From family homes to beach houses, property is one of the top items parents leave for their children in their wills. When there's only one child, the process is fairly straight forward, as one individual holds all the cards. However, when multiple kids are involved, all of the parties have to determine how to effectively handle the inheritance. Here are three of the top options available.

3 Options for Shared Inherited Property

1. Share It

This choice is particularly common when vacation homes are involved because it allows each party to utilize the space for a designated time every year. However, there are long-term expenses involved, such as maintenance and property taxes. If there wasn't a fund set up in the will to handle these costs for a set period, the siblings need to split the expenses equally and create a written agreement that outlines who will pay for what.

2. Rent It

Homes located in valuable areas, like on or near the beach, provide beneficiaries with the opportunity to earn additional income as a short- or long-term rental. All parties need to agree on the rates as well as who will manage it and handle maintenance. With short-term rentals, siblings can also set aside time each year for personal use.

3. Sell It

Placing the home on the market is often the best choice when parties can’t come to an agreement. The proceeds are split between the siblings after all real estate fees and costs are covered. Alternatively, if one or more individuals want to keep the property, they can buy out another sibling’s ownership. The executor of the will may also transfer other areas of the inheritance until an equal value is met, depending on the terms created during the estate planning process.

If you want help securing your assets for your beneficiaries, contact Wills and Trusts Hawaii in Honolulu for guidance. Oahu residents rely on these attorneys to help them get their affairs in order. Their legal team will provide personalized assistance throughout the entire process, whether you’re creating a living will or establishing a trust. To get more information about their services, visit the website or call (808) 792-8777.