-conceived, and well-drafted legislation that brings clarity and stability to critical areas of state statutory law."
- Protects the property rights of Arkansans who inherit real estate.
- Affects only heir property, a small subset of all real estate.
- Requires notice of all heirs before sale.
- Gives heirs right of first refusal at sale.
Balances rights of heirs who do want to sell with the rights of those who do not want to sell their property.
Protects heirs from forced sale of their land against their wishes or without their knowledge.
Provides heirs who wish to sell their property a means to realize the full market value of their land.
created by Karama Neal, PhD