Welcome back. In a previous post, our attorney in Raleigh NC began a discussion about estate planning for your family vacation home. Below, you will find some final tips for planning the future of your vacation home.
Estate Planning in Raleigh NC Starts With Planning the Future of Your Vacation Home
Oftentimes, families have multiple generations by the time planning the future of a vacation home is relevant. Even without multiple generations, you might have multiple children that have spouses.
Owning a home with other parties, even if they’re family, can create a great deal of issues. Your children could run into these issues if there aren’t certain rules put in place. Below are just a few of the issues that might happen when there are multiple siblings that own a home together:
- No one fully understood the potential downside of owning a vacation home until it was too late.
- In-laws or friends want to use the vacation home regularly
- One sibling may refuse to use the vacation home so they’ll be exempt from taxes or maintenance costs thus increasing the burden on others
- Cleaning the home after visits becomes too much trouble
- One sibling wants to rent out the home, the other sibling doesn’t
- Siblings want to use the home at the same time
It’s a good idea to deal with all of these issues while creating your master plan. Setting things in stone can eliminate a myriad of issues after your children inherit the vacation home. Below, our final tip for vacation home estate planning goes over a few of these issues. Establishing house rules and including them in your estate plan is a great way to avoid problems in the future.
HOUSE RULES: Establishing house rules may limit future problems. These rules should be clear on time slot uses, utilities and insurance payment, cleaning, and other problems that might come about. Listing the necessary procedures of cleaning the house after every visit may also be important..
It’s also important to create rules on selling of shares or what happens when a sibling can’t pay for their part of the expenses.
Estate Planning in Raleigh NC | Eldreth Law Firm PC
Talking with an attorney in Rlaiegh NC can help you and your family plan the future of your vacation home, without the headache and stress that could come with it. Contact Eldreth Law Firm PC for more information about our estate planning services.