This week, I spoke at the Financial Services Housing and Insurance Subcommittee Hearing about heirs' property. When I asked if anyone knew what it was, no one did. As a former educator, I explained: heirs' property is real estate inherited informally, often listed as owned by someone deceased. This affects many Black families, including mine, complicating wealth transfer and long-term stability.
Properly managing and formalizing ownership can help close the racial wealth gap by securing generational wealth for Black families. A 2020 ABA study found 70% of Black Americans lack wills, with heirs' properties valued at least $32B. Clear solutions and legal support can mitigate these challenges.
I'm proud to introduce bipartisan legislation with Congressmen Cleaver, Fletcher, and Donalds. The Heirs’ Estate Inheritance Resolution and Successions (HEIRS) Act establishes a grant program for legal assistance to clear titles and incentivizes states to adopt the Uniform Partition of Heirs Property Act. We must help families preserve and build their wealth.
Click here for a one pager on the HEIRS Act.
Click here to read the HEIRS Act press release.
Watch me in committee below.
