Cabin Succession Planning involves developing a plan to pass the family cottage to children and future generations for their shared use and enjoyment. A succession plan is designed to protect the owner, family members and the cabin property from threats of a forced cabin partition lawsuit and to establish equitable rules for the future operation, shared use, financing and management of the family cabin.
The key issues concerns when planning to leave a cabin to your family are:
Ownership of any part of the cabin passing into the hands of a non-family member through death, divorce or creditor action.
Failure of a family member to meet any or all financial commitments to the cabin.
Handling internal conflicts between family members about how to operate, maintain and improve the cabin.
A family member who does not want to own cabin.
Disharmony between descendants when the older generation is no longer around to mediate a peaceful resolution.
Generally, most parents use an estate plan to leave their cabin equally to their children. While this is one way to pass on the cabin property and transfer ownership to others, it presents financial, legal and emotional risks to both heirs and the cabin. Avoid unnecesary risks or complications in passing on your family cabin. Contact Unique Estate Law for assistance in choosing the best method to pass on your cabin.
From within Hennepin County Unique Estate Law represents estate planning and elder law clients throughout Minnesota, including Minneapolis, Edina, Bloomington, St. Louis Park, Minnetonka, Plymouth, Wayzata, Maple Grove, St. Paul, and Brooklyn Park. The Minnesota law firm of Unique Estate Law focuses on all aspects of estate planning, including specialized wills, trusts, powers of attorney and medical directives for married couples, young families, blended families, single parents, gay families and those going through a divorce. Unique Estate Law also handles probate administration, asset protection, Medical Assistance planning, elder law, business succession planning, adoptions and cabin planning.