The
notion of passing away is never an easy thing to think about, but
when it all boils down to it, one will have to make a plan for the
benefit of the ones he or she will be leaving behind. If you have
considerable property or assets, you should already be thinking about
how to divide it among your heirs. While money could easily be
subdivided, your real
property investments like say, your vacation home, may prove to
be a challenge.
One
of the first things a couple has to consider about whom to entrust
their home to is the level of interest their children have in keeping
the home. Financially, the children may not find it worthwhile to
retain the vacation home, factoring in taxes, traveling, and
maintenance costs. Other things to think about include any
improvement the heirs may want to make on the property, the frequency
of the property’s future use, and possible plans of renting it out.
The
matter of handing down a vacation home takes on another layer of
complexity when the number of potential heirs is figured in. Issues
on the management of the property and someone wanting to cash out
might eventually create conflicts. Thus, it is important to plan
wisely and involve the family as much as possible. Moreover, a
dependable estate planning attorney will guide you through the
various tools open to you to avoid future chaos, and help keep your
family’s happy memories of your vacation home intact.
