February 21, 2007
You only kind of own your house
I was surprised by this when I read it this afternoon, but even today, private ownership of land is really only tenancy with use rights. As in feudal England, the sovereign is the ultimate owner of land. The United States has replaced the king as sovereign with the people's government (state government, not federal government) but the underlying framework still obtains. If you die without heirs or a will (are "intestate") the land goes back to the state.
I would guess that this goes a long way towards explaining eminent domain.
yeah, that's why a will is SO important. in fact, even if you've got a million relatives who survive you, the state can still take your junk.
and i never consider myself a home owner. i'm just renting from the bank and can actually paint the walls if i want.
Posted by: daniel at February 21, 2007 03:49 PMActually, most states have intestacy laws which divide up estates along lines with which most people are pretty comfortable, i.e. the kids get most of it, parents inherit when there aren't kids, etc. I don't think the state can take your house when you die if you have surviving kids without going through due process. Wills - as I understand it so far - are mostly important if you want to do something different, like leave everything to a nephew, donate to charity, etc.
Posted by: ryan at February 21, 2007 04:08 PM