If I have inherited a vacation property with 3 siblings, what is the best way to protect this property for future generations?

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If I have inherited a vacation property with 3 siblings, what is the best way to protect this property for future generations?

Asked on March 1, 2012 under Real Estate Law, New Mexico

Answers:

FreeAdvice Contributing Attorney / FreeAdvice Contributing Attorney

Answered 9 years ago | Contributor

Good question. The best way to protect this vacation property that you inherited with three siblings is for all four of you enter into a family trust agreement to operate and use the property for the future where there is a trustee and provisions of buy out amongst family members. Title of the property would then be placed into the family trust and owners of the property would then utilize the property much like shareholders of a family business corporation under the terms of the trust agreement.

I recommend that you have a real estate attorney with experience in Wills and trusts draft up the suggested family trust agreement for this property you have written about.


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