Vacation Homes | Small Is Beautiful for You & Your Heirs

 In Second Home Savvy

Small and basic vacation homes can be better than big and elaborate ones. They’re easy to open in spring and close in fall, clean, pack up, and care for. If you are a second home owner, you know what I’m getting at. If you need to have a cleaning service to enjoy your place, and you like it that way, terrific. But if you struggle with the cost of maintenance, think twice before buying such a home or continuing another season.  

Check out the Washington Post’s 4 Rules for a Stress-Free Vacation Home. The authors make good points regarding how small homes can be a better choice for many families.

While you’re at it, think about your heirs, and how they will deal with the property if suddenly faced with it. A big, expensive property may be more difficult to sell than a small one.

Here are some questions for you to consider:

1. Why should the property stay in the family? Having a purpose is important.

2. How long should your heirs own it together?

3. How will they pay for it?

4. Who’s in charge?

5. To whom can they leave it when they die?

6. Are they protected from break-ups due to divorces and debt of individual family members?

7. Are they going to be protected from personal liability for accidents on the property?

Planning can address all these matters.

Tim Borchers, AEP®, Attorney
Tim Borchers is the founder of Borchers Trust Law. He offers expertise in next-generation “Inheritance Trusts,” total probate avoidance techniques, asset protection for elders, professionals and others concerned about potential liabilities, and retirement trust, charitable, giving and tax planning. He is the author of multiple articles on a wide range of estate planning topics and has developed numerous trademarked programs and resources that make the estate planning and probate processes more accessible, organized, and easily maintained. He has been a frequent lecturer and author for estate planning and probate courses and has participated in multiple expert panels. Also, he has been a speaker for the Guardian Publishing Speakers Bureau for medical professionals and societies. Tim hails from New Hampshire’s Great North Woods where he learned to love hiking, camping, and scouting (he is one of five in his family). Tim and his wife, Ruth reside in Medfield, Massachusetts and have been blessed with eight beloved children, including four by adoption.
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