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Q: I’m thinking of buying a summer house, should I update my estate plan?
Yes, especially if your new property is out of state. There are factors you must consider when incorporating a seasonal property into your estate plan.
If you are a resident of New York and you own property in another state, your Will can list who you wish to inherit the property after your death. However, if that house is in your individual name, the executor of your estate will have to file a court proceeding in your home state and also in the state where the secondary property is located. Once your executor is appointed in both states, he or she can transfer the property according to your Will.
Why You Should Put a Vacation Home in a Trust
The better option would be to establish a trust and deed the property into the name of the trust. By doing this, your summer home will no longer be in your name and will therefore avoid probate in both states, avoiding court fees and the time delay associated with bringing the out-of-state proceeding.
Very often, the vacation home is a special place with special memories. This may result in multiple family members wanting to inherit the property and keep it in the family. In these cases more than any others, it is advisable to make it clear who will own the property and who will continue to be responsible for the costs including utilities, real property taxes, capital improvements, etc. It may be appropriate to leave the house in a trust with a sum of money meant for continued support of the property, while in other cases there may be one family member that is given the right of first refusal to purchase the property from the other beneficiaries.
Purchasing a New Property Comes With Crucial Estate Planning Considerations
Leaving instructions in your estate planning documents on how a seasonal property will continue to be used and/or owned after your death, can prevent friction amongst family members and ensure your investment can be enjoyed for decades to come. If you plan on investing in a seasonal property, you should consult your estate planning attorney to update your plan to suit your family’s goals.
By Britt Burner, Esq. & Erin Cullen
Britt Burner, Esq. is a Managing Partner at Burner Prudenti Law, P.C. focusing her practice areas on Estate Planning and Elder Law. Erin Cullen is a graduate of the Maurice A. Dean School of Law at Hofstra University. Burner Prudenti Law, P.C. serves clients from New York City to the east end of Long Island with offices located in East Setauket, Westhampton Beach, Manhattan, and East Hampton.
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