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At first, the idea sounds idyllic: keeping the lake house or beach cottage in the family so future generations can enjoy the same sunsets, summer barbecues, and long weekends that built so many memories.
But without clear planning, what starts as a legacy can quickly become a point of tension.
Resource: Family Questionnaire for Legacy Properties
One Property, Many Opinions
We’ve seen it happen more than once: siblings inherit a vacation home, and at first, everyone agrees to “just figure it out.” But over time, cracks begin to form.
- One family uses it more often.
- Another wants to rent it out to help cover costs.
- Someone isn’t paying their share for maintenance.
- A new spouse enters the picture with different priorities.
Without written agreements and financial clarity, even the closest families can run into conflict. And the worst part? These disputes often arise during already emotional times—like after the passing of a parent or grandparent.
The Real Challenge: Ownership Is More Than Sentiment
If you want a multi-generational property to benefit the family legacy, you need clear, written parameters. It’s about logistics, money, and decision-making. Questions that often go unasked (until it’s too late) include:
- Who pays for upkeep, taxes, and improvements?
- Can an owner sell their share—and to whom?
- How are holiday weekends or peak weeks scheduled?
- What happens if someone wants out, or can’t afford to stay in?
If these questions aren’t addressed in advance, families are left reacting under pressure rather than acting with intention.
A Conversation Guide for Families
That’s why we’re sharing the tool we use for our clients thinking about this decision: the Napier Heirloom Discussion Tool.
It’s a practical resource designed to help families start the right conversations around keeping a vacation home in the family. The tool walks current and future owners through essential questions—financial, emotional, and logistical—to uncover assumptions and align on expectations.
Think of it as a pressure-free way to:
- Surface differing perspectives before they turn into consequential disputes.
- Explore options like setting up a trust, family LLC, or operating agreement.
- Make informed decisions about long-term ownership and financial commitment.
It’s not about convincing anyone of what should happen. It’s about creating a shared understanding of what could happen—and planning accordingly.
Download the free Napier Heirloom Discussion Tool to get started.
If you’d like guidance in building a financial and estate plan around your legacy property, we’re here to help.
