Legal Considerations for the Family Lake House and Vacation Home Co-Ownership

Chicago's Legal Latte

It’s easy to look back at the summer that was and reminisce about the great times shared with loved ones at the family lake house or vacation abode. Life is good! What a great summer! But as the season changes and the reality of family dynamics sets in, the owner (or child or other relative of the owner) may think about more practical considerations for future years. “How will the next generation view this family residence?” “Who will be in charge when I can no longer shoulder the weight?” “Will this good feeling and family cooperation last forever?” Many of these questions and uneasy feelings can be settled through open communication, clear rules, and legal structures and documents that govern the arrangement. In this podcast, attorney Ryan Gardner explores various considerations from a legal perspective as it relates to the family vacation home and co-ownership of real property.