Jo and Lonnie Harrison of Houston enjoy making trips to their vacation cabin in Madisonville, Tex. On Feb. 2, 2018, Lonnie made the 1½ hour drive from their home to the property to check up on the place since they hadn’t been there for two months. When he arrived, the cottage was gone. “All I saw was pipes and blocks,” he told KTRK-TV. It turns out that the prefab cabin, which in fact hadn’t been paid off by the previous owner, was repossessed.
There may come a day when your own cottage, or cabin, changes hands. Let’s hope it’s because you’ve done some good planning, and perhaps that special retreat will end up in the hands of your children. Today, I want to talk about three common ways to pass the cottage to your heirs.