Sharing a the cost and the benefits of a cottage with family and friends can be extremely rewarding, but it can also be a challenge at times. "When heirs or groups of families and friends turn to co-ownership in order to afford a cottage, experts say it’s best to have a legal agreement in place to ensure everyone knows how things will work — and to avoid a major fallout with loved ones." Speak to a real estate agent and a lawyer to make sure everyone is on board and in the know.
The two brothers visited a lawyer to come up with a plan to share the financial responsibility even before the transaction closed in July 2017, following his father’s death in 2016. When heirs or groups of families and friends turn to co-ownership in order to afford a cottage, experts say it’s best to have a legal agreement in place to ensure everyone knows how things will work — and to avoid a major fallout with loved ones. The most critical part is getting the right people together, said Peter Lillico, an estate-planning lawyer who specializes in cottage succession and planning....
Sharing a the cost and the benefits of a cottage with family and friends can be extremely rewarding, but it can also be a challenge at times. "When heirs or groups of families and friends turn to co-ownership in order to afford a cottage, experts say it’s best to have a legal agreement in place to ensure everyone knows how things will work — and to avoid a major fallout with loved ones." Speak to a real estate agent and a lawyer to make sure everyone is on board and in the know.