What happens to your timeshare when u die.

[Westnick]

Thanks to this web sight and other research I have purchase my first timeshare. I bought it used from this sight and saved over $20,000. My question is,what happens to my time share when I die? Assuming my wife is already gone and my kids don't want it. All fees are paid. Does it go back to the resort ?

 

[ronparise]

No it doesnt go back to the resort

Whan happens to a timeshare when you die is the same thing that happens to anything you own when you die. It goes to your heirs as you have directed in your will.

Handle it like you would any other asset or liability ....decide now with the help of your heirs, and estate attorney and title it properly, and write it into your will,

 

[presley]

If your heirs do not want it, they can refuse to take it. They should not pay any fees associated with it as that would imply they are taking ownership. The resort will have to take it back in that case.

 

[rapmarks]

way back in the 60's or 70's, my aunt bought a lot at Diamond Bell Ranch near Tucson, AZ. the lot is basically worthless. I have discovered the tax bill has been going (since 2008) to a different address. I can't imagine how much she owes on this lot. When she passes away, my sisters and I will inherit this lot. I think the situation is similar to a timeshare, and I don't think any of us want this lot. We thought the lot had been taken off the tax roles, since she hadn't received a statement for so many years.

 

[csxjohn]

http://en.allexperts.com/q/Time-Shares-1843/2011/2/Timeshare-deed-perpetuity.htm

http://www.timesharetrap.com/how-to-refuse-a-timeshare-inheritance.html

These two articles may help. I've put Ron in my will to inheret my timeshares so sometime in the future he'll be able to report on how it worked out.

 

[pacodemountainside]

http://en.allexperts.com/q/Time-Shares-1843/2011/2/Timeshare-deed-perpetuity.htm

http://www.timesharetrap.com/how-to-refuse-a-timeshare-inheritance.html

These two articles may help. I've put Ron in my will to inherit my timeshares so sometime in the future he'll be able to report on how it worked out.

I guess I should check with Ron since my kids do not want. Shoot, I will throw in a case of Corona and deluxe cane! !

OP: Do a few searches as this has been hashed over many times.

Best bet, join AARP for I think around $16 for one year and you get free 45 minute consultation with a local estate planning attorney who can best advise you based on your specific situation.

This is not proper forum to get personalized legal advice. For example, actuarial tables show females tend live a few years longer than males.

 

[1950bing]

This is a fact of owning anything. At some point we will die. The time to think about this is not at the end of the use of your timeshare but before you sign on the line to purchase. Have an exit plan upfront. Discuss your purchase with those involved with everything you own as to what you want and what they want done.
I hope everyone here understands that when people decide not to pay their share, fees (and they agreed to) that other owners have to pay more to cover that void. Timeshare businesses arrive at a cost to run their operations and that is a figure that can not sustain deadbeats. So please don't dump on fellow owners by not paying your share. There are ways out and this is the best place to get solid answers.

 

[csxjohn]

I guess I should check with Ron since my kids do not want. Shoot, I will throw in a case of Corona and deluxe cane! !

...

Oh, I didn't check with Ron, I'm just trying to see if he's awake or not. It looks like he didn't think it was funny.

But there is really nothing stopping you from naming anyone in your will so if there's someone you don't really like, this would be your parting shot at them.

On a serious note, I thought about putting my HOA in my will for one I owned but eventually gave away. I figured that would be easier than having my heirs turn it down one by one and then abandoning it. The HOA would eventually end up with it anyhow.

 

[bogey21]

I hope everyone here understands that when people decide not to pay their share, fees (and they agreed to) that other owners have to pay more to cover that void......So please don't dump on fellow owners by not paying your share. There are ways out and this is the best place to get solid answers.

I agree but those who inherit a Week presumably didn't commit to Ownership requirements and should be able to exercise their right to disclaim their inheritance.

George

 

[Rsauer3473]

All our timeshares are in our trust. In our will we have set up a fund to partially pay maintenance fees (there are no mortgages). This will allow our children to pay lower MF's over time. They of course can sell or give away the weeks. Between DVC and Starwood we currently have about $10 K in MF's. All but $2k are covered through renting some units out. We have no problem using the all the rest.

 

[torontobuyer]

But there is really nothing stopping you from naming anyone in your will so if there's someone you don't really like, this would be your parting shot at them.

This might be a good way to get out of buying a timeshare. Tell the high pressure salesperson that you will buy, and that you will be leaving it to them in your will. When they decline, ask why would you want to buy it, if they don't want it for free?

 

[Rent_Share]

If your heirs do not want it, they can refuse to take it. They should not pay any fees associated with it as that would imply they are taking ownership. The resort will have to take it back in that case.

IMHO

If the estate / trust has not been distributed, the executor/trustee must pay any fees that come due. The beneficiaries should never pay any fees from their own funds

YMMV

 

[Rent_Share]

This is a fact of owning anything. At some point we will die. The time to think about this is not at the end of the use of your timeshare but before you sign on the line to purchase. Have an exit plan upfront. Discuss your purchase with those involved with everything you own as to what you want and what they want done.
I hope everyone here understands that when people decide not to pay their share, fees (and they agreed to) that other owners have to pay more to cover that void. Timeshare businesses arrive at a cost to run their operations and that is a figure that can not sustain deadbeats. So please don't dump on fellow owners by not paying your share. There are ways out and this is the best place to get solid answers.

The person who gets stuck with the MF never wanted it, let's say it was a car with on going maintenance costs if not dontable to charity for free, it can be sent to a junk yard, there is no exit strategy available to the decedents who didn't purchase except refuse the inheritance.

Yes the other owners pick up the cost, but is it fair to burden the decedents with a lifetime contract

 

[twinmommy19]

Is it really as easy as putting in your will that you want to deed the TS back to the resort to get rid of it?

If that were the case it would be super easy to get rid of any timeshare. Just transfer ownership to any elderly relative or friend and have them deed it back to the resort or charity in their will. The nursing homes and hospice centers could start a TS disposal business.

 

[california-bighorn]

IMHO

If the estate / trust has not been distributed, the executor/trustee must pay any fees that come due. The beneficiaries should never pay any fees from their own funds

YMMV

That's one reason (minor reason) why our attorney left our timeshares out of our trust. The trust contains anything we own of monetary value, so according to him, our children will distribute the contents of the trust as described, then if they want anything outside of the trust (including timeshares) they can claim it if they want. If no one wants the property outside the trust they are not responsible for any of it. In the case of timeshares, the timeshare management could come after us, but, we wouldn't be around, and we would have already distributed anything of value through the trust. If anyone has received advice contrary to this, I'd love to hear other opinions. I found it interesting that the two items the attorney said to keep out of the trust were the timeshares and automobiles. Apparently, it is easy to transfer the ownership of autos in California. Just need to wait something like 45 days, be able to show your relationship and go to the DMV with a death certificate.

 

[dcdowden]

Leave TS outside of Trust - What about Pour Over Will?

I like the advice you got to leave the TS's out of the Trust. We did the same, mainly to avoid the excessive fees that Wyndham and Starwood charge per deed to re-retitle. But we do have wills that I believe Pour Over any other assets into the Trust. That sounds like it could be a bad idea. I'm curious what your attorneys suggested in that regards. We live in Illinois and really only have the TS's, cars and miscellaneous personal property outside of the Trust as it stands. Our TS deeds are in Florida, Arizona and Tennessee so we would definitely want to avoid having to go through probate in those states as well. But I'm not sure that works if we just leave the deeds outside the Trust. Ideally, we will just keep the TS's as long as we can continue to use them and then get rid of them later in life.
Thanks,
Doug

 

[uscav8r]

I like the advice you got to leave the TS's out of the Trust. We did the same, mainly to avoid the excessive fees that Wyndham and Starwood charge per deed to re-retitle. But we do have wills that I believe Pour Over any other assets into the Trust. That sounds like it could be a bad idea. I'm curious what your attorneys suggested in that regards. We live in Illinois and really only have the TS's, cars and miscellaneous personal property outside of the Trust as it stands. Our TS deeds are in Florida, Arizona and Tennessee so we would definitely want to avoid having to go through probate in those states as well. But I'm not sure that works if we just leave the deeds outside the Trust. Ideally, we will just keep the TS's as long as we can continue to use them and then get rid of them later in life.

Thanks,

Doug

If your heirs never use the TS after the last owner passes (assuming you have joint ownership with spouse), they can refuse the inheritance. Should not matter if it is in trust or not. I posted some links regarding this on a previous thread with almost the exact same title/topic (see post #8 in URL below):

http://tugbbs.com/forums/showthread.php?t=210351

Doug, I think you posted on this thread!

Sent from my iPhone using Tapatalk

 

[Ridewithme38]

It looks like Tug has finally come to an agreement about what to do with our timeshare after we pass!!

I will be willing my Timeshare to Ron also

 

[persia]

Pretty much, once it's in someone's name who dies the timeshare is gone. Be aware the estate may be on the hook for the rest of the use year's maintenance fees...

Is it really as easy as putting in your will that you want to deed the TS back to the resort to get rid of it?

If that were the case it would be super easy to get rid of any timeshare. Just transfer ownership to any elderly relative or friend and have them deed it back to the resort or charity in their will. The nursing homes and hospice centers could start a TS disposal business.

 

[Ridewithme38]

Pretty much, once it's in someone's name who dies the timeshare is gone. Be aware the estate may be on the hook for the rest of the use year's maintenance fees...

what happens after that first year if the timeshare company still refuses to take it back?

 

[ronparise]

what happens after that first year if the timeshare company still refuses to take it back?

First of all lets get this straight. If you leave your timeshares, be sure to read the obits everyday...except for Paco, who is older than everyone. Im older than you guys, and Ill probably be dead before you guys.


as to Rides question, The resort always gets it back, if the fees aren't paid....its called foreclosure.

and now for my editorial position: Common sense demands that resorts develop an orderly process to take deeds back and make them productive again

 

[persia]

Not your problem, it has no living owner and after the estate closes it has no owner whatsoever.

what happens after that first year if the timeshare company still refuses to take it back?

 

[ronparise]

Not your problem, it has no living owner and after the estate closes it has no owner whatsoever.

The timeshare however does not die with the former owner

I suppose you are right there is no "owner" now, but the responsibility is still there to maintain the place. and that responsibility never changes. it lies with the collective ownership ie the HOA

So as has been said here already. If you dont pay your mf (whether its because you cant or because you just dont care to or because you are dead, the rest or the ownership has to pick up the slack. Which brings me back to what I said above...Common sense demands that the HOAs develop a process to take back unproductive deeds and make them productive again. If not the HOA, then who?

 

[Rent_Share]

Most important is that your heirs do not get stuck with the bill for the maintenance fees, which is the hook the Rescue companies use to get aged owners to fork out three to four years maintenance fees to "save their beneficiaries" the burden of their mistake


The estate pays the fees while the viable assets are being liquidated, just like they would pay property taxes and insurance or other incidental expenses.

The heirs refuse the inheritance of the timeshare. A prudent HOA takes back the deed upon the abandonment by the decedents estate, the typical HOA tries to collect from the dependent and ends up incurring legal fees to foreclose.

 

[Ridewithme38]

The heirs refuse the inheritance of the timeshare. A prudent HOA takes back the deed upon the abandonment by the decedents estate, the typical HOA tries to collect from the dependent and ends up incurring legal fees to foreclose.

My understanding is, as long as there are still 'assets' in the estate, the HOA can continue to collect off of it to pay Fees and that an estate can't be closed with the timeshare still in it. If your retirement savings is in a bank account instead of other forms, like a 401K or SS, the left over $150,000 could keep the timeshare in your estate a LONG LONG time, keeping your kids from being able to withdraw other assets.

An HOA COULD take there time to foreclose on the timeshare, we've read here about people who had 5-6 years of missed MF's before the HOA foreclosed. That's without payment, when it is in a well funded estate, i don't see any reason they would rush at all to take it back.

I could be wrong about this, but, Why would an HOA foreclose on a timeshare that is being paid for?