TUG MEMBERS: Joining TUG does not automatically register you as a user of the TUG Bulletin Board. You must register yourself.


*ads are disabled when logged in*
  1. This site uses cookies. By continuing to use this site, you are agreeing to our use of cookies. Learn More.
  2. The TUGBBS forums are completely free and open to the public and exist as the absolute best place for owners to get help and advice about their timeshares for more than 23 years! Join the tens of thousands of other owners here to get any and all Timeshare questions answered!
  3. Sign up to get the TUG Newsletter for free! Join tens of thousands of other owners who get this every week! Latest resort reviews and the most important topics discussed by owners during the week!
    Dismiss Notice
  4. Follow the TUG Member Banner as it travels the world on vacation with Timeshare owners! Also sign up to get the banner sent to you so you can submit a photo of your vacation with the banner to share with TUG! Banner Thread
    Dismiss Notice
  5. A few of the most common links here on the forums for newbies and guests!
    Dismiss Notice
  6. For any of you worried about seeing the "connection not secure" message in your web browser when visiting TUG, rest assured that TUG is no more or less secure than it always has been! read more details here in this thread
    Dismiss Notice

How heirs do not have to pay Maintenence fees after owner passing

Discussion in 'Buying, Selling, Renting' started by gumbow719, May 16, 2017.

  1. gumbow719

    gumbow719 TUG Member

    Joined:
    Jun 11, 2005
    Messages:
    16
    Likes Received:
    2
    Trophy Points:
    3
    Location:
    Maryland
    Hello everyone. If you are about to inherit timeshare ownership after someone has passed giving the property to you , you do not have to pay anymore Maintenence fees,if you so choose. If you, the heir downloads the form called Disclaimer of Interest for the State in which the timeshare is located and follow the statute for that document in that state, you can permanently remove that timeshare and never pay or have use for that property ever again. The catch is it must be filed within the time frame for that state. Most states give you 9 months from dod, date of death. You must check each state wherein the timeshare is located for their time requirement. Just research the above and make your own decision.
     
    mpumilia and silentg like this.
  2. DeniseM

    DeniseM Moderator

    Joined:
    Jun 6, 2005
    Messages:
    50,299
    Likes Received:
    681
    Trophy Points:
    113
    That is correct, and it's something that everyone should discuss with their heirs and attorney.
     
    Last edited: May 18, 2017
    mpumilia likes this.
  3. dioxide45

    dioxide45 TUG Review Crew: Veteran TUG Member

    Joined:
    May 20, 2006
    Messages:
    23,509
    Likes Received:
    533
    Trophy Points:
    113
    Location:
    Ohio
    Resorts Owned:
    Marriott's Grande Vista
    Marriott's Harbour Lake
    SVV - Bella
    SVV - Key West
    They key also is that you don't get to keep the timeshare and continue to use it MF free. Ultimately the timeshare will go in to foreclosure, get sold or otherwise go back to the HOA. The executor still has to deal with the timeshare even if the heirs don't want it. Foreclosure is probably the easiest option for most timeshares where there is zero value.

    The same would apply to any asset that the heir decides they don't want. Though most real estate does have some value.
     
    mpumilia likes this.
  4. dougp26364

    dougp26364 TUG Review Crew: Veteran TUG Member

    Joined:
    Jun 6, 2005
    Messages:
    11,958
    Likes Received:
    127
    Trophy Points:
    63
    Different states probably have slightly different rules but, in the case of my mother, the estate continued to make payments until the date probate was closed. Once probate was closed there was some degree of panic from lenders who had filed no claims against the estate. The funniest one was Green Tree, which lost $30,000 because they filed no claim against the estate on their debt.

    It's one reason I suggest a legal representation to close an estate. I believe there's no way a lay person can navigate the complex system and, one small mistake can have long lasting effects.
     
    mpumilia likes this.
  5. bogey21

    bogey21 TUG Member

    Joined:
    Jun 8, 2005
    Messages:
    5,411
    Likes Received:
    138
    Trophy Points:
    63
    Location:
    Fort Worth, Texas
    Although I'm not an attorney I have always done most of my own legal work. But to close an estate I would definitely spend the money for legal representation.

    George
     
  6. rapmarks

    rapmarks TUG Review Crew: Expert TUG Member

    Joined:
    Jun 6, 2005
    Messages:
    4,254
    Likes Received:
    145
    Trophy Points:
    63
    But people with assets properly titled don't have to go through probate (or I am in big trouble for closing estates without probate)


    Sent from my iPad using Tapatalk
     
  7. dougp26364

    dougp26364 TUG Review Crew: Veteran TUG Member

    Joined:
    Jun 6, 2005
    Messages:
    11,958
    Likes Received:
    127
    Trophy Points:
    63
    Different states, different laws.....and I'm no probate attorney. But as I understand it if the deed is recorded in both names, it passes to whomever is named on the deed.
     
    mpumilia likes this.
  8. bogey21

    bogey21 TUG Member

    Joined:
    Jun 8, 2005
    Messages:
    5,411
    Likes Received:
    138
    Trophy Points:
    63
    Location:
    Fort Worth, Texas
    This is a different kettle of fish. The way I understand it is if Week is recorded in both names JTWROS it passes outside of probate to the survivor. In this case the survivor doesn't have the ability to disclaim the inheritance (as there is no inheritance) and is stuck with the Week.

    George
     
    Herbaltees and mpumilia like this.
  9. DeniseM

    DeniseM Moderator

    Joined:
    Jun 6, 2005
    Messages:
    50,299
    Likes Received:
    681
    Trophy Points:
    113
    Actually, if your name is already on the deed - you don't inherit it, because you already ARE the owner.
     
    theo, pnappleprincess and mpumilia like this.
  10. nazclk

    nazclk TUG Member

    Joined:
    Jun 6, 2005
    Messages:
    1,865
    Likes Received:
    4
    Trophy Points:
    38
    Location:
    Fresno, CA
    Depends on the state and also how title is held.
     

Share This Page