Legal Question in Wills and Trusts in New Mexico
Single vs multiple ownership of summer cabin
My father owns a summer cabin in NM given to him by his aunt. He is getting older and worried about finances and is considering passing on ownership by splitting it between all 5 of his children so no one's feelings get hurt, and so that it will continue to be passed through the line of his children and grandchildren rather than to one of his children's spouses. There is no money to go with the cabin and not everyone can afford to contribute to the costs of upkeep and repair. I worry about disagreements and resentment that may come up as a result. To me it makes more sense to give it to one person who can afford to take care of all the expenses, agreeing to continue to allow all family members access to it. What are the best options when the goal is keeping it in the family?
2 Answers from Attorneys
Re: Single vs multiple ownership of summer cabin
This is your father's property and his choice!
There are never good answers for families that don't get along well. Sounds like you have your opinion and just want someone to back it, although I foresee problems over conflicts over prime time access periods, cleaning, and damage from usage even under your plan.
Re: Single vs multiple ownership of summer cabin
One answer might be for him to put the cabin in a trust, naming one or two of the most interested children as trustee(s), with instructions as to its care, maintenance and use. The trust could be funded to provide upkeep.
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