The family cottage should invoke memories of warm weather, sunshine, and happiness. Unfortunately, for some, estate battles or family fights surrounding the cottage can tarnish these positive memories upon the death of the owner of the property.
Family fights over the cottage property may be contentious, as cottages can hold significant financial and sentimental value. Generally, cottages have been in the family for generations, and family members may develop an emotional attachment to the property, making it difficult for people to treat it in a rational fashion, as they might in respect of any other estate asset. Thinking about the cottage in an emotional rather than rational way may cause additional difficulties for individuals who find themselves in a fight over the property. Furthermore, with the recent boom in the real estate market, the transfer and/or sale of a vacation property can result in onerous tax liabilities for one’s estate or the individual(s) in receipt of the vacation properties. To assist in avoiding complications regarding the inheritance of a family cottage, it is advisable to plan for its disposition well in advance of the death of the owner of the property.
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