Timeshare document in case I die

[VegasBella]

I finally did it. I made a document outlining our timeshare ownerships and detailing the information necessary for someone to be able to deal with them in case I am incapacitated or dead.

Over the last few months since my father passed away I have compiled various documents I feel will make handling my death easier for whoever must do it. So I have written up not just the will and trust which we did years ago but also instructions for my funeral and some of the other odds and ends. I don't want people wondering what I wanted or wondering how to handle things.

In case you're thinking of doing something similar, I have written up a brief outline:

• Name of resort
• Description of resort (something that can be copied and pasted into a 'for sale' ad)
• Description of our ownership including important numbers and names (ex 'fixed week, flex unit; ownership number xx1234567; contract includes day use)
• How to reserve (ex call 123-456-7890 and use member number 4321)
• Description of how we acquired it and it's financial value (ex 'bought on eBay for $500' similar ownerships are selling now for $200')
• Some possible exit strategies (ex: sell on Redweek, deed back to HOA, give away for free on TUG, let it go to foreclosure)

My document also includes an overview of timeshares, link to TUG for more info, description of RCI and login info, and multiple warnings " NEVER pay an up-front fee for the disposal or sale of a timeshare!"

 

[presley]

It's a good idea to do that. I did something similar a few years back, including listing the names and contact info for those who I recommend to use to sell for the sellable ones. I will need to update my file soon. I had probably 6 timeshares when I made the file, only have a couple now.

 

[WalnutBaron]

Good stuff, Bella. Thanks for the good reminder. Something to add to the estate planning list.

 

[Jan M.]

That is an absolutely excellent suggestion. I handle everything, my husband has not a clue, just tells people what a great job I do. He probably couldn't tell you everything we own, where, and how many points. I do tell our son various aspects and how I do things as he will be the one to manage the ownership if something happens to me. However even he doesn't know the full scope of what we own and how to use everything. He is fairly knowledgeable about using Wyndham but doesn't know much at all about how to use the RCI points we get from the other resorts we own at.

 

[Phydeaux]

I chuckled at the "in case I die".

As it's been said, no one gets out of here alive.

 

[TUGBrian]

great job! it is refreshing to see owners be proactive on this matter (and not falling for the "your kids will be stuck with this forever when you die!" line)!

 

[VegasBella]

I chuckled at the "in case I die".

As it's been said, no one gets out of here alive.

Haha, yes, well I haven't mentioned this before but I'm actually a vampire. hahaha.
Yes, I should have written "when I die."

 

[rapmarks]

I got rid of my timeshares, sold one vacant lot, down to three houses and two vacant lots. I handled closing four estates, someone else can do mine.. I have will, trust, Yada yada yada. Gave my son instructions on what to do with financial stuff. Don't care what they do with me after I am gone, just take care of their father if he goes after me.





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[Born2Travel]

Thank you for posting this. I have been planning to do this for years, but so far have only jotted down a few notes. Hopefully this will motivate us to use your suggestions and finish the task. It would be so hard for kids or others who don't understand timeshares to know how to handle them.

 

[MuranoJo]

I think the 'let it go to foreclosure' is a good one to highlight--make sure they know they don't have to accept this as an inheritance.
Great thing you're doing for your family!

 

[Talent312]

This is useful, not only for TS's, but for all assets+accounts (incl. online accounts).
I have a spreadsheet w/account #'s, websites and instructions for managing.
Hopefully, this will keep executors & heirs from asking, "What am I dealing with?"
I keep a hard-copy with my will.

.

 

[bogey21]

This is useful, not only for TS's, but for all assets+accounts.......I have a spreadsheet w/account #'s, websites and instructions for managing.
Hopefully, this will keep executors & heirs from asking, "What am I dealing with?"

I have done the same thing for the same reason. I have a 3 ring notebook with probably 60 pages detailing all my financial stuff. At one time I had 5 or 6 pages dedicated to my TimeShare Weeks but now that they are gone the pages dedicated to them are gone also.

George

 

[rapmarks]

Something happened to someone I know that fits in with being prepared for death of one partner. We live in a large community south of fort Myers that is like a resort with golf course, pools, etc. many couples have different last names. I played golf with such a lady a week ago Tuesday. She talked about being with john for fifteen years, she was lonely after her husband died, they got along so well, he owned the condo here, she owned the house on cape cod, he was ill, he wasn't doing well, his family loved her, she loved his family. This Tuesday he died. By Wednesday she was packing her things to move out on orders from his daughter. In the obituary she is listed as his caretaker. Whoa what a slap in the face. Plus we have just reached the end of the season, at least half are heading north for the summer. This is not the time to put anything on the market. There is no reason for his family to treat her like this.


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[Talent312]

[Edited in light of non-spouse info. Confused by reference to "her husband."]

Children often have no use for new partners/spouses. They are seen as a gold-diggers out to deprive children of their right to the assets of their parent.

In Florida, a surviving spouse (even in a 2nd-8th marriage) is entitled to both an elective share in the estate, and to homestead real estate under the Florida Constitution and Statutes.

 

[theo]

Something happened to someone I know that fits in with being prepared for death of one partner. We live in a large community south of fort Myers that is like a resort with golf course, pools, etc. many couples have different last names. I played golf with such a lady a week ago Tuesday. She talked about being with john for fifteen years, she was lonely after her husband died, they got along so well, he owned the condo here, she owned the house on cape cod, he was ill, he wasn't doing well, his family loved her, she loved his family. This Tuesday he died. By Wednesday she was packing her things to move out on orders from his daughter. In the obituary she is listed as his caretaker. Whoa what a slap in the face. Plus we have just reached the end of the season, at least half are heading north for the summer. This is not the time to put anything on the market. There is no reason for his family to treat her like this.


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Re: Talent's input, I see no rapmarks reference to "spouse" (which makes all the difference) but only a non-specific reference to "partner".
The distinction between the two is of course critically important in this matter, legally speaking. As you know, a "partner" will likely have no legal standing, unless specifically addressed beforehand in valid and appropriately witnessed legal documents.

I hope this woman is not just blindly kowtowing to "direction" from an aggressive (and apparently quite insensitive) daughter without at least first having a clear understanding of her own legal status (which may very well be one of having no legal standing at all in the matter).

 

[rapmarks]

Not married, and apparently he left everything to his daughter


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[Jan M.]

We also live in Florida but on the other side of the State near Fort Lauderdale. I've heard similar stories. Not too long ago I was talking to someone who was the designated person to make medical decisions for her significant other of many years. And he had been hers and they had both put in writing their wishes for their treatment and care. His family showed up, overrode her decisions and his wishes and basically treated her like crap. But luckily for her they had their wills/estates set up so that his family will just have to wait until she dies to get their hands on the house to sell it and get the money from it.

 

[rapmarks]

Terrible to have to deal with her grief, and the situation too.


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[pwrshift]

This info might be useful:

http://retirementmillionairedaily.com/how-to-save-money-even-after-youre-dead/

And here's another thing to do today...

http://thecrux.com/how-to-prepare-your-spouse-for-the-worst-case-scenario/

 

[joybeckerley1]

I finally did it. I made a document outlining our timeshare ownerships and detailing the information necessary for someone to be able to deal with them in case I am incapacitated or dead.

Over the last few months since my father passed away I have compiled various documents I feel will make handling my death easier for whoever must do it. So I have written up not just the will and trust which we did years ago but also instructions for my funeral and some of the other odds and ends. I don't want people wondering what I wanted or wondering how to handle things.

In case you're thinking of doing something similar, I have written up a brief outline:

• Name of resort
• Description of resort (something that can be copied and pasted into a 'for sale' ad)
• Description of our ownership including important numbers and names (ex 'fixed week, flex unit; ownership number xx1234567; contract includes day use)
• How to reserve (ex call 123-456-7890 and use member number 4321)
• Description of how we acquired it and it's financial value (ex 'bought on eBay for $500' similar ownerships are selling now for $200')
• Some possible exit strategies (ex: sell on Redweek, deed back to HOA, give away for free on TUG, let it go to foreclosure)

My document also includes an overview of timeshares, link to TUG for more info, description of RCI and login info, and multiple warnings " NEVER pay an up-front fee for the disposal or sale of a timeshare!"

We have had such a great time with our Marriotts thru the Destination program that I did the same....made a "handbook" of how to use it. One caution is that I have been advised that if your children inherit your Marriott timeshares unless they are in a trust they are not eligible for the destinations (vacation club) points program. I had to change all of my properties titles to be in the trust! Thanks! jb

 

[curbysplace]

One caution is that I have been advised that if your children inherit your Marriott timeshares unless they are in a trust they are not eligible for the destinations (vacation club) points program. I had to change all of my properties titles to be in the trust! Thanks! jb

I have the understanding that a legacy Marriott TS unit in the Destination Club (DC) can be transferred at death to a child and maintain the DC status (i.e. points) regardless of the type of ownership of the decedent (meaning personally owned or owned in a Trust). That said, though, that if time share units are owned in states other than where the decedent was domiciled at his or her death a trust makes it much much easier to transfer deeds to kids than opening a probate administration in each state where a time share ownership or deed is located.

 

[suzanne]

I have been working on updating my will now that my husband has died. I own a TS week in Florida. I have discussed this with my brother whom will be handling my estate and is the beneficiary of my estate. He does not want the time share week. I own it free and clear. Can I state in my will that it is to be returned to the resort period? This way my brother would not have to do anything other than send the resort the deed, a copy of my death certificate and my will stating the timeshare is to be returned to them.

Suzanne

 

[Talent312]

I have been working on updating my will now that my husband has died. I own a TS week in Florida. I have discussed this with my brother whom will be handling my estate and is the beneficiary of my estate. He does not want the TS. I own it free and clear. Can I state in my will that it is to be returned to the resort period?

You can... but they don't have to accept it. No one does.
If someone sent you a deed to a toxic waste dump, what would you do?

IMHO, the better approach is to say something like this:
"... However, if no beneficiary of this bequest elects to accept it within 60 days of my death, I authorize and direct my [executor] to sell, give away or abandon the same at any cost thereof, at his or her sole discretion." ... as I have done.

 

[Cary]

I finally did it. I made a document outlining our timeshare ownerships and detailing the information necessary for someone to be able to deal with them in case I am incapacitated or dead.

Over the last few months since my father passed away I have compiled various documents I feel will make handling my death easier for whoever must do it. So I have written up not just the will and trust which we did years ago but also instructions for my funeral and some of the other odds and ends. I don't want people wondering what I wanted or wondering how to handle things.

In case you're thinking of doing something similar, I have written up a brief outline:

• Name of resort
• Description of resort (something that can be copied and pasted into a 'for sale' ad)
• Description of our ownership including important numbers and names (ex 'fixed week, flex unit; ownership number xx1234567; contract includes day use)
• How to reserve (ex call 123-456-7890 and use member number 4321)
• Description of how we acquired it and it's financial value (ex 'bought on eBay for $500' similar ownerships are selling now for $200')
• Some possible exit strategies (ex: sell on Redweek, deed back to HOA, give away for free on TUG, let it go to foreclosure)

My document also includes an overview of timeshares, link to TUG for more info, description of RCI and login info, and multiple warnings " NEVER pay an up-front fee for the disposal or sale of a timeshare!"

Very good article. I will pass the information on to my readers on my website.

 

[suzanne]

You can... but they don't have to accept it. No one does.
If someone sent you a deed to a toxic waste dump, what would you do?

IMHO, the better approach is to say something like this:
"... However, if no beneficiary of this bequest elects to accept it within 60 days of my death, I authorize and direct my [executor] to sell, give away or abandon the same at any cost thereof, at his or her sole discretion." ... as I have done.

Thank you for your help. Your wording is much better than what I was stating.

Suzanne