Did you know that somewhere between 11% and 25% of the real property in Georgia, with an estimated value of over $34 billion, is locked up in fractional interests that can prevent it from being used, sold or developed? Known as heirs property, the problem stems from the many ways in which title to land and houses gets divided, usually unintentionally, among two or more people when the first owner dies.

Breach of fiduciary duty can have a devastating impact on a beneficiary’s life. As trust and estate litigation attorneys, we have witnessed numerous situations over the years where a client’s life is upended for no fault of their own when trustees do not fulfill their fiduciary duty.

If you find yourself in the position of being the executor of a will or the trustee of a trust, and you have either been reading past issues of this newsletter or watching the news, you may be concerned about your risk of getting sued by a beneficiary.

The term “heirs” is frequently used in wills and trusts to define the individuals who will take your property if your named beneficiaries are unable to do so, either due to their failure to survive you, a disclaimer or otherwise. And if you have no will, your probate estate will go to your heirs. But do you know who your heirs are?