Questions to ask before leaving a vacation home to heirs

On Behalf of | Jul 25, 2016 | Blog

Nevada residents who are lucky enough to own a vacation home may want to leave the house to family members in their will so that future generations can enjoy it. Before deciding how to handle an asset like a vacation home in an estate plan, there are some key questions homeowners must ask.

The first question they should ask before leaving their vacation home to their children or other relatives is whether or not their heirs actually want the house. Some practical issues could prevent heirs from being able to enjoy a vacation home even if they would like to. A person should consider how far a beneficiary would have to travel to the vacation home and whether they will be able to afford to pay for the home’s maintenance and property taxes. Some beneficiaries may prefer to receive a more liquid asset than real estate as an inheritance.

If the owners of a vacation home decides that they are going to leave into family in their will, they must decide whether to leave the home to one beneficiary or multiple beneficiaries. When more than one party owns a share in a vacation property, there is the potential for disagreements to arise between owners over how the property should be used. For this reason, parents may decide to transfer ownership of a vacation home to just one of their adult children.

A person may be able to leave a vacation home to multiple beneficiaries without creating the potential for disputes by placing the vacation home in a trust. An attorney can be of assistance in preparing the document and arranging for the title to be transferred.