Survivor Documentation

I live in NY, and am part owner in "common" with 4 other people, of some waterfront property. The property is not an investment, it is for recreation, and for future use by our survivors. We are in the process of generating a "partnership agreement," to cover such things as buy in/sell out,insurance,maintenance costs etc,. We have decided that a maximum of 5 owners is all that should ever own this property. Therefore, each of us has choosen a single survivor to take over ownership. My question is can the single survior be named in the partnership agreement and be binding. Or is it necessary that everyone also modify his/her will. We would perfer to have a single document signed by all the owners. It seems like a single document would provide better control of our agreement, especially as our survivors take ownership. Thank you in advance.

You guys are amatuers and will only mess things up. It would cost about $250 to get this done right with a lawyer. Make believe this is another cost of acquiring or operating the property.

Thank You for the informantion, I understand, considering the source,,Tyrone,,, Bruce