Shared Ownership of Family Cottages, Part One: Does It Make Sense to Pass the Cottage to Future Generations

When families gather at their cottages or vacation properties, the senior generation might think how nice it would be for these multi-generational gatherings to continue after they pass. But before designing an estate plan to address the future generations’ continued use and enjoyment of this property, there are two important questions a family must consider. Along with answering those questions, additional thoughts are provided to help families understand their goals for the property and the financial aspects of the next generation ownership of the property. 

For more insights and guidance on the ownership structures for shared family property, see Part Two. For insights on making a decision about the governance agreement, see Part Three.