Many families own summer vacation homes, and they can be a wonderful place to make memories with your family. Whether it’s a new investment or a home that’s been in your family for generations, it is important to plan not only for the financial investment or upkeep of the property, but also what will happen to it if you are injured or pass away.
What happens to your summer home (or any home for that matter) after you pass away mostly depends on how it is owned. If you own the property with someone else, it will transfer to the living owner and will not need to go through Probate Court. If a trust or LLC owns your home, it will continue to own your home after you die. A trust may have instructions about what will happen to the home after you die.
One of the many benefits of creating an estate plan is that you can choose what you want to happen to your home(s), and it is legally binding. A holistic and thorough estate plan also makes sure that your loved ones will not have to go through probate and have your family’s vacation home tied up in a court proceeding.
Here are some decisions you can make about what happens to your property after you pass away:
- Leave the property to a specific loved one.
- Leave the property to a group of people, or make specific designations about its use within your family and circle of loved ones.
- Allow for the property to be sold and the proceeds distributed to your loved ones.
- Allow for any member of your family or loved ones to get the first right to purchase your property from the others if they so choose.
If you have questions regarding your properties and how to make sure any vacation home passes to your loved ones the way you want it to, give us a call. We would be happy to set up a complimentary consultation to make sure your home is properly cared for the way you wish after you pass away.