Who Gets the Holiday House?

When it comes to estate planning, it is important to think beyond simply dividing everything equally. As you organise your will, powers of attorney, and other estate arrangements, consider whether different family members may have different interests or connections to certain assets. For example, if you own a holiday house worth $900,000 that only one or two of your children regularly use and have a strong connection with, it may make sense to consider whether they receive that property while other children receive different assets, such as shares, superannuation, cash, or other property value. Another option is to divide everything equally and allow the children to decide what happens later. However, this approach can sometimes create conflict if everyone has different priorities and expectations. The most important step is having these conversations early. By explaining your intentions while you are still able to, your family has time to understand your decisions and prepare for what the future may look like. Sometimes children may choose to buy each other out, where one person takes ownership of a property while the others receive their share of the value in another way. There is no single approach that works for every family, but planning ahead and keeping things organised can make the process much smoother. As circumstances change over time, regularly reviewing your estate plan and addressing potential areas of conflict early can help create more clarity for everyone involved. General advice only. Amy Lehmann is an Authorised Representative (No. 1292710) of Consortium Private Wealth Pty Ltd (AFS Licence 495401).

Disclaimer || The information provided in this post is general in nature only and does not constitute personal financial advice. Amy Lehmann is an Authorised Representative(No. 1292710) of AFSL 495401.