A vacation property is a valuable asset within any estate. In many cases, these properties hold both a financial and an emotional value to the beneficiaries. Children may have grown up visiting the vacation home and may hope to continue that tradition long into the future. Others may view the ownership of the vacation property as a burden and wish to sell. Many unique issues can arise when a vacation property is part of an estate. Fortunately, an experienced Orange County trust attorney can help create an estate plan that deals with your vacation property in the most effective manner possible.
Once you have chosen the right attorney for your matter, you must consider what you want to do with the vacation property as part of your overall estate plan. Your attorney may suggest any of the following as a means for addressing the second home:
- Hold the vacation property in a living trust in Orange County.
- Hold the vacation property in limited liability company or other corporate entity.
- Hold the vacation property in an irrevocable trust.
- Hold the vacation property jointly, in each of your individual capacities, with the other beneficiaries.
- Sell the vacation property before passing.
Regardless of which option you choose, your estate plan must be carefully created in order to ensure that all of your assets are properly taken care of. The knowledgeable Orange County trust attorneys at the Law Office of James F. Roberts & Associates, APC, are here to help. Call our office today at (714) 459-5481 for a consultation.