The Penning Group will provide a detailed, enforceable and customized plan to:

  • manage the process of cottage use
  • pay ongoing expenses
  • facilitate the possible disposition of ownership interests in the family cottage after both parents are deceased reflecting the parents' desire regarding the family cottage

This planning promotes and hopefully preserves unity among the next generation and even future generations depending on the terms of the plan. It specifies:

  • how many children if less than all can liquidate/sell their ownership interests
  • at what price (including options for discounts to discourage sales)
  • how expenses will be paid
  • the plan can also include management of funds left to endow the payment of cottage expenses by the parents

Preserving the "experience" of the family cottage

In addition to family harmony, a well designed cottage succession plan will preserve the "experience" of the family cottage. All the memories that experience will produce are worth more than money. Also, those experiences may provide what you hoped for - a common and loving bond and closer relationship among grandchildren and great-grandchildren.