ATLANTA — Federal Home Loan Bank of Atlanta (FHLBank Atlanta), in partnership with Synovus Bank, is injecting $500,000 into the community through a grant aimed at addressing a significant wealth preservation challenge: heirs’ property issues. The grant is earmarked for the Georgia Heirs Property Law Center Inc., and will be used to tackle the complexities that arise when property ownership is passed down without clear legal documentation, such as a will or deed.
This initiative, funded through FHLBank Atlanta’s 2024 Heirs Property Family Wealth Protection Fund, highlights a commitment to fostering generational wealth within communities. Synovus and the Georgia Heirs Property Law Center collaborated to secure the grant, which is part of a larger program distributing a total of $5.9 million through member banks like Synovus to support 21 organizations focused on resolving heirs’ property issues.
“A core part of our mission is to boost homeownership and help families hold onto the hard-earned equity in their properties,” stated Kirk Malmberg, president and CEO of FHLBank Atlanta. “Heirs’ property troubles disproportionately impact many communities, and this fund will ensure experienced organizations can assist thousands of families in preserving their inheritances.”
The issue of tangled titles is a significant hurdle. Data from a 2024 Harris Poll survey, commissioned by FHLBank Atlanta, reveals a concerning trend: while 90% of homeowners expect their home equity to benefit their heirs, a staggering 43% lack a will, trust, or estate plan. FHLBank Atlanta’s Family Wealth Protection Fund was established to counter this problem by supporting organizations that provide vital services such as will and estate planning assistance, as well as resolving complex title issues.
Natalie Parker, senior director of Community Reinvestment Act and community development at Synovus, emphasized the bank’s commitment to maximizing grant opportunities for the benefit of the community. “As a member of FHLBank Atlanta, we wanted to leverage their grant program to provide significant support to the Georgia Heirs Property Law Center, benefiting residents across the state,” she said. “The Georgia Heirs Property Law Center brings a specific expertise in resolving complex title issues and making sure the right legal documents are in place for families to build generational wealth through their homes or land.”
Skipper StipeMaas, executive director of the Center, underscored the broader impact of the initiative. “The Center contributes to Georgia’s economic growth by securing property rights,” he explained. “Heirs’ property not only hinders a family’s ability to accrue generational wealth but also undermines the efforts of local governments and businesses that are striving to revitalize communities. Partners like FHLBank Atlanta and Synovus understand the value of offering direct legal aid and asset education to empower low- and moderate-income families in dealing with their heirs’ property issues.”
The services provided by the organizations receiving grant funding are available to property owners at no cost.
About Synovus
Synovus Bank, a Georgia-chartered, FDIC-insured bank, offers commercial and consumer banking services alongside a comprehensive range of specialized products, including wealth management, treasury management, mortgage services, and more. The bank has branches across Georgia, Alabama, Florida, South Carolina, and Tennessee. Synovus is a Great Place to Work-Certified Company.
About The Georgia Heirs Property Law Center, Inc.
The Georgia Heirs Property Law Center Inc, the “Center,” provides direct legal services that increase generational wealth, economic value, and community stability by securing and preserving property rights of low and moderate income Georgians. The Center resolves heirs property through title clearing; prevents heirs property through estate planning; and facilitates asset education to build generational wealth.
About FHLBank Atlanta
FHLBank Atlanta delivers reasonably-priced financing, community development grants, and various other banking services to support financial institutions in providing reasonable home loans and promoting economic development within their neighborhoods. The Bank’s members include commercial banks, credit unions, savings institutions, community development financial institutions, and insurance companies located in Alabama, Florida, Georgia, Maryland, North Carolina, South Carolina, Virginia, and the District of Columbia. FHLBank Atlanta is one of 11 district Banks in the Federal Home Loan Bank System. Since 1990, the FHLBanks have awarded approximately $9.1 billion in Affordable Housing Program funds, assisting more than 1.2 million households.
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