HEIRS Act of 2024 Helps Americans Impacted by
Heirs' Property
WASHINGTON, April 26,
2024 /PRNewswire/ -- The American Land Title
Association (ALTA), the national trade association of the land
title insurance industry applauds the introduction of the Heirs'
Estate Inheritance Resolution and Succession (HEIRS) Act of 2024.
Led by Rep. Nikema Williams (D-GA),
alongside Rep. Emanuel Cleaver
(D-MO), Rep. Lizzie Fletcher (D-TX)
and Rep. Byron Donalds (R-FL), the
HEIRS Act will preserve family legacies and the transfer of
generational wealth by establishing a grant program to provide
legal assistance for heirs' property owners to clear titles and
incentivize states to adopt the Uniform Partition of Heirs Property
Act.
Property passed down from generation to generation without
formal wills or estate planning documents leaves families open to
legal and financial risks. A financial and knowledge gap prevents
many families from taking steps to appropriately secure their
legacies. Unfortunately, challenges presented by heirs' property
disproportionately affect communities of color across the country,
jeopardizing their wealth-building potential.
"The HEIRS Act will equip families with the resources necessary
to ensure the family home stays in the family, helping to create
generational wealth and close the racial wealth gap," Williams
said.
"On behalf of title companies in every county nationwide, who
work tirelessly every day to protect the American dream of
homeownership, we commend the leadership of Rep. Williams and her
partners in Congress on the introduction of Heirs' Estate
Inheritance Resolution and Succession (HEIRS) Act," said ALTA CEO
Diane Tomb. "Too many families
across the country are harmed by the issue of heirs' property,
threatened with the possibility of losing their home and the wealth
that it represents. Title insurance professionals work with
families every day that are negatively impacted by these
circumstances and understand the positive impact this legislation
will have on protecting homeownership and wealth creation for
millions of Americans. We look forward to working with Congress to
pass this legislation and continuing the fight to protect
homeownership for all communities and households nationwide."
According to Fannie Mae, the total assessed value of properties
impacted by heirship issues is conservatively estimated to be more
than $32 billion across 44 states and
the District of Columbia.
The legislation also is endorsed by the National Fair Housing
Alliance, National Association of Real Estate Brokers, National Low
Income Housing Coalition, National Consumer Law Center, National
Housing Resource Center, National Association of Realtors and
Urban League of Greater Atlanta.
About ALTA
The American Land Title Association,
founded in 1907, is the national trade association representing
more than 6,000 title insurance companies, title and settlement
agents, independent abstracters, title searchers, and real estate
attorneys. ALTA members conduct title searches, examinations,
closings and issue title insurance that protects real property
owners and mortgage lenders against losses from defects in
titles.
Contact: Megan
Hernandez
Direct Office Line:
202-261-0315
Email: mhernandez@alta.org
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SOURCE American Land Title Association