Estate planning is not always easy when it comes to secondary or vacation homes. You might know what you want to happen, but you need to consider multiple factors before making a final decision about how to handle your vacation home.Â
Vacation or rental properties should be incorporated as part of your broader estate plan. Many unique considerations and questions may emerge as you contemplate what will happen to this property after you pass away. By creating an appropriate Pasadena estate plan, you can reduce the risk of confusion or disputes impacting your heirs. In order to think about the best estate plan for your vacation home, walk through these relevant questions first.
First, do any beneficiaries get along with one another well to the point that they would be able to agree on maintaining or using the property? Second, are any of the beneficiaries primarily involved with the use and upkeep of the home or would someone else need to be hired for this position? Third, consider whether it is convenient for the chosen beneficiaries to access and use the house. Fourth, make sure that you are not contemplating passing on your rental home to your loved ones if you might need to access the value in it to support your own financial future, such as if you were to become incapacitated or need money for healthcare expenses years down the road.Â
Finally, think about whether all of the chosen beneficiaries have an actual interest in owning the property and or maintaining it. All of this information can be extremely helpful in guiding you through the process, but our lawyers will help you answer any other important questions. Set up a time to speak with Pasadena estate planners whether you need to create your very first estate plan or whether you need to revise an existing one.
