Need feedback as to surrendering unit versus probate

[Garyallpro]

Co-own unit in Nevada timeshare. Unfortunately two other owners have passed away. In contacting timeshare, they want us to go through probate in order to surrender unit as part of their "buyback" program. WE REALLY JUST DONT NEED NOR WANT THIS TIMESHARE.
Please note that there is no loan outstanding and maintenance fees are current.

To have to go through probate would be time consuming and expensive. My thinking is that if they foreclose, no probate is needed and they get a free asset back in their books.

Comments welcome and appreciated.

 

[vacationtime1]

I wouldn't pay for two probate proceedings so I could give away a timeshare.

If I were you, I would offer them a deed for my one-third interest (which they will probably turn down) because it shows everyone where you stand on the issue.

 

[Garyallpro]

I wouldn't pay for two probate proceedings so I could give away a timeshare.

If I were you, I would offer them a deed for my one-third interest (which they will probably turn down) because it shows everyone where you stand on the issue.

Tnx for quick reply. All surviving owners do not want the timeshare. FYI.

 

[bogey21]

Co-own unit in Nevada timeshare.

I bought and sold a lot of TS Weeks in my heyday. I always put them in only one name, myself, my Son or my Daughter based which one of us would more than likely be using the Week. I wasn't thinking of death but rather simplicity when it came time to sell. But it definitely would eliminate issues in the event of death as the survivor(s) could choose to inherit or disclaim...

George

 

[Talent312]

I'm assuming that the co-owners did not have a survivorship clause in their deed, which would'a made this so much simpler.

In many states, where there are limited estate assets, i.e. in the state where the TS is located, there's often a simplified or summary probate proceeding where all it takes is a petition to the court and order is issued distributing the asset.

I helped a former in-law use that process to get title to a TS in her late-husband's name. The heirs of the deceased persons should be the ones to do that.
.

 

[Garyallpro]

I'm assuming that the co-owners did not have a survivorship clause in their deed, which would'a made this so much simpler.

In many states, where there are limited estate assets, i.e. in the state where the TS is located, there's often a simplified or summary probate proceeding where all it takes is a petition to the court and order is issued distributing the asset.

I helped a former in-law use that process to get title to a TS in her late-husband's name. The heirs of the deceased persons should be the ones to do that.
.

Did not see a survivorship clause on the deed unfortunately. I'll have to research your reference of a summary probate if such exists in Nevada and what requirements might be. - or is it even an option since we don't have the survivorship clause on current deed?

 

[geist1223]

I am not giving Legal Advice. Normally if there is no Right of Survivorship Clause you will have to do Probate. Also if this is a Deeded Timeshare, which means a Real Property Interest, Probate has to be done in the State in which the Real Property is located in addition to the Probate in the State in which the decedant lived.

 

[Garyallpro]

I am not giving Legal Advice. Normally if there is no Right of Survivorship Clause you will have to do Probate. Also if this is a Deeded Timeshare, which means a Real Property Interest, Probate has to be done in the State in which the Real Property is located in addition to the Probate in the State in which the decedant lived.

Understood and thanks!

 

[Talent312]

BTW, for anyone thinking of co-owning without a right-of-survivorship:
Think again. Your co-owners can sell, assign, suffer a lien, or bequeath
their shares to persons who are total strangers to you.

Even with survivorship, think about what would happen if they didn't
pay their share of MF's. You may be left holding the bag, so to speak.
.