![]() ![]() This approach is akin to lighting a bomb with a very long fuse. They can find out your true net worth after you are dead. You might think your money isn’t their business. Open communication is key, but often a sale is the cleanest approach.ĭon’t tell the kids anything about your money Some solutions can include setting up life insurance set up to specifically pay taxes and perhaps one or two children, so that the remaining children can afford to keep the cottage. We generally recommend either selling the cottage in your later years or, if you keep the cottage, make sure it is openly discussed. Families can sometimes get along fine with a little distance, but spending too much time under the same roof can create problems. But even if they all like it, they might get into issues about repairs and renovations or scheduling who uses it when. Sometimes it is just geography: one child moves away and won’t use the cottage much. It is rare for the next generation to be fully in line on this issue. Or they may really like the cottage, but could use the cash instead. This can be a very dangerous part of the estate plan, because your children may not necessarily feel the same way about the cottage that you do. You love the family cottage and your wish is to keep it in the family for your kids and grandkids to enjoy for decades to come. Pass the family cottage to multiple children Our general recommendation is to try to leave assets equally even if you don’t think it is fair. To do so without explanation will very likely lead to anger and jealousy between the children when they find out. The best scenario is if you can comfortably tell Joe, Susie and Bill in advance why you are doing this. People do this all the time, and they may have very valid reasons for doing so, but it is still a recipe for disaster. ![]() Leave 45 per cent to Joe and 45 per cent to Susie, but 10 per cent to Bill. ![]() But if you want to create big family fights, leave your assets to your children in an unequal manner. Some are kind and giving, others take and take. They have different skill sets and different levels of responsibility and maturity. ![]()
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