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Vacation Homes

Wednesday, November 2, 2016

What Should I Do With My Vacation Home?


Ah, the vacation home:  a place of relaxation, where your family can enjoy time together and build memories.  Inevitably, some of your children will love the vacation home and others will have no interest in using it.  How do you balance these interests in planning for your vacation home?

Does your family wish to keep the vacation home?  Before you invest in expensive, complex plans, you should determine whether your family members are interested in keeping the vacation home in the family.  If the next generation has no interest in the property, your trustee or personal representative can simply sell the property and divide the net sale proceeds among your beneficiaries.  If at least one beneficiary is interested in keeping the property, you may need to consider additional issues (below) to help you structure ownership and use of the property.
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