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Cottage Succession: Inheritance & Property Ownership Transitions

If you own a family cottage, holiday retreat or weekend getaway property or have parents who own a cottage that you hope to be able to enjoy with your family in

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Cottage Succession: Inheritance & Property Ownership Transitions | cottagesuccession.ca Reviews

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If you own a family cottage, holiday retreat or weekend getaway property or have parents who own a cottage that you hope to be able to enjoy with your family in

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1

Cottage Succession | Agreements

http://www.cottagesuccession.ca/succession-issues/family-issues/agreements

Do we all agree? When mom and dad are alive and are actively participating in the managements and usage of the cottage, disagreements rarely occur. The parental wisdom prevails and out of respect their decisions are usually carried out. Ideally, The Cottage Agreement should be initiated during the lifetime of the parents so that they may take an active role in determining the structure for hassle-free enjoyment of the cottage for years to come. The two main functions of the cottage agreement are:.

2

Cottage Succession | Choosing Children

http://www.cottagesuccession.ca/succession-issues/family-issues/choosing-children

Mom always liked you best. Even in the most congenial families, sibling rivalries do occur and when financial issues are the subject, friction can arise among the closest of siblings. How do you choose? A good plan is to talk to everyone involved privately. What are their expectations? What are their wishes? All is not equal. What if Susan is enthralled in using the cottage all of the time with Frank and the kids? Are these an insurmountable problems? Let’s find out. Just contact us here.

3

Cottage Succession | Cottage Succession Issues

http://www.cottagesuccession.ca/succession-issues

Living happily for ever and ever. It’s easy to assume that succession of ownership of the family cottage is a simple as transferring legal ownership from parents to children. Yet if we step back we’ll see that it’s really about keeping the family cottage in the family – for generations to come. Elsewhere we discuss The Family Round Table. And creating The Cottage Agreement. What’s in the future? 1 When a sibling dies, to whom does their share pass on? 2 What if there are no heirs – what happens? There ar...

4

Cottage Succession | Family Issues

http://www.cottagesuccession.ca/succession-issues/family-issues

All in the family. What if a disgruntled family member wants to sell his or her interest in the cottage without involving the other siblings? What if a shareholder has financial difficulties and wants to sell their share of the property? These are all questions that need to be addressed in The Cottage Agreement. Is there a provision that will allow other siblings to have first refusal of purchasing someone’s share in the cottage should they decide to sell? Here are some points for consideration:. These a...

5

Cottage Succession | Financial Issues

http://www.cottagesuccession.ca/succession-issues/financial-issues

Show me the money. Financial hurdles are arguably the biggest challenge to cottage succession and continued harmony among the co-owner siblings. The prices of waterfront property has increased incredibly over the past several years and as the old expression goes: they’re not making it anymore. The equitable distribution of financial obligations can place huge burdens on relationships within the family. Can mom and dad afford to maintain the cottage during their lifetimes? A) Purchased Cottage in 1989: $1...

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Cottage Succession: Inheritance & Property Ownership Transitions

Keeping the family cottage in the family. If you own a family cottage, holiday retreat or weekend getaway property or have parents who own a cottage that you hope to be able to enjoy with your family in the future, this site is intended as a starting point for planning a smooth transition of ownership to the next generation. You will learn about what financial issues. Are involved, the family dynamics. Just contact us here. Or call us toll free at 1-855-294-4544 and we’ll be happy to help you.

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