There are Surprises and Threats to the future of the Family Cottage

I recently wrote two blog series about “surprises” and “threats” to the family cottage that can and often does lead to unintended consequences or disputes between next generation siblings with shared ownership ultimately destroying the ownership, use and enjoyment of the family cottage. You will see links below for each of the three part series.

I’m reminded of a family where I assisted the parents with their estate plan and inquired whether they wanted to put a formal cottage plan in place. The parents dismissed my recommendation to  develop a formal plan and stated that their three children “.. were wonderful kids with great spouses and we don’t think there will be a problem.” Famous last words.

Real Estate Law Surprise

Threat’s to Shared Ownership of the Family Cottage

Several years later I ran into one of the three children whom I happened to know. When I inquired about the family cottage now that his parents had died, he informed me he was renting a local cottage for a week.

Within a year after both parents passed away, his sister divorced her cheating husband and no longer wanted and couldn’t afford to contribute toward the cottage’s expenses and his brother demanded that he or his semi adult children have constant use of the cottage regardless to the exclusion of his siblings. The whole thing spiraled out of control and the cottage was sold and none of the three children speak to one another any longer.

I’d like to say that the above example is a unique occurrence. However it is more common than not.

With some fairly simple planning, families and cottages can be protected. I have provided cottage planning services to families for over 30 years.

I can help keep your family in the family cottage. Call me. 248-752-6480.