June 4, 2021. Canyon Lake, Texas. Systems at the Lake House.

Many people advised us against buying a home with our son and daughter in law. I heard horror stories of difficulties between family members who co owned property. My friend Irmgard told me of her experience of inheriting a family home in Maine where once friendly siblings were estranged because of the joint ownership. So we all four had heard those stories. We established systems to prevent any difficulties. First we established a bank account with a pot of money available to use for the expenses for the lake house. Suzanne handled the money. Each couple put equal money into the account. Out of the account was paid the utilities, mortgage and anything that needed to be bought for the house. If the fund fell below $1000, we each added $500. Next we agreed that if anyone wanted to buy something for the house that was under $100. that person could be reimbursed. But if the purchase was over $100. each of the four people must agree to the purchase. And we could reimbursed from the pot. If anyone bought something for the house for over $100., with no consultation, that person just bought the house a gift. Those rules were simple and they served us well. We have had no difficulties with our joint ownership. To the contrary, the house has served us all very well. The children love it. David and Suzanne entertain there regularly and Ken and I have used it as our home base in Texas for the past 25 years. The whole thing has been a huge success. The simple systems certainly helped.