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Examining the consequences and character of "heir property"

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  • Deaton, B. James
  • Baxter, Jamie
  • Bratt, Carolyn S.

Abstract

In the United States the laws of intestate succession can lead to real property being owned as tenancy in common. As a result, over time, large numbers of cotenants may own the same property; each cotenant possessing a fractional undivided interest to the jointly owned property. Property characterized by this form of joint ownership is often referred to as heir property. Recent literature has identified two prominent concerns regarding heir property: (1) efficiency concerns and (2) displacement concerns. In this paper we examine these issues using case study evidence from three families in eastern Kentucky. Our case studies provide evidence of both the efficiency and displacement concerns. To further assess and better understand the character of heir property we empirically examine affidavits of descent in Letcher County, Kentucky filed in the year 2000. The empirical results illuminate the general character of the family that survives an intestate death further clarifying the effect of intestacy law on specific family members.

Suggested Citation

  • Deaton, B. James & Baxter, Jamie & Bratt, Carolyn S., 2009. "Examining the consequences and character of "heir property"," Ecological Economics, Elsevier, vol. 68(8-9), pages 2344-2353, June.
    • Handle: RePEc:eee:ecolec:v:68:y:2009:i:8-9:p:2344-2353
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    References listed on IDEAS

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    1. Buchanan, James M & Yoon, Yong J, 2000. "Symmetric Tragedies: Commons and Anticommons," Journal of Law and Economics, University of Chicago Press, vol. 43(1), pages 1-13, April.
    2. Karen E. Dynan & Jonathan Skinner & Stephen P. Zeldes, 2002. "The Importance of Bequests and Life-Cycle Saving in Capital Accumulation: A New Answer," American Economic Review, American Economic Association, vol. 92(2), pages 274-278, May.
    3. B. James Deaton, 2007. "Intestate Succession and Heir Property: Implications for Future Research on the Persistence of Poverty in Central Appalachia," Journal of Economic Issues, Taylor & Francis Journals, vol. 41(4), pages 927-942, December.
    4. Kotlikoff, Laurence J & Summers, Lawrence H, 1981. "The Role of Intergenerational Transfers in Aggregate Capital Accumulation," Journal of Political Economy, University of Chicago Press, vol. 89(4), pages 706-732, August.
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    4. Cassandra Johnson Gaither & Sadia Afrin & Fernando Garcia-Menendez & M. Talat Odman & Ran Huang & Scott Goodrick & Alan Ricardo da Silva, 2019. "African American Exposure to Prescribed Fire Smoke in Georgia, USA," IJERPH, MDPI, vol. 16(17), pages 1-15, August.

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