• 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 30 years!

    Join Tens of Thousands of other Owners just like you here to get any and all Timeshare questions answered 24 hours a day!
  • TUG started 30 years ago in October 1993 as a group of regular Timeshare owners just like you!

    Read about our 30th anniversary: Happy 30th Birthday TUG!
  • TUG has a YouTube Channel to produce weekly short informative videos on popular Timeshare topics!

    Free memberships for every 50 subscribers!

    Visit TUG on Youtube!
  • TUG has now saved timeshare owners more than $21,000,000 dollars just by finding us in time to rescind a new Timeshare purchase! A truly incredible milestone!

    Read more here: TUG saves owners more than $21 Million dollars
  • Sign up to get the TUG Newsletter for free!

    60,000+ subscribing owners! A weekly recap of the best Timeshare resort reviews and the most popular topics discussed by owners!
  • Our official "end my sales presentation early" T-shirts are available again! Also come with the option for a free membership extension with purchase to offset the cost!

    All T-shirt options here!
  • A few of the most common links here on the forums for newbies and guests!

Timeshare document in case I die

marijalas

Tug Review Crew
TUG Member
Joined
Aug 16, 2007
Messages
77
Reaction score
12
Points
368
Location
Bethesda MD
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!"
 

marijalas

Tug Review Crew
TUG Member
Joined
Aug 16, 2007
Messages
77
Reaction score
12
Points
368
Location
Bethesda MD
Thank you for the reminder, I would like to add information to yours, since I am not sure your codicil will release the heirs of financial responsibility. AARP Magazine in an article wrote this "A family can refuse a timeshare but the estate will owe any debt & outstanding fees, but payments will stop when the estate closes & the assets are distributed to the heirs." So, although the heirs are not obligated to accept the timeshare they "the estate" will still need to pay any fees with regard to the timeshare.
 

Talent312

TUG Review Crew: Veteran
TUG Member
Joined
Jul 4, 2007
Messages
17,461
Reaction score
7,277
Points
948
Resorts Owned
HGVC & GTS
...[A]lthough the heirs are not obligated to accept the timeshare they [don't want,] "the estate" will still need to pay any fees with regard to the timeshare.

Many states have "non-claim" probate statutes which bar claims against an estate after certain time-frames. IOW, an HOA may file a claim for MF's which are past-due or which become due during the applicable time period, but the estate is not obligated to pay future, unbilled MF's.

In Florida, claims made after these periods are barred:
-- 30 days after service of a notice on known or discoverable creditors.
-- 90 days after publication of a notice to creditors not known or discoverable.
-- 2 years for any claim regardless of notice.

.
 
Last edited:

JohnPaul

TUG Review Crew: Elite
TUG Member
Joined
Apr 28, 2011
Messages
1,649
Reaction score
845
Points
323
Location
Sacramento, CA
Resorts Owned
Vacation Internationale, HGVC - NYC, Worldmark, Shell Vacations, Sedona Pines, RCI Points, Starwood (Avon, CO)
FYI This is what gay couples dealt with for years and years. Finally there are some protections, such as being able to get married.
 

LannyPC

TUG Member
Joined
Jul 5, 2010
Messages
4,777
Reaction score
2,406
Points
448
Location
British Columbia
Has anybody come up with this idea? While a TS owner is preparing his will, contact the resort or its HOA and say that he is listing the HOA as the recipient of the TS in the will explaining that the owner's heirs do not want it and, upon his passing, the TS will be left in limbo. That way the HOA will have one fewer thing to worry about if/when the owner dies.

It would make things simpler for all involved (IMHO).
 

Talent312

TUG Review Crew: Veteran
TUG Member
Joined
Jul 4, 2007
Messages
17,461
Reaction score
7,277
Points
948
Resorts Owned
HGVC & GTS
... While a TS owner is preparing his will, contact the resort or its HOA and say that he is listing the HOA as the recipient of the TS in the will explaining that the owner's heirs do not want it and, upon his passing, the TS will be left in limbo...

I have 2 issues with that idea:
1. Naming the resort/HOA as a bene in the will is a bad idea... It gives it a say in the probate of the will.
... It ties the hands of the executor and they'd have a say in how the estate is handled.
B. They are not going to make a record of a future event of unknown date, nor what one might do.

.
 

carl2591

TUG Review Crew: Veteran
TUG Member
Joined
Jul 4, 2005
Messages
1,632
Reaction score
105
Points
423
Location
Raleigh NC
Resorts Owned
Joined TUG '96, Wyndham Grand Palms AKA, Presidential Villas at Plantation Resort, 3 bed lockout.
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.

I know right.. my wife is sorta the same. I handle timeshare stuff more or less. We have paired down from 3 to one, some were SA and the remaining is in Surfside beach SC Presidential Villa at Plantation Resort 3 bd. Lock out unit. being a lock out she sometime cant grasp the splitting of units and how it affords more TPU's when you pick the correct week. I find the week of july 4th or week after the better week to reserve. (float week high time unit that can reserve weeks 22 to 32 SUMMER in SC.)

I have two daughters that grew up doing Gold crown TS and are spoiled for sure.. :) the only issue i see in the future will be RCI fees's, which are going up AGAIN, and MF heading up each year as well, and the issue of is it worth the effort and cost. :(

I makes me wonder on this "In case I die" stuff.. if the unit is in both names would you become sole owner due to death or wouild you, in the case of not wanting to keep the unit, be able to deny the transfer.. guess it depends on your state requirements, Like in my state NC property is owned as joint tenancy? or something like that..

Good stuff for sure and thanks :)
 

Talent312

TUG Review Crew: Veteran
TUG Member
Joined
Jul 4, 2007
Messages
17,461
Reaction score
7,277
Points
948
Resorts Owned
HGVC & GTS
If the unit is in both names, would you become sole owner due to death or would you, in the case of not wanting to keep the unit, be able to deny the transfer. Guess it depends on your state requirements, like in my state NC property is owned as joint tenancy? or something like that.

In NC (like other common law states), if the deed says that both names are "husband and wife" (or says "x and y, his wife") it creates a tenancy by the entirety. As such, each own the whole, and the death of a spouse simply eliminates the decedent's interest, leaving the the survivor holding the bag, so to speak. OTOH, if the deed is silent as to marital status, you are likely tenants-in-common, and absent a "right of survivorship" clause, a decedent's share is subject to distribution thru probate. The survivor's share is unaffected.

How do I know? I lived for a year in NC. But do not consider this legal advice, as I am not a NC lawyer.

Example: Before our marriage (15 years ago), my DW and I co-owned some property. After our marriage, we deeded it to ourselves "as husband and wife" so our shares would not be subject to individual creditor claims or probate.

Clear as mud?

.
 
Top