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Monday, July 20, 2015

Transferring a cottage after you're gone

Recently the Globe and Mail carried an article by Tim Cestnick that discusses the options available for transferring your cabin or cottage to your family after you have passed away. Click here to read the article. I like the article because Mr. Cestnick mentions drawbacks as well as advantages of the options.

Obviously the plans for transfer have to be made while you're alive, and set out clearly in your will. This isn't something you should try to do in a home-made will; it's worth every dollar to get proper legal advice on this.

I'd also like to add that before you make a decision about which, if any, of your children are going to inherit your cottage, talk to them. Don't assume that all of them want the cottage. Even if they use the cottage now, will they want to use it in the future if you are not there? Will they be willing and able to work out the day-to-day essentials such as shared usage with their siblings? Are they planning to move away or buy a cottage of their own? Do everyone a favour and have a frank conversation with the kids before deciding on a plan.

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