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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

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    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.
     
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  2. DeniseM

    DeniseM Moderator

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    That is correct, and it's something that everyone should discuss with their heirs and attorney.
     
    Last edited: May 18, 2017
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  3. dioxide45

    dioxide45 TUG Review Crew: Veteran TUG Member

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    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.
     
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  4. dougp26364

    dougp26364 TUG Review Crew: Veteran TUG Member

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    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.
     
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  5. bogey21

    bogey21 TUG Member

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    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

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    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

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    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.
     
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  8. bogey21

    bogey21 TUG Member

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    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
     
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  9. DeniseM

    DeniseM Moderator

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    Actually, if your name is already on the deed - you don't inherit it, because you already ARE the owner.
     
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  10. nazclk

    nazclk TUG Member

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    Depends on the state and also how title is held.
     

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