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Willls and TSes?

ronparise

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Is this being done with the consent of the HOA?

If not they may refuse to accept it and your estate will continue to own it and be responsible for the fees.

My suggestion is to deal with this yourself now, rather than leave a problem for your estate to resolve.

Offer it back now, or give it away, even if you have to pay one or several years maintenance fees in advance to convince someone to take it off your hands. But who knows there may be someone right here on TUG that wants another week at your resort. (if it was in New Orleans, Id take it)
 

DeniseM

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e.bram - I thought your wife was an attorney?
 

T_R_Oglodyte

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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.
 

John Cummings

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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.

It certainly makes one wonder.
 

ronparise

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Im guessing that e.bram is testing us. He knows the answer to his own question and is just waiting for someone to give him some bad advice so he can ........
..... he wouldnt do that would he??
 

bogey21

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I don't know if my way of dealing with this will work or not, but......what I have done is to put my significant assets in the names of my Ex-Wife and Children, leaving for my Estate the assets no-one is interested in inheriting (and a few inconsequential others) along with all my debts where I am the sole obligor. In short I will die insolvent.

The majority of this was done over 5 years ago so that no-one can successfully argue that it was done in contemplation of death. Note I am 76, in good health and am hoping to live many more years.

My income comes from an annuity (with substanital inflation protection) and Social Security, both of which will diappear when I move on.

George
 

ronparise

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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
 

gsecastle

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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
 

DeniseM

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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

You can't believe most of what a timeshare salesman tells you. - No one can be forced to accept property they don't want to own. If your children do not want the timeshare, or any other property, it will be the estate executor's responsibility to dispose of it - that's true of any property in your estate that your heirs don't want. If they don't want it - don't leave it to them. To accomplish this, you need to discuss it with your attorney or estate planner.
 
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dougp26364

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Each state will be different as to estate law and how things are settled. It would be best to consult a good probate attorny for the state in which the estate will be settled. I bleieve that to be the best way to get an accurate answer. Having said that, I can only speak from my personal experience with three different estates, an uncle's, my father's and my mother's.

As is my understanding, no one can be forced to accept an inheritance. No one can be forced to assume the bills of an estate and, once the estate has been closed and all claims against it have been settled, then that's the end of it.
 
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ronparise

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The responses here bring up another related topic, that has been discussed here before, and that is: what happens from the poa's viewpoint as their owners die off.
 

Mel

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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?
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).

As for researching probate laws, it makes sense to not only research the probate laws in the state of residence, but also in the state what the timeshare and any other properties are located.

How is this going to impact HOAs and POAs? If they are well run, heirs may be willing to accept the inheritance, or the extates may be able to able to sell off the properties. If not, some will be in trouble, as they are forced to accept a larger and larger percentage of units back as their membership ages and dies. As resorts come to the end of their initial timeshare program, this must be something to keep in mend, when considering whether to continue as a timeshare, or to repurpose the property and liquidate.
 

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Does it matter if you have deeded points vs trust points when you are dealing with an estate matter? Is one better than the other when it comes to an estate issue?
Also, if both spouses names are on the deeds or trust and one spouse dies, I understand the other spouse either has to continue using and paying for the timeshare or dispose of it. Can this remaining spouse simply have the dues all paid up and just pay a fee to convert ownership back to Diamond. Please tell me this is easier than I've heard.......
 

Tommart

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And I learned first hand

I was the executor for my mother's estate. The courts will hold back funds until all debts have been paid.

During the S&L crisis about 20 years ago, my parents had their mortgage with an S&L that went under. They only owed about $2K on an original $15k mortgage and decided to pay it off. It was never recorded that it was paid off, even though my parents never received late notices. Fifteen years later, my mother died. The counts held back about $30K for 18 months as if they had made no mortgage payments. We had to place ads in newspapers and contact all the institutions who received funds from the bankrupt S&L to give them the opportunity to claim that they were owed money (there were three). After no one responded after 12 months of the initial newspaper ad, we then needed to go to court.

Hope that anyone trying to will the TS to the HOA doesn't live in the same county as my mother. They will probably hold back 20 years of maintenance fees.
 
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e.bram

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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.
 

Harry

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So, was your question answered??

Probate laws in different states are all over the place. Generally, you bequest it to the HOA, they got it, and it is theirs. Statutes have played with this "common law" doctrine considerably. You are in NJ and I believe Tommart is from VA. Both those states are rich in common law tradition and it is amazing how little laws change back there.
Although ebram is correct, what happened to Tommart's mother is not unusual especially when there is no proof of recordation

Harry
 

dougp26364

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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.

Uh, yes they can.

In settling my mothers estate, funds were held back until the alloted amount of time for claims to be filed had been completed. After that time, claims that had been filed needed to be proved/validated to be paid.

It always depends on the laws of the state in which the estae is being probated. I'm not aware of a situation where the deceased can create new debts after the date of death but, any debt occuring before death is a valid claim against the esate and the estate is generally required to pay those debts BEFORE the estate is settled. Thus, probate court can and will hold back fund to pay potential valid debts. Especially if there is reason to believe such debts exist.
 
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