Image courtesy of http://www.globeandmail.com.
Tim Cestnick from the Globe and Mail discusses the importance of talking to your children about their interest and desire to inherit property in a will or estate. (more…)
While a family cottage may provide timeless memories, it may also provide headaches to your loved ones if it is left behind in your will.
When planning for you estate, there are important considerations to make in passing down your cottage or vacation home. (more…)
Passing the Cottage to the Next Generation: Originally printed in Lawyers Weekly, November 30, 2012.
The family cottage is often the source of years of happy memories: children with sand between their toes; campfires; boating and large family gatherings. Because clients and their children can be emotionally tied to a family cottage, options for transferring it to the next generation should be thoughtfully considered.
Communication is Key
This may be an opportune time for a family meeting. A frank discussion may confirm who is interested in acquiring the property, how much control the clients want to maintain over it, who can afford it, whether insurance should be purchased to offset costs, and how to arrange ongoing maintenance. You may advise that your clients’ children and spouses sign a contract excluding the cottage from any family law claims. A timely, open family discussion might be the best way to allow for proper planning and to avoid unpleasant conflict. (more…)
Tagged Communication, cottage, CRA, ERAssure, Estate Debate, executor insurance, Fair, Family Tragedy, Family Treasure, Next Generation, probate, tax planning for cottage, testamentary trust
An executor can potentially face liability if he or she fails to properly valuate the assets of an estate. (more…)
Dad and Mike owned adjacent cottages on a private laneway that allowed specific rights of way to the properties on the laneway. Mike’s right of way allowed him to cross the properties of two neighbors to the south in order to reach a paved highway five minutes away. But although the cottages were side-by-side, his Dad’s right of way went north, and to reach the same paved highway he was required to travel about twenty minutes over, at best, poorly maintained laneways and sideroads.
The right of way had been the subject of litigation between the neighbors over the years to determine and enforce the rules – mainly to prevent Mike’s father, his cottage guests and service contractors from crossing land to which he was not granted a right of way.
While passing down your cottage to your loved ones seems like a wonderful way to ensure the wonderful summers at the lake continue to be enjoyed, changes in cottage ownership can pose significant issues. (more…)
Many parents assume that passing on their cottage to their children will be easy and smooth. However, it is often the case that brothers and sisters who have shared countless summers at the lake will not continue to enjoy the property in harmony after their parents pass. (more…)
Laying on the dock, swimming in the lake and cruising around in the boat all day is the recipe for a fun-filled summer. Thoughts of sunny days and warm nights by the campfire can help get you through those cold winter months! (more…)
While the summer is the perfect time to head to the family cottage and relax, it is important that you take proactive steps to ensure that your properly is looked after in your will. (more…)