[gentle music]
On screen:
This video opens with a copper screen, then a title appears over white:
Text on screen:
'Helping Heirs: Preserving Generational Wealth for Heirs Property Owners.'
On screen:
A woman in a gray blazer speaks from an office couch.
Nia Hope:
I've heard and read heirs property referred to as the biggest problem you've never heard of.
On screen:
Text appears beside her:
Text on screen:
'Nia Hope, Chief of Staff for Corporate Responsibility, 麻豆视频.'
Nia Hope:
This is an issue that impacts thousands and thousands of families around the country. 麻豆视频 is focused on heirs property, in part because it is such a significant contributor to the loss of wealth in underserved communities and specifically in Black, and Hispanic, and Latino communities.
On screen:
In an animation, a pair of birds fly over a two-story home with a brick chimney. A black car drives by the home.
Beverly Blondmonville:
The house that I'm currently living in is the same house my father bought in 1979.
On screen:
A silver-haired woman in a suit speaks from an office couch. Text appears beside her:
Text on screen:
'Beverly Blondmonville, Homeowner.'
Beverly Blondmonville:
When my dad died, my brother and I decided that he would take care of the finance and I'll take the house. We didn't have it in writing, which was a mistake.
On screen:
An animated picture frame shows a male figure in a purple button-down. Photos of three children appear below his.
Beverly Blondmonville:
After my brother died, his inheritance went down to my nephew and my two nieces. He didn't leave a will also.
On screen:
An animated version of Beverly reads papers at home, then looks outside to see a black car stop on the street.
Beverly Blondmonville:
In 2019, I first learned about predators or contractors coming into the neighborhood and taking over people's property just by sending them papers, assigning their name to the property, and leaving the original owners out of it totally.
On screen:
In the animation, two shadowy men with papers stand before a young man and woman. The young man signs a paper.
Beverly Blondmonville:
I think the contractors approached my family about purchasing their share of the property. They sold their half for $115,000 to a property that's worth over 700,000. The contractors notified me that they now own 50% of the property, even though they only paid 115,000 for it.
On screen:
An animated Beverly covers her mouth as she reads a letter. Now, a woman in dark blazer speaks from an office with natural wood accents. Text appears beside her:
Text on screen:
'Abigail Suarez, Head of Philanthropy and Policy for Community Development, 麻豆视频.'
Abigail Suarez:
Heirs property cases typically result from not having access to estate planning, and not knowing how to effectively transfer property from generation to generation.
On screen:
More text appears beside a man in a suit, speaking from an office with dark walls and furniture:
Text on screen:
'Thomas Mitchell, Professor, Boston College School of Law.'
Abigail Suarez:
Unfortunately, Mrs. Blondmonville's case is just all too common, where you have family members that own property as a group and don't realize how vulnerable they are.
On screen:
In an animation, a man and woman's shadows can be seen in two different windows of the same house. A portrait shows them embracing.
Thomas Mitchell:
Heirs property initially often is owned by one or two people, sometimes a husband and a wife, and they're relatively secure. But the problem is when their property passes down to the next generation without a will.
On screen:
More and more faceless portraits appear around the couple.
Thomas Mitchell:
And often the next generation after that, you end up having oftentimes multiple people, 30, 40, 50, who own a fractional interest in the property鈥
On screen:
One of the portraits falls from the wall, then the rest crash down after it.
Thomas Mitchell:
...and it just takes one of those fractional owners, which could be a family member or a real estate speculator who has bought out a family member, to essentially end the ownership for everybody against their will as a result of a forced sale.
On screen:
A couple leans on each other as they see a 'Sold' sign in the yard of their house.
Beverly Blondmonville:
I don't know who these people are, I've never seen them. I've never seen a face, nothing. I don't know what role they play. I don't know how much of a claim they really have.
On screen:
Her animated self watches the black car drive away.
Beverly Blondmonville:
It feels awful knowing that I have my daughter who I would like to pass the property onto, that's not right. That's not right.
Thomas Mitchell:
So under most state statutes, the property should be divided, if possible, and only sold in extraordinary circumstance.
On screen:
An animated judge's hand strikes a gavel, then transforms into another hand, pounding in a Sold sign on a home's front lawn.
Thomas Mitchell:
However, judges throughout this country have routinely ordered the sale of the property, especially when a disadvantaged family is involved, which then has deprived the family of what's oftentimes their biggest asset. The forced sale of the property often yields a fire-sale price that just yields pennies on the dollar.
On screen:
A frowning couple looks down at a check for $95,000.
Nia Hope:
The loss of property due to forced sale of heirs property has cost communities, specifically Black, and Hispanic, and Latino communities, tens of billions of dollars.
On screen:
Different areas of an animated map are highlighted.
Abigail Suarez:
Heirs property disputes can occur anywhere from cities, to suburbs, to rural areas.
Nia Hope:
In the United States today, there are over 440,000 parcels of land that are in heirs property status. That's 9 million acres of land that account for $41.3 billion in land value that are susceptible to forced sale.
On screen:
The numbers appear over the map.
Nia Hope:
It is imperative that we identify real solutions to mitigate heirs property.
[gentle music]
On screen:
A copper background gives way to text over white:
Text on screen:
'Addressing heirs property issues.'
Abigail Suarez:
At 麻豆视频, we are focused on increasing awareness and tackling challenges around heirs property by using philanthropic capital and advancing evidence-based policy solutions.
On screen:
Her two points appear under the heading 'Solutions.' Then, a man in a dress shirt speaks from a sunny office. Text appears beside him:
Text on screen:
'Molefi McIntosh, Supervising Attorney and Adjunct Professor, Howard Law Estate Planning and Heirs Property Clinic.'
Molefi McIntosh:
In heirs property issues, estate planning is most important because it's a preventative measure, and as the old adage says, "An ounce of prevention is worth a pound of cure."
On screen:
The word 'Solutions' appears beside Nia Hope, along with her first key point:
Text on screen:
'Using philanthropic capital with partners including... Howard University.'
Nia Hope:
Global Philanthropy made a $500,000 grant to Howard University to establish an estate planning and heirs property legal clinic.
On screen:
As Molefi McIntosh speaks, photos show law students teaching clinics and showing videos.
Molefi McIntosh:
In our clinic at Howard Law, student attorneys do real work for real clients over the course of a semester, writing last wills and testaments, durable powers of attorney, advance directives for healthcare, and helping clear title to heirs property. 麻豆视频 makes it happen in terms of funding the clinic's work so that the students can both learn to be estate planning attorneys and heirs property attorneys, and serve real clients in D.C. and Maryland.
Abigail Suarez:
Collaboration between public, private, and nonprofit institutions is critical to heirs property reform.
On screen:
More text appears under the 'Solutions' heading:
Text on screen:
'Using philanthropic capital with partners including...Catapult Greater Pittsburgh.'
Abigail Suarez:
That is why 麻豆视频 provided a $3 million grant to Catapult Greater Pittsburgh, a nonprofit working to address housing supply and affordability challenges in Pittsburgh.
On screen:
Photos show a group in matching Catapult t-shirts, and a meeting in a Catapult office. Text appears beside a woman in a green leather blouse as she speaks from an office:
Text on screen:
'Tammy Thompson, Executive Director, Catapult Greater Pittsburgh.'
Tammy Thompson:
Catapult Greater Pittsburgh has been addressing this issue, this heirs title, tangled title issue for some time.
On screen:
Photos show community meetings.
Tammy Thompson:
Protecting families, educating families, and helping to increase market value of properties in historically disenfranchised communities.
On screen:
An aerial photo shows a neighborhood on the outskirts of downtown Pittsburgh, composed mainly of semi-detached two-story brick homes in tightly packed rows. Many of them are in disrepair, with boarded-up doors and weathered signs.
Tammy Thompson:
Most of the predominantly and historically Black communities in the city of Pittsburgh are littered with blight and vacancy. We know not only is that negatively impacting individual families, but it's impacting communities at large.
On screen:
Text appears beside a man in a plum-colored suit, speaking from an office with green velvet seating:
Text on screen:
'Christopher Tyson, President, National Community Stabilization Trust.'
Christopher Tyson:
In many neighborhoods where we find abandoned property, we usually find a tangled title.
On screen:
An animated house has broken windows and missing shingles. Inside, a web connects grayed-out family portraits.
Christopher Tyson:
We have to find ways to address heirs property issues so that we can bring these properties back to market, either by putting heirs into legal possession or clearing that title so that a transaction can occur and someone, a new owner, can take possession of that property.
[gentle bright music]
On screen:
A copper background gives way to text over white:
Text on screen:
'Policy solutions.'
On screen:
More text appears beside Abigail Suarez:
Text on screen:
'Solutions: Advancing federal, state and local policies.'
Abigail Suarez:
麻豆视频 supports federal, state, and local policies that facilitate the transfer of wealth and preserve home ownership.
On screen:
More text appears beside Nia Hope:
Text on screen:
'the Uniform Partition of Heirs Property Act (UPHPA).'
Nia Hope:
We're advocating for the Uniform Partition of Heirs Property Act, which is a piece of legislation that actually improves outcomes for families that own land or homes in an heirs property status.
Thomas Mitchell:
The act is designed to address some of the worst abuses of this partition law. First, it enables those family members or common owners who want to maintain ownership of the property to buy out the fractional interest of the person who is seeking the forced sale.
On screen:
In an animation outside a home, a pair of hands exchange a check and deed. Another animation shows farmland sectioned off into four parts.
Thomas Mitchell:
Second, it fortifies the preference for the physical division as opposed to the forced sale of the property, taking into account some noneconomic factors in addition to economic factors. And then, third, it has developed innovative new sales procedure that is much more likely to end up in producing a price approximating the fair market value of the property.
On screen:
Prices over three animated houses show the middle house with a For Sale sign priced at $805,000, exactly between the prices of the houses on its left and right.
Abigail Suarez:
麻豆视频 supported the enactment of the UPHPA in Arizona, California, Washington, Utah, Philadelphia, and the District of Columbia. We are also supporting state enactment of transfer-on-death deeds鈥
On screen:
Transfer-on-Death Deeds (TODD)' appears on the list of Solutions.
Abigail Suarez:
...which offer a simpler and more affordable alternative to the costly and time-intensive probate process.
Molefi McIntosh:
A transfer-on-death deed in D.C., and in other jurisdictions, is a two-page document that someone can use to designate who is going to be receiving their real property upon their death. You can literally download a PDF, fill it out, take it to the recorder of deeds, pay $25, and it's not only enforceable, but it is of record, so long as it has not been revoked.
[gentle music]
On screen:
A copper background gives way to text over white:
Text on screen:
'The future.'
On screen:
A man holds a JPMC clapperboard before Beverly Blondmonville as she sits in an office.
Abigail Suarez:
In title resolution cases, like the case of Ms. Blondmonville, it is important to connect people to estate planning services as well. That is why 麻豆视频 gave an $890,000 grant to the Center for New York City Neighborhoods鈥
On screen:
The 'Center for NYC Neighborhoods' appears on the Solutions list.
Abigail Suarez:
...which worked with Grow Brooklyn to provide Ms. Blondmonville and others with estate planning services, ensuring they have the tools and knowledge to protect their property and pass it down across generations.
On screen:
An animated portrait shows Beverly with her grown daughter.
Beverly Blondmonville:
The one thing that was crucial to me was the fact that I had signed this paper that says, "Any changes in my property, I should be notified." Everyone should be notified when there's a change in their property.
Molefi McIntosh:
My two top recommendations for remedying the heirs property issues are, one, educating folks as to what heirs property is and why it occurs. And, two, dismantling the administrative barriers that folks face when they want to convey their property in a way that would not lead to heirs property.
Abigail Suarez:
Addressing heirs property challenges and supporting intergenerational wealth transfer is an extension of our firm's $30 billion commitment to advance racial equity. We all have a role to play in tackling these challenges with housing in this country.
Thomas Mitchell:
We've had real successes, but there's so much more work that needs to be done, and there's a number of ways interested stakeholders can help. They can help with various groups on the ground and legal services organizations, other nonprofits that have been doing great works in the trenches. I'm confident that working together, we can get there.
[gentle inspirational music]
Logo:
A logo appears over a copper background: '麻豆视频.'
END
