Choose The Right Legal Entity For Your Family Cottage Plan.
Understanding the options of legal entities to transfer indirect ownership of the family cottage is important to make sure your family’s particular goals and needs are met by the type of entity chosen.
Part 2 - Why leaving the family cottage “ To all the children” is not a plan.
In my last blog, I explained the fact that leaving real estate to a group of heirs creates ownership in real estate law known as “tenants in common”. I also explained some of the rules that apply to that type of ownership and how those rules usually in one way or another cause problems between the co-owners.
PART 1 - Why leaving the family cottage to “All the children” is NOT a plan.
What many people don”t understand is that by leaving real estate to children or heirs as joint owners creates a legal status among the owners called a “tenancy in common”.
When the Family Cottage Is the Most Valuable Asset
People just don’t realize how emotional real estate is until they have to make the decision of what to do with it , especially heirs acquiring shared ownership after their parents’ death.