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Estate planning and vacation homes: some things to consider

Many Kent area residents own a vacation home. These special places are where families gather to make memories and get away from it all. Many times these homes are passed down through the generations, ensuring that they remain in the family for a long time. Before a person passes their vacation home to their children through a will or trust, there are a few things they should consider.

One thing a parent should consider before passing the vacation home to their children is to make sure the children even want the home. It is important to check with the potential heirs to see who would want the vacation home. An heir would need to consider the upkeep cost, distance to travel to the home and other factors. It is also important to determine how to leave the home to the children.

There are a few options as to how it can be passed down including through a trust or through a will. It can also be beneficial to figure out who would be responsible for upkeep of the vacation home. An owner can set aside money to be used for future upkeep. Most people leave around five years of money for upkeep that may include taxes, utilities and insurance. Finally, a person should think about if there are any events that would occur that would force a sale. This may happen if the majority of trust beneficiaries want to sell.

Passing on a vacation home is a wonderful legacy for a person to leave to their heirs. A legal professional can help a family set up a trust or a will that includes the vacation home. Planning ahead can help a person feel good about their decisions and at peace for the future.

Source: Time, "4 questions to ask before passing down the vacation home to your kids," Tracy Craig, July 18, 2016

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To speak with an attorney at Gellner Law Group about estate planning, probate, trusts, wills or tax controversy, contact our law office in Kent, Washington, today. You can call 425-336-2908 or send us an email. We provide representation across the entire Seattle-Tacoma metropolitan area.

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