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PLANNING AHEAD: What is a right of first refusal? [Column]


One baffling question when dealing with wills and estate plans is what should happen to your residence when you die. If one of your children expresses an interest in buying it and you agree, how do you incorporate that desire into the will? The question is not limited to your home. There may be a favored vacation property in the mountains or down the shore that one child wants to keep and pass on to her or his heirs.
One option is to write into your will an option referred to as a “right of first refusal” that gives your child the ability to state she or he wants first to have the opportunity to buy the property from your estate. ....

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