Leaving a vacation home outright to your loved ones can create more family conflict and problems than you might think.
While a vacation home may have been a peaceful haven for you and your spouse throughout the years, your children may not look at the house the same way when it becomes theirs to manage and maintain.
In fact, many heirs of vacation homes are simply unable to afford the yearly property taxes and related maintenance costs. What mom and dad meant as a blessing actually becomes a burden to the children who were not prepared to assume these new responsibilities.
And what about those heirs that live too far away to enjoy the vacation property regularly? Should they be held just as responsible for its upkeep as siblings and cousins who live nearby and are able to use it on a regular basis? What kind of alternative might be available for them?
This is where working with a Silicon Valley wills and trusts attorney can be extremely valuable for families that need more flexible options when passing down a vacation home.