A cottage or other vacation home can be a significant personal,
emotional and financial commitment.
When it comes time to pass the home to the next generation,
proper planning is required—otherwise, vacation homes can
become the basis for family disputes, turning what should bring the
family together into what can tear the family apart.
In this article, we discuss several considerations that, if
properly addressed, can help ensure a successful ownership
transition.
Personal and family considerations
Emotional attachment and desire for ownership
Some vacation homes have been owned for generations and may have
an almost sacrosanct significance to the family. If a vacation home
has only been recently purchased, or has not been used by the
entire family, emotional ties may be fewer and planning will be
less challenging.
