Who inherits the cottage?

It’s almost summer and if you are fortunate enough to own a vacation home, you might want your family traditions to continue after you’re gone. If so, it's a good idea to sit down with your children to get their input before you meet with an attorney and put your wishes in writing. If you don’t, there could be trouble ahead if all siblings are not in agreement.

Making a succession plan can be complicated, but it is your opportunity to minimize conflict with your children. It is a good idea to include a buyout plan if your children do not agree about keeping the property. This can include a provision to minimize the financial burden for the family members who buy out a sibling. The buyout price is typically lower than if the property were sold to a third party. In this situation, a decision would  also have to be made about whether or not the bought-out sibling has the right to occupy, or even visit the property. Additionally, some adult children simply can’t afford the maintenance costs and property taxes. One way to alleviate this is to set up an endowment from other assets that will generate income to pay these expenses. The following issues should also be addressed in your succession plan:

•  Decision making about common issues such as repairs, updates and maintenance.
•  Scheduling of usage of the property.
•  What happens if one of the co-owner siblings dies. Does the surviving spouse or children inherit their share?

Bradford Miller Law can advise and direct you in matters such as this to help you avoid potential problems when updating or planning your estate. Give us a call so we can help you through this process and advise you from a legal standpoint. We will help you prepare all the legal documents suited to your personal situation. Visit our website for helpful information regarding Estate Planning.

Posted by Bradford Miller Law, P.C.
134 N. LaSalle Street, Suite 1040
Chicago, Il 60602
312-238-9298

http://www.bradfordmillerlaw.com

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