Ask the Experts: Shared vacation property can pose a challenge.
July 25 2012
Sharing ownership of a vacation home can pose a dilemma. This week, Sacramento estate planning attorney Kay Brooks answers a reader’s question on that topic.
Q: My boyfriend and I recently purchased a vacation home. For now, the title is held in joint tenancy because we could not agree on what would be the fairest thing to do if one of us should die. We both have living trusts where each of our assets are transferred upon death. The problem is: My boyfriend wants his son to inherit his half of the property after he dies. I see potential problems in having to share ownership with his son. What if something happens and he needs money? Can he force me to sell the house or buy him out? I don’t think it’s fair that the son would be entitled to assets from the property just because he is kin. I would be the one paying the mortgage and keeping up with the maintenance. Can you offer any solutions so that both parties are satisfied? The son is currently 17 years old and my boyfriend is 20 years my senior. Thank you.
To read Kay Brooks answer, visit the Ask the Experts column here on Sacbee.com.