The Family Cottage: Deciding Who Inherits It
With the lazy days of summer upon us, many of you will be spending time at your family's cottage. I thought that for a couple of my blogs this week, I would discuss inheritance issues that arise with
respect to the family cottage. Today I will discuss choosing the appropriate beneficiary of the cottage.
The most obvious consideration is whether you want the cottage to be left to a named beneficiary at all. An alternative option is to allow the property to form part of the residue of your estate and leave it
to your estate trustee to determine how it is dealt with.
If you want the property to be left to a named beneficiary (or beneficiaries) it is worth considering who wants it and who would use it most. If there is one family member who has a strong attachment to
the property it might make sense to leave it to him or her.
Another option is to leave it to more than one beneficiary. This might be the best solution when there are a multiple family members who enjoy using the property and you want them to all continue to have use of it after your death. However, it is important to be realistic when considering this option – are the family members you hope to share the cottage likely to get along with each other or will a share arrangement just encourage fighting amongst them?
If you're unsure of who would be the best person to inherit your cottage, it might be worthwhile discussing the matter with your family and seeking their input.
Thanks for reading,
Megan F. Connolly
respect to the family cottage. Today I will discuss choosing the appropriate beneficiary of the cottage.
The most obvious consideration is whether you want the cottage to be left to a named beneficiary at all. An alternative option is to allow the property to form part of the residue of your estate and leave it
to your estate trustee to determine how it is dealt with.
If you want the property to be left to a named beneficiary (or beneficiaries) it is worth considering who wants it and who would use it most. If there is one family member who has a strong attachment to
the property it might make sense to leave it to him or her.
Another option is to leave it to more than one beneficiary. This might be the best solution when there are a multiple family members who enjoy using the property and you want them to all continue to have use of it after your death. However, it is important to be realistic when considering this option – are the family members you hope to share the cottage likely to get along with each other or will a share arrangement just encourage fighting amongst them?
If you're unsure of who would be the best person to inherit your cottage, it might be worthwhile discussing the matter with your family and seeking their input.
Thanks for reading,
Megan F. Connolly
