Vacation homes among seven worst assets to leave heirs

Vacation property is one of the seven worst assets to leave to heirs, WealthManagement.com reported, citing Kiplinger. The central question is whether the next generation wants the home at all.

Disputes can arise over whether to sell the property or who pays expenses, and some children may have an emotional attachment while others do not.

Avi Kestenbaum of Meltzer, Lippe, Goldstein & Breitstone said practitioners should confirm whether children will use the home and hold a candid conversation. If clients still want to pass it on, a sale during the client's lifetime or by the executor at death is one option. Leaving the home to the one child who wants it, with an equalizing amount to the others, can reduce discord if planned carefully.