The family cabin is a special spot. It is the place of wonderful memories, rich history and tradition, and the place where the family can get away. Each family with a cabin has a desire to do what it takes to preserve those memories and that haven. However, many issues can and often do exist that the rest of the family is oblivious to until there is trouble. Often the kids don’t realize that mom and dad pay for the place, maintain it, pay the taxes on it and ensure that the property is in order year round.
What happens when mom and dad are gone? Who owns it and who controls it? What happens if there is a difference of opinion on what action to take, or not take? Doesn’t a “majority vote” govern in the event of a split between multiple owners? Sad to say, the answer is usually “no” from a legal standpoint. These situations can often lead to stress and frustration due to siblings with differing lifestyles, economic resources, proximity to the property, etc.
Vacation homes can often create stark family conflict. However, these problems can often times be solved by properly dealing with the property before mom and dad pass away, or, can lead to the conversation that allows the family to appreciate just what it takes for mom and dad to have that property for the family to enjoy so that they can continue to enjoy it after mom and dad are gone.
Contact Parker, Satrom Law, P.A. today for your cabin succession planning.