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How best to manage the ownership of a property passed down through several generations for family use?

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How best to manage the ownership of a property passed down through several generations for family use?

Management of the use, maintainence, and expenses has always been problemmatic and increases as the decendants increase in number. Is there a practical way to put the property in some kind of trust or other ownership that can more equitibly be governed and passed along? What about inheritance tax each time the property is passed to another family member?

Asked on March 22, 2012 under Estate Planning, Washington

Answers:

M.T.G., Member, New York Bar / FreeAdvice Contributing Attorney

Answered 10 years ago | Contributor

Is this like a family cabin or lake home?  I would seek help from ana ttorney in your area.  It sounds as if the matter would indeed benefit from the creation of a family trust and haeve the property transfered in to the trust.  The problem becomes agreement of all the beneficiary/owners and funding the trust.  Also there needs to be a trustee appointed.  These details are important.  Good luck.


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