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.”
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