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“No more fractional discounts”: California’s Adoption of the Uniform Partition of Heirs Property Act
Trusts and Estates Section
Credit(s):
1 Participatory MCLE Credits
1 Legal Specialization in Estate Planning; Trust & Probate Law
The Uniform Partition of Heirs Property Act was drafted to address perceived abuse in partition actions leading to a loss of equity in inherited property, especially among lower-income parties. According to the Uniform Law Commission, the Act has been enacted by twenty-one states, including California.
The Act provides a series of due process protections: notice, appraisal, right of first refusal, and if the other co-tenants choose not to exercise their right and a sale is required, a commercially reasonable sale supervised by the court to ensure that all parties receive their fair share of the proceeds in the partition of an Heirs Property. The Act provides for added opportunities for non-partitioning parties to buy out partitioning parties’ interest in the inherited property. The Act essentially allows non-partitioning co-owners of heirs property to retain their share of an inherited property by ensuring that they have the necessary due process to prevent the forced sale of the property.
1 Participatory MCLE Credits
1 Legal Specialization in Estate Planning; Trust & Probate Law
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