# Inherited Timeshares



## betty's gal (Jan 5, 2013)

I inherited 4 time shares when my parents died a few years ago.  I was able to deed one back to the Kimball in Salt Lake and hope to get Diamond Resorts to terminate the membership.  That still leaves one at Taino Beach and one at Vacation Village in Kissimmee.  Taino Beach said they'd take it back if I paid them $750.  If I keep them and try to use them, but how do I actually set up an exchange account?


----------



## rrsafety (Jan 5, 2013)

betty's gal said:


> I inherited 4 time shares when my parents died a few years ago.  I was able to deed one back to the Kimball in Salt Lake and hope to get Diamond Resorts to terminate the membership.  That still leaves one at Taino Beach and one at Vacation Village in Kissimmee.  Taino Beach said they'd take it back if I paid them $750.  If I keep them and try to use them, but how do I actually set up an exchange account?



The one time fee of $750 seems like a good deal. I'd jump on that right now.


----------



## csxjohn (Jan 5, 2013)

betty's gal said:


> I inherited 4 time shares when my parents died a few years ago.  I was able to deed one back to the Kimball in Salt Lake and hope to get Diamond Resorts to terminate the membership.  That still leaves one at Taino Beach and one at Vacation Village in Kissimmee.  Taino Beach said they'd take it back if I paid them $750.  If I keep them and try to use them, but how do I actually set up an exchange account?



I don't know about either resort but if you don't want to use them both I'd gladly pay $750 to the resort to take it back.

If you want to try to trade your weeks, check out Dial An Exchange.  Free to join and easy to use.  You can see all available units for trade when you go to the site.  Exchange fees are reasonable and you can pick up extra vacas with their bonus deals.

http://www.daelive.com/

Setting up an account with them is very easy, just fill out the form on line.

Good luck and if you keep, them inform your heirs that they do not need to accept any inheritance.  The procedure varies by state but anything willed to you can be declined.


----------



## Passepartout (Jan 5, 2013)

The resort(s) you decide to keep will certainly help you set up an account with whichever of the big exchanges they are associated with. It shouldn't take much more than a phone call to start the process. You will want to have whatever papers you got from your parents regarding this and possibly a death cert or POA to show that you are now the owner. RCI and II are those 2 big exchanges and they charge both for membership and whenever they do an exchange for you, but they have by far the most inventory of resorts you can exchange into (trade 1 week in your resort for a week in one of theirs).

As stated, there are other exchanges that are free to join. DAE is one, another is Trading Places, and there are more.

If you are going to be doing exchanges, a TUG membership ($15/yr) is helpful for access to the reviews by TUGgers of thousands of resorts worldwide.

Welcome to TUG. You will find a wealth of information here to help you get the most from those timeshares.

Jim Ricks


----------



## theo (Jan 5, 2013)

*The devil is ALWAYS in the details...*



betty's gal said:


> <snip> Taino Beach said they'd take it back if I paid them $750.  If I keep them and try to use them, but how do I actually set up an exchange account?



You've already received some good input above, to which I will add a word of caution regarding details of the reported "deedback" option. Specifically, does the person who offered to take a "deedback" (...if you pony up $750) actually have the authority to make that offer in the first place? I'd certainly hope you have that offer in writing, signed by an authorized HOA / BOD member (...as opposed to just having had a phone conversation with a resort desk clerk, for example). Also, if you pursue this "deedback" route, you will absolutely need to follow up and confirm and verify that a new deed has been officially *recorded in County records in someone else's name*. Until that last step happens, *you* remain the lawful owner of record, regardless of the $750 paid, with full legal and financial responsibility for the ownership. 

Personally, I recommend *against* keeping any ownerships just to (...maybe) be able to "exchange". 
The "exchange game" has ever-changing rules, inherent costs of its' own and uncertainty of success. 
You also may (no disrespect intended) have absolutely no idea of the actual "trade value" of your week(s). IMnsHO opinion, the exchange game is really just a "crap shoot" and one you should probably seek to avoid, unless you happen to have great flexibility in scheduling your vacations *and* you would genuinely enjoy playing the uncertain exchange  game --- a rigged game in which the goalposts are continually being moved on you while the game is in progress. Just my personal opinion.


----------



## Tia (Jan 5, 2013)

Think this is the best way to go




theo said:


> You've already received some good input above, to which I will add a word of caution regarding details of the reported "deedback" option. Specifically, does the person who offered to take a "deedback" (...if you pony up $750) actually have the authority to make that offer in the first place? I'd certainly hope you have that offer in writing, signed by an authorized HOA / BOD member (...as opposed to just having had a phone conversation with a resort desk clerk, for example). Also, if you pursue this "deedback" route, you will absolutely need to follow up and confirm and verify that a new deed has been officially *recorded in County records in someone else's name*. Until that last step happens, *you* remain the lawful owner of record, regardless of the $750 paid, with full legal and financial responsibility for the ownership.
> 
> Personally, I'll recommend *against* keeping any ownerships just to (...maybe) be able to "exchange".
> The "exchange game" has ever-changing rules, inherent costs of its' own and complete uncertainty of success. You also may (no disrespect intended) have absolutely no idea of the actual "trade value" of the week(s) at issue. IMnsHO opinion, the exchange game is really just a "crap shoot" and one you should probably seek to avoid, unless you happen to have great scheduling flexibility in scheduling vacations *and* you genuinely enjoy playing that particular exchange game --- a game in which the goalposts are continually being moved on you. Just my personal opinion.


----------



## x3 skier (Jan 5, 2013)

I think I read here on TUG once upon a time that one can refuse to accept an timeshare that was willed to you. That would be the end of any connection and responsibility for fees forever. 

If true, it seems to be the only sure fire way to get out of a timeshare you don't want. 

Cheers


----------



## Rent_Share (Jan 5, 2013)

x3 skier said:


> I think I read here on TUG once upon a time that one can refuse to accept an timeshare that was willed to you. That would be the end of any connection and responsibility for fees forever.


 
That opportunity was lost when the estate was closed and the ownerships were transferred to the OP.  Abandoning them as worthless need to be done as part of the disposition of the estate.

Not particularly usefully for the OP but a topic that needs to be recycled for other newbies who find themselves the potential owners of worthless timeshares that can be given back to the HOA as part of the probate process,


----------



## rrsafety (Jan 5, 2013)

x3 skier said:


> I think I read here on TUG once upon a time that one can refuse to accept an timeshare that was willed to you. That would be the end of any connection and responsibility for fees forever.
> 
> If true, it seems to be the only sure fire way to get out of a timeshare you don't want.
> 
> Cheers



If you are a third party you can refuse a TS and it is not an issue. If you are in charge of the estate it is still up in the air as to the estate's responsibility to pay MFs for someone who is dead. I believe it is also dependent if it is a deed based TS or more of a vacation club. Despite the many posts on the topic I've never heard a final explanation of how estates should get rid of these buggers.


----------



## tschwa2 (Jan 5, 2013)

You might as well list them for free in the bargain section and maybe take out a fee craigslist ad before paying the resort $750 to take it.  If the resort gave you a deadline you want to keep that in mind because you may have to pay more than that to give it away in terms of paying transfer fees and pre paying MF's if you dont get any takers at free- you pay closing and transfer cost.  You will need to contact the resort to find out how much if any they charge to transfer ownership.  If you don't get any takers in a month or so with paying less than $750 you might want to take the resort up on their offer.


----------



## betty's gal (Jan 5, 2013)

Thanks for all the advice.  The Kimball actually bought the unit back from me for $300 once I had all the title stuff done by an attorney in Utah, which of course cost more than $300.  That was all legal.

I have asked Diamond to release the estate from the contract so I'm still waiting on their reply.

As for Taino and Vacation Village, I think I'll try to get out of them as my brother and I both have kids at home and college and have neither the flexibility or the extra money available.

I am wondering about Taino, as that is out of the country.  It is all in my Mom's name so what can they really do anyway?

Mom purchased the Vacation Village property about 3 months before she died so I had to pay 9 more months of payments from her estate.  It all just seems like money down the drain.  And greedy people preying on elderly folks.


----------



## timeos2 (Jan 5, 2013)

betty's gal said:


> Thanks for all the advice.  The Kimball actually bought the unit back from me for $300 once I had all the title stuff done by an attorney in Utah, which of course cost more than $300.  That was all legal.
> 
> I have asked Diamond to release the estate from the contract so I'm still waiting on their reply.
> 
> ...



The estate is liable for current debts - the balance  of a loan would have to be paid - along with current fees - before the estate can be distributed & closed. It could also abandon as worthless the Taino week once any current fees are paid. Don't accept that & let the estate dispose of it.


----------



## rrsafety (Jan 5, 2013)

timeos2 said:


> The estate is liable for current debts - the balance  of a loan would have to be paid - along with current fees - before the estate can be distributed & closed. It could also abandon as worthless the Taino week once any current fees are paid. Don't accept that & let the estate dispose of it.



There is almost the need for a matrix on this kind of situation that includes what you can/should do if you are a third party to the will, the executor, executor & beneficiary, or sole beneficiary. 

For instance, if you are the sole beneficiary of the will anything the estate pays is the same as you paying it. 

Timeos2, I understand that the estate is liable for current debts (i.e. a loan that purchased the timeshare) however, in so far as MFs are concerned, are those considered ongoing debts of the estate or is more like a gym membership. I've heard both kinds of answers....


----------



## timeos2 (Jan 5, 2013)

rrsafety said:


> There is almost the need for a matrix on this kind of situation that includes what you can/should do if you are a third party to the will, the executor, executor & beneficiary, or sole beneficiary.
> 
> For instance, if you are the sole beneficiary of the will anything the estate pays is the same as you paying it.
> 
> Timeos2, I understand that the estate is liable for current debts (i.e. a loan that purchased the timeshare) however, in so far as MFs are concerned, are those considered ongoing debts of the estate or is more like a gym membership. I've heard both kinds of answers....



If they are billed & due they are current & must be paid. If they are for an unbilled future fee then they are not current & wouldn't hold up estate finalization.


----------



## betty's gal (Jan 6, 2013)

My high-priced Bethesda MD attorney didn't even want to mess with these timeshares.  It would be nice to have some sort of guidance for those of us left behind.  Are you saying that once the Vacation Village is payed off and fees are current that I should be able to walk away?


----------



## LannyPC (Jan 6, 2013)

betty's gal said:


> Are you saying that once the Vacation Village is payed off and fees are current that I should be able to walk away?



You could "walk away".  But I would encourage you to first read a number of threads on these boards about the possible consequences of walking away.

Try giving them away using the free giveaway method here on TUG.  Also, if it hasn't been mentioned already, watch out for these buzzards who claim they will be able to magically get you out of your timeshare obligations, or sell/rent your timeshare for a mouth-watering amount of money --- if you pay them some sort of hefty fee.


----------



## DeniseM (Jan 6, 2013)

*Please consider giving your timeshare away on TUG,  to a private individual who would like to own it for their own use.*

Why?
-You can give it away yourself for nearly no cost.
-You can control the transfer process to make sure it is truly transferred out of your name.
-You won't have to deal with companies that may or may not be Legit.
-You can transfer it to a private individual who will be happy to have it for their own use.
-You will have the satisfaction of knowing that you ended your ownership legally and ethically.

There are TWO places on TUG where you can give away your TS's for free (no charge for the Ads.)  THEY ARE COMPLETELY DIFFERENT - SO YOU SHOULD POST IN BOTH AREAS.  There are other cheap and free sites on the internet, as well.

TUG Marketplace - the only cost is your TUG membership - $15 (List it for $1 and it will automatically go in the Bargain Basement Ads.)

Bargain Deals  - Totally FREE! - just write a simple post with all the pertinent info.  In your post, include the following info.:
-resort name
-unit size
-season owned
-maintenance fee
-current reservations​
To make it more attractive I would:

1) Pay the 2013 maintenance fees and don't ask for reimbursement.

2) Pay for the title transfer (you can get a simple title transfer with no escrow or title search for about $100.) Many Tuggers (including me) have been using Legal Timeshare Transfers, a no frills document preparation company, and they are receiving good reviews on TUG.:

Legal Timeshare Transfers/Ready Legal
Lisa Short and Mary Pless
http://legaltimesharetransfers.com/
1.706.219.2709

3) Reserve a popular holiday week in 2013 for the new owner 

4) Instead of paying a fee to a rescue company - consider offering a cash incentive to the new owner.

*5) Here is the very important step that most people  miss: Come back to TUG once a week and add more info. to your thread - this will bump it to the top of the page.*​ 

Good luck!


----------



## persia (Jan 6, 2013)

There's nothing in a will that forces the living person to accept it.  If there were people would be willing all their debts and bad investments to their enemies!  I refused a house my uncle had "invested" in.  It was in Gary, Indiana and you couldn't stop your car in front of it and not have your tires stolen.  It was less than worthless because there were property taxes owed on it.  We had transfered everything of value before he died, cancer, a long sad decline, so essentially the only thing in his estate was this house.  

The best way to handle timeshares is to leave your descendants off the deed and will it to them, then they can decide if they want them or not.  I'm planning to add some verbage to my heirs about not being insulted if they refuse to take them and if they have any doubts they should refuse them.  My solicitor isn't happy about adding the words, but I am paying him....

Note you will have to keep the maintenance fees current to close the estate, that money should come out of the estate.  Debts have to be paid, but a future maintenance fee is not a present debt, present debts have to be settled, future debts of a dead person are, well, future debts of a dead person....

In the house example above, if there were anything in the estate the back taxes would have had to been paid, but not the future taxes. 



x3 skier said:


> I think I read here on TUG once upon a time that one can refuse to accept an timeshare that was willed to you. That would be the end of any connection and responsibility for fees forever.
> 
> If true, it seems to be the only sure fire way to get out of a timeshare you don't want.
> 
> Cheers


----------



## rrsafety (Jan 7, 2013)

persia said:


> Debts have to be paid, but a future maintenance fee is not a present debt, present debts have to be settled, future debts of a dead person are, well, future debts of a dead person....
> .



For sake of argument: 
Say MFs are due on Jan 15, 2014 and sole owner of TS dies on Dec 15, 2013, does the estate owe the 2014 MFs? 

Is that a future debts or a current debt?


----------



## timeos2 (Jan 7, 2013)

rrsafety said:


> For sake of argument:
> Say MFs are due on Jan 15, 2014 and sole owner of TS dies on Dec 15, 2013, does the estate owe the 2014 MFs?
> 
> Is that a future debts or a current debt?



If they were already billed it would be due regardless of date of death. It is an obligation of the estate at that point. They would NOT be liable for 2015 fees if the resort had not yet billed all owners for it (unlikely) & the estate is closed prior to that billing date.


----------

