How to Pass It On : The Ownership and Use of Summer Houses

Ken Huggins & his sister, Judith Huggins Balfe, know firsthand about inheriting a family summer home. They inherited their family's Nantucket cottage with two other siblings & experienced some of the misunderstanding & resentment often stirred up by a legacy that several individuals-perhaps not like-minded individuals-must share. Despite their father's careful estate planning, they were confronted with unexpected problems with the house & their relationships. Huggins & Balfe, who are both college professors, draw upon their experience in writing this workbook to show how family members can understand each other better & deal with their joint inheritance of a summer home. Beginning with two extended scenarios, they discuss how family members' differences in geographic location, financial status & family authority affect how individuals feel about any arrangement. They outline pitfalls of informal agreements & explain formal ownership & use agreements, such as trusts, partnerships, associations & corporations. To help family members come to agreement, with ideas for how to go about developing a formal agreement. Use of this book will go a long way to avoid a heartbreaking family rupture.Huggins, Kenneth is the author of 'How to Pass It On : The Ownership and Use of Summer Houses', published 1999 under ISBN 9781570874888 and ISBN 1570874883.