Your family cabin, cottage, or vacation home may be one of your most
significant financial assets. It is also likely to be the one with the most enduring memories and emotional ties.
The property may have been in your family for decades with your children and grandchildren experiencing special
family gatherings and having spent their summers there. Because of this, you probably have a strong desire to keep
the property in your family, to protect it, to pass it down to your children, grandchildren, and maybe even your
great grandchildren. This isn't stocks and bonds; it's your legacy!
Unfortunately, without proper planning, those inheriting the interests
of long-time cabin owners may have too many divergent interests,
financial and otherwise, to be workable. These new owners have often
never discussed who gets to use the property and when, how to share
expenses, handle the maintenance and upon what terms they can be bought
out. Disputes can easily occur in these situations. Such family fights
are often talked about among cabin (family retreat) owners. Most know at
least one family story where after the death of the senior generation
the property ended up having to be sold outside the family because the
heirs could not work out their differences.
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