What is an estate?
An estate is the property and the debts left behind after somebody dies.
What is an heir?
An heir is a person who inherits property when somebody dies. When there is only one heir, that heir gets the whole estate, after all the bills are paid. When there is more than one heir, they divide the estate.
What is probate?
Probate is the process where a court decides which heirs inherit what from an estate after all the debts of the estate are paid.
How do you know if somebody is an heir or not?
When there’s a will, it’s easy. The heirs are listed in the will.
When there’s no will, there are formulas for who inherits what. Sometimes it’s easy. Sometimes it’s quite complicated.
With most of the estates we deal with, there’s no will. After we interview the family, we can figure out who the heirs are.
What size estates do you deal with?
Most heir hunters only deal with estates over a million dollars. We handle smaller estates, even those with nothing more than an old trailer on a small lot.
Do heirs get full market value for the real estate?
Usually, with the properties we deal with, the heirs don’t have good title to the real estate, which reduces its value a lot. This is explained in more detail here.
How much cash do heirs get?
If we can’t give the heirs at least $1000 each, we usually won’t take on an estate. So far, the highest payouts we have made to heirs have been five figures. We are not currently looking at any properties where any heir would get six figures, but that could change.
Do heirs ever get less than $1000?
With smaller estates where there is a large family tree, a few heirs could, in theory, get less than $1000 each, but that hasn’t happened in several years.
How do heirs get paid?
Usually with a cashier’s check when the heirs sign the documents. As soon as the documents are signed, the notary hands the heir their money. We can also do wire transfers to bank accounts or close through attorneys.
How much cash do finders get?
At least $100 each, and usually no more than $1,000.
How do finders get paid?
Usually with a cashier’s check or money order, mailed to them right after the heirs sign the documents. For larger finder’s fees, we can make other arrangements.
How long does it take to get the money?
After all the heirs agree, we can usually get the money delivered in about a week. We’ve gotten money to some heirs who were nearby in as little as a day or two.
One heir who was especially close by said “yes” in the morning, and the notary handed her a cashier’s check that afternoon. We can’t promise you that, but we’ve never had it take longer than two weeks from the time all the heirs say yes, even during holidays.
What are your fees?
Heirs and finders pay us nothing:
- Nothing in advance, and
- Nothing later.
We get paid from the estate.
Do heirs have to pay taxes on this money?
No, this money is tax free. We provide documentation on this for your tax preparer to add one simple page to your next tax return so you pay no taxes on this money.
Do heirs have to go to court?
We have forms to help heirs stay out of court, and we’ve always been successful with that.
Once, we had a judge who wanted to speak to an heir on the phone to clarify something. The call lasted about 5 minutes.
Do you need to find all the heirs?
It depends on the estate. With some estates, we need them all. With other estates, we can get cash to the heirs we find.
How are you different from other heir hunters?
Traditional heir hunters:
- Only work with large estates.
- Do not disclose the names of the deceased.
- Get heirs to sign exclusive contracts, giving the heir hunter a large percentage of the heirs’ inheritance.
- Make the heirs wait until the estate is settled in court, which could take years, before the heirs get any money.
- We work with smaller estates.
- We disclose the names of the deceased.
- We do not ask for an exclusive contract.
- Heirs can, if they choose, bypass us and hire their own attorneys to handle the estates.
- We do not take a percentage.
- Heirs get cash in a week or so, without waiting years.
Is this legit? Is it legal?
Heir hunting is legal and has been going on for centuries. There was even a reality TV series about heir hunters.
How long have you been in business?
You Have Inherited LLC is fairly new, established in early 2021, but the principals have been dealing with real estate for many years, as buyers, sellers, landlords, property managers, real estate investment trust trustees, and petitioners before Florida courts on real estate title matters. Heir Helpers Real Estate Investment Trust was established in 2018.
Are you attorneys?
No, but we work with attorneys. If you have one, we can work with yours.
Are you licensed?
No license is required for what we do.
Are you registered anywhere?
Yes. You Have Inherited LLC is registered with the Florida Secretary of State, Division of Corporations. We are also members of the Florida Land Title Association.
What if the heirs want to stay in the property?
We do a certain portion of our work on a charity basis. Sometimes, we can help heirs continue to live in their inherited real estate before they lose it in a tax auction. This program is limited, and not all families qualify.
Is there a way we can verify if you’re real?
Our success is documented in the court records of the estates we’ve handled. However, even though they’re officially classified as public records, it takes a number of steps to access them online. Contact us if you want to view them and we’ll show you how.