An heir is a person who is legally entitled to inherit the assets or property of another individual upon their death. This is often due to familial relations or specified in a legal document like a will.
In terms of real estate, an heir may inherit properties, real estate holdings, or investments from the deceased person. If the deceased was involved in the real estate investment industry, this could include rental properties, undeveloped land, commercial properties, and so on.
The exact laws regarding inheritance can vary greatly depending on the jurisdiction. For instance, some jurisdictions have laws preventing certain close relatives from being disinherited, while others allow a person to leave their estate to whomever they wish. In some cases, if a person dies without a will (“intestate”), their estate will be distributed according to a pre-determined formula, often to their closest relatives.
The process of settling an estate, including the transfer of real estate properties, is generally overseen by an executor or administrator, who is either specified in the will or appointed by a court. The heirs of the estate might choose to hold onto the real estate investments, sell them, or manage them for rental income, among other options.