A Practical Guide: Vacation Home Planning 101

Many families avoid talking openly about money—not because the topics aren’t important, but because financial discussions can feel uncomfortable or emotionally charged. Yet some conversations simply must happen in advance. When they don’t, misunderstandings can grow, tensions can build, and conflicts can surface at the very moment families need unity most. 


One of those crucial conversations involves your vacation home. 


For many parents, the vacation home holds decades of memories—holidays, summers, milestones, and time spent together. And as families return to those familiar places each year, an important planning question often comes up: 


What will happen to the vacation home in the future, and who will take responsibility for it when you’re no longer the one coordinating the plans? 


Because families naturally gather during the summer season, this time of year often makes it easier to talk about the long-term future of a property everyone enjoys. While these conversations can feel uncomfortable, addressing them now can prevent confusion, stress, and conflict later. 

Do Your Children Actually Want the Vacation Home? 

Many parents assume their kids will want to keep the property, especially if it holds special memories. But lifestyles, budgets, and preferences can vary widely across generations. 


Before including the property in your estate plan, consider asking questions like: 



  • Will they realistically use the home? 
  • Can they afford ongoing expenses? 
  • Are all children equally interested in joint ownership? 
  • Would some prefer a different type of vacation experience altogether? 


Without clarity, a well-intended gift can unintentionally become a financial or logistical burden. 

Understanding Joint Ownership

If you leave the property equally to your children, they become joint tenants in common, meaning each is responsible for: 

  • A share of expenses 
  • Coordinating repairs and maintenance 
  • Scheduling use of the home 
  • Making long-term decisions about the property 


Differences in income, distance, or lifestyle can make equal ownership challenging—especially if one child uses the home more often or another struggles to cover their portion of expenses. 

Alternatives to Consider 

If equal joint ownership doesn’t fit your family’s dynamics, there are planning tools that can provide clarity and reduce friction. Specify distribution rules 


1. A Property Trust 


A trust can: 


  • Hold and manage the property 
  • Establish rules for access and maintenance 
  • Allocate funds for ongoing expenses 
  • Reduce potential conflict among heirs 


2. A Family Buy-Out or Self-Financed Sale 


For families wishing to protect loved ones while preserving harmony, this combination can make planning far less stressful. 


This option can:



  • Facilitate fairness among siblings 
  • Provide liquidity for your estate 
  • Keep the property with the child who truly wants it 

Start the Conversation Before It Becomes Urgent 

Summer gatherings often bring relaxed moments that make important discussions easier. Talking early helps your family: Irrevocable trusts generally cannot be changed after creation 



  • Understand responsibilities 
  • Share preferences openly 
  • Avoid misunderstandings 
  • Prepare for next steps with your advisor and estate attorney 


These conversations create clarity—and clarity creates family harmony. 

Where to Go From Here

Your vacation home holds years of memories, but its future depends on thoughtful planning. If you’d like help exploring your options, understanding ownership structures, or preparing for a family conversation, we’re here to help guide you through the process and collaborate with a qualified estate attorney when appropriate. 

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Disclosures:

Advisory services are offered through Assurance Wealth Management, a Registered Investment Advisor in the State of Texas. Assurance Wealth Management is not affiliated with or endorsed by the Social Security Administration, Internal Revenue Service, or any other government agency.


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All written content is for information purposes only. The information contained herein has been derived from sources believed to be reliable, but is not guaranteed as to accuracy or completeness and does not purport to be a complete analysis of the materials discussed. All information and ideas should be discussed in detail with your individual adviser prior to implementation.