Should You Keep the Cottage in the Family?”
A Financial and Faith-Based Look at Legacy, Costs, and Clarity
Few properties carry as much emotional weight as the family cottage.
It’s not just real estate—it’s the backdrop of countless memories:
Summer mornings on the dock. Board games in the evening. Shared laughter across generations.
But as retirement nears and estate planning becomes a priority, many Canadians are asking:
“Should we keep the cottage in the family—or is it time to sell?”
There’s no one-size-fits-all answer. But here are the questions I encourage families to explore—spiritually, relationally, and financially.
1. Do Your Children Actually Want It?
This is the first and most important question.
Don’t assume the next generation wants to keep the property—or can afford to.
- Who will use it regularly?
- Can they afford maintenance, taxes, and repairs?
- Do they live nearby—or hours away?
💡 Tip: Have a family conversation before you make the decision. Don’t gift a legacy that becomes a liability.
2. Understand the Tax Implications
If the cottage isn’t your principal residence, you may face significant capital gains tax upon sale or transfer.
A proper estate plan should include:
- Valuation and tax estimates
- Whether to gift now or through your will
- The use of a cottage trust or shared ownership structure
📊 Selling now may simplify your estate.
But with good planning, you can pass it down wisely.
3. Consider Stewardship Over Sentiment
From a faith-based perspective, we believe everything we own is ultimately God’s.
Psalm 24:1 – “The earth is the Lord’s, and everything in it.”
Ask yourself:
- Does this property still align with our family’s purpose?
- Would selling it allow us to support missions, give generously, or invest in new priorities?
Legacy is more than property. It’s how we use what we’ve been given to bless others.
Final Thoughts
The family cottage is full of emotional value. But emotional value alone shouldn’t drive a multi-generational decision.
With the right planning, wisdom, and communication, you can either:
✅ Keep the cottage in the family—with clear expectations and a shared plan
✅ Or let it go—knowing you’ve stewarded the property well
Let’s Talk
If you’re wondering how to include the cottage in your estate or financial plan, I’d be happy to help.
📅 Book a 30-minute discovery call, and let’s create a plan that reflects your values and protects your family.