How best to manage the ownership of a property passed down through several generations for family use?

Get Legal Help Today

Compare Quotes From Top Companies and Save

secured lock Secured with SHA-256 Encryption

How best to manage the ownership of a property passed down through several generations for family use?

Management of the use, maintainence, and expenses has always been problemmatic and increases as the decendants increase in number. Is there a practical way to put the property in some kind of trust or other ownership that can more equitibly be governed and passed along? What about inheritance tax each time the property is passed to another family member?

Asked on March 22, 2012 under Estate Planning, Washington

Answers:

M.T.G., Member, New York Bar / FreeAdvice Contributing Attorney

Answered 12 years ago | Contributor

Is this like a family cabin or lake home?  I would seek help from ana ttorney in your area.  It sounds as if the matter would indeed benefit from the creation of a family trust and haeve the property transfered in to the trust.  The problem becomes agreement of all the beneficiary/owners and funding the trust.  Also there needs to be a trustee appointed.  These details are important.  Good luck.


IMPORTANT NOTICE: The Answer(s) provided above are for general information only. The attorney providing the answer was not serving as the attorney for the person submitting the question or in any attorney-client relationship with such person. Laws may vary from state to state, and sometimes change. Tiny variations in the facts, or a fact not set forth in a question, often can change a legal outcome or an attorney's conclusion. Although AttorneyPages.com has verified the attorney was admitted to practice law in at least one jurisdiction, he or she may not be authorized to practice law in the jurisdiction referred to in the question, nor is he or she necessarily experienced in the area of the law involved. Unlike the information in the Answer(s) above, upon which you should NOT rely, for personal advice you can rely upon we suggest you retain an attorney to represent you.

Get Legal Help Today

Find the right lawyer for your legal issue.

secured lock Secured with SHA-256 Encryption