Show Notes
Across the country, low-income communities face threats of displacement, predatory investment activity and limited wealth-building opportunities. One often-overlooked contributor to these dynamics: a lack of formal estate planning. When a homeowner passes away without an estate plan, their home often becomes an “heirs’ property,” a property with no clear title. Without a clear title, homeowners face immense barriers–they cannot access the equity in the home, sell the home for a fair market price, obtain loans for repairs or purchase insurance, among other challenges. For low-income families, this situation can lead to significant home value depreciation, forced sales and even homelessness.
Unfortunately, heirs’ properties are widespread, particularly among low-income communities. A conservative analysis estimates that heirs’ properties nationwide have an assessed value of over $32 billion.
If communities nationwide could identify households at risk, help address’ estate planning issues and ensure clear transfers of property title, they could stabilize neighborhoods, reduce home loss and protect immense amounts of wealth for low-income residents.
Fortunately, a program in Jacksonville, Florida, is showing the way.
Heirs’ properties are widespread in Jacksonville and the surrounding area in Duval County, with an estimated 10,000 heirs’ properties in the region. Emerging from a process of deep community engagement, LISC Jacksonville launched its Heirs’ Property Program in 2020 and has since engaged hundreds of households with estate planning services.
In this sponsored episode produced in partnership with Results for America, learn more about the immense impact of addressing heirs’ properties and how the model developed in Jacksonville might inspire your community.
Download the complete Results for America toolkit on replicating this model by visiting https://results4america.co/heirs-property
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