Minneapolis Cabin Planning Attorneys

• Property Use and Scheduling. There can often be fierce disagreement over who is entitled to use the property and when. A well-designed cabin plan will outline a flexible schedule for when beneficiaries can plan to have access to the property. Many implement a modifiable calendar system that allows beneficiaries to reserve time slots. We often recommend offering a rotating schedule for popular holidays and long weekends, such as Memorial Day weekend, the Fourth of July, and Labor Day weekend.
• Ground Rules. Because multiple parties have ownership of the property and consequently have a stake in its condition, you should strongly consider establishing clear rules for how the cabin should be used by beneficiaries and their guests. This can include guidelines for the cleanliness and condition the property should be left in after a visit, the appropriate use of any boats or docks, and acceptable guest policies.
• Transfer of Ownership Mechanisms. Though eventually needing to transfer a family property to new owners or selling it outright can be difficult to think about it, it is important that a cabin plan addresses this possibility. There may be a scenario where beneficiaries no longer have the means, time, or interest in maintaining the property. A cabin plan can help facilitate procedures for transferring ownership or selling the legacy property if doing so is in the best interests of the beneficiaries.

Your Estate Planning Options for Family Cabins and Legacy Property in Minnesota

Leaving a cabin or legacy property to one or more family members as part of a last will and testament will not sufficiently protect the legacy property or its beneficiaries. Assets named in a will are subject to probate and can easily become mired in legal objections and entanglements, especially if beneficiaries disagree over the use and/or ownership of the property.

Trusts are more flexible than wills and can manage the transfer of many types of assets. Contents of trusts are private and are not generally subject to matters of probate.

We can help you establish a cabin trust that is designed to address and resolve many of the above issues. A cabin trust can facilitate a smooth transfer of ownership to multiple parties and establish an enforceable operating agreement for maintaining and using the property.

Our Minneapolis cabin planning lawyers can assist you with numerous trust-related matters. We can help you and your family create an equitable distribution plan, clarify each party’s role in making financial contributions to the property, and select a trustee to manage the affairs of the cabin trust. Many cabin trusts have multiple trustees that make decisions about the property on a rotating basis.

Trusts can also be leveraged to assist you with many types of legacy property planning, including second homes, vacation properties, and other shared family real estate properties. Our experienced team of estate planning attorneys at Guttman Law can help you implement legacy property planning tools that work to protect your family's interests.

If you have questions about legacy property planning, contact us online or call (612) 324-4055 to speak to a member of our team today!