If they elect to follow the trend of other wealthier Americans, those in Minnesota who are of great financial means may contemplate investing in a so-called “legacy home” both for themselves and their families. The idea of a legacy home involves purchasing a large and luxurious manor in a location that is amenable for vacationing or just enjoying the outdoors.
In theory, the extended family can gather at the legacy home to build their relationships and just have a good time. In a perfect world, the people who bought the home can pass it on after death as a gift to the next generation so that the family can enjoy the real estate in future years.
Those in Ramsey County who can afford a legacy home and like the idea do need to be aware of several financial and legal points in order to prevent the dream of a legacy home from becoming a nightmare. Aside from making sure that the title work is properly done and that the property has the necessary insurance, people who choose to own legacy homes also need to be sure that their estate planning specifies exactly where the home will go after their deaths.
Unfortunately though, even the most careful of estate planning might not prevent probate litigation. In particular, a house is difficult to divide up evenly, and a family that cannot get along may tragically have to sell a legacy home, often at a loss. While there is no guarantee that this outcome can be avoided, the experience and knowledge of a skilled Minnesota probate litigation attorney could prove valuable should a dispute about a legacy home arise in a family.