Children may not be thrilled to receive the vacation home despite fond memories.
Children who receive a vacation home as an inheritance are not always happy about it, according to the Wills, Trusts & Estates Prof Blog article “Inheriting Vacation Homes.”
The idea behind buying a vacation home may be to enjoy the getaway, build fond memories and to pass it on to the next generation but the 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.
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.
An estate planning attorney can guide you through the process of passing on the vacation home in the best way to benefit your children.
Reference: Wills, Trusts & Estates Prof Blog (Aug. 26, 2016) “Inheriting Vacation Homes.”
