Cottage Inheritance
Cottage Inheritance
Sadly, we all hear horror stories about relatives falling out over the inheritance of the family cottage.
But passing along this legacy doesn't have to be messy.
I'm Derek Cooper, Senior Investment Advisor with TD Wealth Private Investment Advice here in Kingston.
Open communication is key when it comes to dealing with an asset that is both valuable real estate and a treasured family symbol.
The first thing to do is find out if everybody is on the same page:
- Do a family check-in: Second or third generations may have a different outlook towards a vacation home.
- Find out if there are existing real estate costs that may leave someone unable to take on another property.
- Ask if any of your heirs prefer to receive other assets some such as investments or cash. You may be able to divide things up to suit everyone.
- Don't forget to consider your own financial flexibility down the line. You may need to sell the property for extra funds for health care or assisted living costs.
- Talk to a professional about the ins and outs of cottage inheritance.
If you want to make sure your loved ones can inherit the family cottage, a well thought out plan could save time and money while avoiding hurt feelings.
Call me at 613-549-9008.
Sadly, we all hear horror stories about relatives falling out over the inheritance of the family cottage.
But passing along this legacy doesn't have to be messy.
I'm Derek Cooper, Senior Investment Advisor with TD Wealth Private Investment Advice here in Kingston.
Open communication is key when it comes to dealing with an asset that is both valuable real estate and a treasured family symbol.
The first thing to do is find out if everybody is on the same page:
- Do a family check-in: Second or third generations may have a different outlook towards a vacation home.
- Find out if there are existing real estate costs that may leave someone unable to take on another property.
- Ask if any of your heirs prefer to receive other assets some such as investments or cash. You may be able to divide things up to suit everyone.
- Don't forget to consider your own financial flexibility down the line. You may need to sell the property for extra funds for health care or assisted living costs.
- Talk to a professional about the ins and outs of cottage inheritance.
If you want to make sure your loved ones can inherit the family cottage, a well thought out plan could save time and money while avoiding hurt feelings.
Call me at 613-549-9008.