Information Form and Questionnaire
for
Cabin and Recreational Property Planning
Please Print
Property Information:Today's Date: ______
Name of Cabin
Street Name
City______State
County ______Zip
Full Legal Description(please attach photo copy from deed)
What other personal property assets are used primarily as part of the above property: (boat, furniture, etc.). Please list: ______
How long have you owned this property? Please briefly describe how long the property has been in the family, who originally purchased it, who inherited it, and so forth: ______
Is the property insured? Yes No If yes, please name company, agent and phone number:
Insurance Co.______Agent ______Phone ______
List the Current
Owners’ Name(s)#1
Addresses, PhoneCity______State ______Zip
Numbers andPhone Number______email ______
#2
City______State ______Zip ______
Phone Number______email ______
#3
City______State______Zip______
Phone Number______email ______
#4
City______State ______Zip
Phone Number______email ______
#5
City______State ______Zip
Phone Number______email ______
Main Contacts: phone______email ______
Ownership of Property
How is the property owned: JT (joint tenants). TC tenants in common, Fee (fee simple 100% ownership),E (existing entity like LLC, Trust or Partnership), D (Don’t know)
Co-Owners please answer these questions:
Are there any written agreements established between the owner(s) regarding the purchase and sale of their interests such as a “right of first refusal”?
If no written agreements, are there any verbal understandings about what would happen upon the death of a co-owner, such as whether the remaining members would purchase that interest?
Expenses on the Property
What is the approximate amount of total annual expenses? (taxes, insurance, maintenance utilities, etc.) ______
How are the expenses on the property being paid? Please note which is the most applicable.
One person (list their name:______) pays and then gets reimbursed by the others.
Each co-owner pays own share directly.
Do you make out a budget for the property? Yes No If yes, please attach a copy.
What would be considered a large expenditure in which all owners would want to be involved in the decision making before they were asked to pay? Please list a dollar amount: $______
Is there a bank account being used primarily for the payment of cabin expenses? Yes No
If yes, please list account name, account number and name and address of the institution:
______
Use of the Property
Are the owner(s) the current primary users of the property? Yes No
Besides the owners, are there other current users of the property? Yes No
If yes, please list below. If you do not know full names and birthdates, please provide the information you do have.
Full Legal NameBirth Date
What is the primary use:
Recreational Lake Hunting Residential
Are there any written agreements established between the owners concerning use of the property? Yes No
If yes, please attach a copy.
If no written agreements regarding use, are there any verbal understandings about use of the property, certain well established patterns of use? Yes No If Yes, please briefly describe______
Can guests use the property without the primary owner who invited them being there?
Yes No
Are there family gatherings that take place at approximately the same time every year?
Yes No
Is there a time period each spring or fall that you typically use to prepare the cabin for the summer or winter? Yes No If yes, what times do you typically perform this work?
______
Is the property ever rented? Yes No If yes, about how many weeks a year? _____
Besides renting, is there activity upon the property that could give rise to a lawsuit?
If yes, please describe: ______
Future Owners/Beneficiaries
Who is expected to receive the owner’s interest in the property when the owner dies?
Please circle the most applicable:
Owner #1
Spouse (or trust for)
Spouse and Children (or trust for)
Just Children (or trust for)
Children and Grandchildren
Nieces and Nephews
Other
Owner #2
Spouse
Spouse and Children
Just Children
Children and Grandchildren
Nieces and Nephews
Other
Owner #3
Spouse
Spouse and Children
Just Children
Children and Grandchildren
Nieces and Nephews
Owner #4
Spouse
Spouse and Children
Just Children
Children and Grandchildren
Nieces and Nephews
Other
Owner #5
Spouse
Spouse and Children
Just Children
Children and Grandchildren
Nieces and Nephews
Other
Besides the above persons, who else might be a present or future beneficiary of a Cabin Trust or a present or future member in a cabin LLC or partnership?
______
______
Are any persons that might otherwise be considered a natural heir or successor in interest to be excluded from participation in the trust or LLC? Yes No If yes, which persons are not likely to be beneficiaries in a cabin trust or members in a cabin LLC or Partnership? ______
Is there a strong desire to “keep the property in the family”? Yes No
If yes, please answer this question: Upon the death of a child of one of the owners, what would that child’s spouse’s interest be: None Controlled* Same as deceased’s child
*(Goes back to deceased child’s children when their spouse remarries or dies)
If yes, how long would you want the property to remain in your family?
(Please circle the most applicable)
Forever A long time(example 50-90 years) Until grandchildren’s deaths
Do any current owners or potential future owners or beneficiaries have serious medical problems or disabilities? Yes No If yes, please list person(s) ______, ______
It may be possible to protect the property interests from the claims of frivolous creditors. Do any potential future owners or beneficiaries have financial problems, high risk occupations, divorce or other situations that could bring a creditor’s claim upon the property? Yes No If yes, which ones______
Please describe briefly:
______
Trustees of Trusts and Managers of LLCs
Trustees of trusts and managers of LLCs must follow the instructions set forth in the trust or operating agreements of the LLC or partnership. They are in charge of paying expenses of ownership and allocating them among the beneficiaries or members according to the agreements. If the trust or LLC has an endowment, the Trustees or Managers would be responsible for investing it and using it per the terms of the agreement.
Of all the above person’s, which individuals might be considered to be Successor Trustees of the Cabin Trust or the Successor Managers of a LLC or a General Partner of a Limited Partnership? ______
Is there other information concerning your cabin or recreational property that you believe would be helpful to us in planning for the property?
Please take a moment to verify your information. Thank you.
Frank W. Heers, Esq.
Heers & Heers
Copyright 2009 Frank W. Heers