Many people have fond memories of family stays at their vacation homes. While their children often share those fond memories, they often are not very eager to inherit the vacation homes from their parents.
Wealthy people who purchase vacation homes often do so with the idea in mind that their families can use the home for gatherings for generations to come. The vacation homes are meant to be a place to take the purchasers’ children as they grow up and for those children to take their own children. Many people cherish the time they spend with their families at the vacation home.
Nevertheless, the children of the purchasers are often not eager to receive the vacation homes as a part of their inheritances as the Wills, Trusts & Estates Prof Blog explains in “Inheriting Vacation Homes.”
The biggest problem for many children when inheriting a vacation home is that the property requires maintenance. Many children are not willing to pay the upkeep on a property they only visit a couple of times a year.
The problem can be compounded when there are multiple children who receive the vacation home as a joint inheritance. This is especially the case when they must reach agreements about how to split the maintenance costs and who should be in charge.
One way around this problem is to put the vacation home in a trust and provide funds for its upkeep, but that might not be the best solution for every family.
If you have a vacation home you would like to pass on to your children, talk to an estate planning attorney about how to do so in a way your children will appreciate.
Reference: Wills, Trusts & Estates Prof Blog (Aug. 26, 2016) “Inheriting Vacation Homes.”
“On the threshold of retirement, we finally decided to quit thinking we could self-prepare the requisite documents. We had previously had only a very simple will. We needed the necessary legal (including updated will) & health care docs but didn’t want to deal with the time & complication of legalese. Cindy made the process relatively painless. She took the time to explain and answer questions without trying to upsell services. We were done in 2 meetings plus the reading of emailed drafts. In addition to preparing the documents, Nelson Eldercare will be there when our adult children need advice on executing the plans we’ve put in place.So glad it’s behind us and would recommend Cindy and her helpful staff.”
Cindy and her company treat their clients like family. Nelson’s offers clear, direct, and honest guidance in planning for your families security and future. No one wants to actively sit down and make these decisions, but Nelson’s makes this process seamless. I was so impressed with their willingness to answer all questions big or small. So glad I made the decision have them help my mom and dad and now me. You can’t go wrong with Nelson’s Elder Care Law.
The very best elder law attorney and staff anyone could ever ask for! I have referred a number of clients to Cindy and she never disappoints. She is kind, caring, and extremely thorough in making sure everything is completed as it should be. I highly recommend Cindy for anyone needing lawyer services; she truly goes above and beyond for every client she helps and has had a huge impact in so many peoples’ lives. Thank you, Cindy and staff, for everything that you do- I’m so glad to know you!
I heard Cindy’s presentation at a Senior Luncheon at my church, and was very impressed. She helped my daughter and me understand many aspects of elder law. Josh has also been very helpful in my planning to enter an independent living situation . I have told many friends about them.
Cindy and the Nelson Elder Care Law team are trustworthy and helpful. They are the experts in elder care law. At Leaf Cremation, we entrust our families to the care of the Nelson team when their services are needed.