With the arrival of warm weather, you may be dreaming about
upcoming travels to a beach, lake or mountainside home. Whether you
are considering purchasing a vacation home and don't know how
to take title in the property or you now own a vacation home and
are thinking about giving it to your children, here are some estate
planning issues to consider.
1. General Title Issues. After you've decided
to buy a vacation home, you'll need to decide how to hold title
to it. Should title be held in your own name? Or jointly with a
spouse or other individuals? And if jointly, should it be held with
rights of survivorship (meaning if one co-owner dies, the remaining
co-owners automatically inherit the decedent's share) or as
"tenants in common" (meaning on the death of one of the
property owners, the decedent may name who inherits his or her
share of the property in the decedent's will)?
