New law clinic helps families protect inherited properties
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A partnership between Georgia State University College of Law and the Federal Home Loan Bank of Atlanta aims to help residents get clear documentation on the ownership of their properties.
Why it matters: Heirs property is passed down through generations "without a legally designated owner, resulting in ownership divided among all living descendants in a family," according to the nonprofit Georgia Heirs Property Law Center.
- This uncertainty can lead to a host of legal issues potentially resulting in the loss of a family's generational wealth.
The latest: The FHLBank Atlanta Heirs' Property Law Clinic wants to provide estate planning services to remediate title issues and support existing heirs property owners.
What they're saying: Sarah Stein, assistant clinical law professor at Georgia State College of Law and director of the clinic, told Axios the office will train law students in the practice of heirs property and help existing attorneys who specialize in the field.
By the numbers: Stein said it's hard to pin down the number of heirs property owners in the city, but a study published in 2023 by Auburn University professors Ryan Thomson and Conner Bailey estimated there were about 40,000 heirs properties across Georgia.
- "We can't know exactly how widespread it is, but we do know that it is common … and it is leading to people losing their generational wealth," Stein said.
Zoom in: Colin Delargy, assistant director for housing strategy in the mayor's office of chief of staff, said 15% to 20% of recent applicants to Invest Atlanta's owner-occupied rehab programs had heirs property issues.
- Heirs property owners tend to be in low and middle-income areas and are more likely to be Black homeowners.
The big picture: Delargy said the United States is on the cusp of the "greatest intergenerational transfer of wealth in the history of the country," and the Heirs Property Law Clinic can help aging homeowners ensure their assets remain in their families.
- "It is really also meant to emphasize we are committed to making sure that all the wealth that current owners amassed can be transferred to the folks that they choose," Delargy said.
What's next: Stein said the law clinic will begin accepting clients next semester.