Three Generations Ate Going to Share the Lake House Every Summer. The Trust Their Grandparents Signed in 1998 Sets the Calendar, Splits the Bills, and Stops Any One Heir From Forcing a Sale

A cottage trust—also called a vacation home trust—can keep a lake house in the family for decades by locking in a summer-use schedule, paying recurring costs through an endowment, and preventing any heir from forcing a sale. The article argues that without a trust, dividing a home “equally” often leads to legal disputes: in many states, heirs inherit property as tenants in common, and any co-owner can trigger a partition sale. It cites the Uniform Partition of Heirs Property Act and explains how trust beneficiaries typically don’t have a titled share that supports partition. The piece also highlights rising home values and the risk of underfunding. It discusses tax mechanics, including the $19,000 2026 annual gift exclusion per recipient and reporting on IRS Form 709.