How to Pass on the Family Cabin
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Over the 4th of July weekend, I came home from a trip to one of my favorite places on earth: Alpine, Arizona. This is where my family has had a cabin since I was 5 years old. The cabin itself doesn’t amount to much, but it’s hard to beat the surrounding beauty of Arizona’s White Mountains. There are towering ponderosas, Bald Eagles soaring overhead, elks roaming about, and green meadows filled with wild flowers and streams. Growing up, it was about the only vacation my parents dared to take with their 10 little “brats” (as my father lovingly called us). You can see from the picture that the family has grown a bit over the past 40 years, and the wonderful memories continue to grow as well.
The Importance of Creating a Succession Plan for the Family Cabin: How to Pass on the Family Cabin
As my family matures and grows, having a succession plan in place for our family cabin becomes more and more crucial. Fortunately, my father had a very good estate planning attorney (himself) who knew about the importance of planning for the future. The Phelps Family Living Trust has long ago spelled out the future of our family cabin and it gives us all peace of mind.
What about your cabin or vacation home? People often see it as a daunting task to discuss the cherished family cabin for fear of difficult inner-family situations rising up. However, ignoring the issue will result in a big mess for the family to untangle.