e.bram
Guest
What happens if you bequeath your TS to the HOA?
Not only that, e.bram has often advised that people can just go to the library, study the materials there, and determine what the law is for themselves. And that's much more reliable than anonymous advice given over the internet.e.bram - I thought your wife was an attorner?
Not only that, e.bram has often advised that people can just go to the library, study the materials there, and determine what the law is for themselves. And that's much more reliable than anonymous advice given over the internet.
Puzzles me as to why e.bram isn't following his own advice.
I like it
Georges solution isnt for everyone but the underlying message is:
Its called estate planning,
Plan ahead. Know what you want to happen with your assets after your death and make the arrangements now
I didn't realize my children would assume the burden of my timeshare when I die until my last meeting with Diamond Resorts. I plan on using this timeshare until I die (I'm 60 and in good health) so what's the easiest way to unburden my children from this future debt? I realize estate planning is the solution but how exactly do I proceed? How do I state this in my will to accompolish this goal?
gse
They were trying to scare you. Unless your children are listed on the deed or your membership, they will not assume the burden of your timeshare. Even if one of them is your executor, that person is not personally responsible for the bills - your estate is. Diamond Resorts, any other developer, or an HOA should know enough to realize that a timeshare that is part of an insolvent estate is not going to bring them any income - it is in their best interest to accept a deed back from the estate, unless there is a decent liklihood that the estate will be able to sell the timeshare itself. Otherwise, unpaid annual fees will build up, and will never be recovered (This is not necessarily the case if there are other assets as part of the estate, as the bills are the obligation of the estate).I didn't realize my children would assume the burden of my timeshare when I die until my last meeting with Diamond Resorts. I plan on using this timeshare until I die (I'm 60 and in good health) so what's the easiest way to unburden my children from this future debt? I realize estate planning is the solution but how exactly do I proceed? How do I state this in my will to accompolish this goal?
The courts can't hold back money for an anticipated breach. Your breach occurred before your mother died and accumulated until she died.
As long as the MFs are up tp date, the estate can distribute the proceeds and the TS can pond sand after that.