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Preventing passing on timeshare after death

Discussion in 'Buying, Selling & Renting Timeshares' started by John Kampmeyer, Jul 6, 2019.

  1. John Kampmeyer

    John Kampmeyer Guest

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    Owning a timeshare with the increasing maintenance fees is one problems. However since it is property, how do you prevent it becoming part of your estate so it doesn’t become a burden to your heirs?
     
  2. Passepartout

    Passepartout TUG Review Crew: Veteran TUG Member

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    Instruct your personal representative to instruct a lawyer to advise the TS that you are deceased and no heir is accepting a negatively valuable property. DO NOT authorize paying anything ongoing. Obviously it's better if it's only titled in your name than jointly where it would just revert to whomever else is on the title.

    Jim
     
  3. Gypsy65

    Gypsy65 Guest

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    I believe if it’s paid for. Then whoever stands to inherit it has the option to take it or leave it

    If not paid. Then I believe the TS company can get their money out if the estate
     
  4. TheTimeTraveler

    TheTimeTraveler TUG Member

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    Leave instructions in your will to gift it to your favorite charity.....




    .
     
  5. PigsDad

    PigsDad TUG Member

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    You could just leave a flaming bag of dog doodoo on their doorstep -- I think they would prefer that over a liability that they don't want and can't sell... ;)

    Kurt
     
    chalee94 likes this.
  6. geist1223

    geist1223 Guest

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    I am not giving legal advice. If the Estate is going to Probate and has other assets. Then the Estate should continue making payments and MF's. Make sure there is a publication of the probate which includes direction for all creditors to file their claim with probate. Do not send anything directly to the timeshare. Have each taker file a disclaimer with the Probate Court for the timeshare. Then close the probate as soon as possible after the time for creditors to file claims has expired. In all likelihood the timeshare company is not reading all the published legal notices around the country. The closing of probate should cut off future valid claims by the timeshare against the estate or heirs.
     
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  7. Gypsy65

    Gypsy65 Guest

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    We have 7 kids. Blended family
    All are gone except one son and he is way ahead of the curve. Started college at 14 ( had to convince the school he could do it and he’s actually tutoring the 22 YO kids )

    But he. Of all the kids has said many times he wants our TS
    He’ll probably have no problem affording it. But need to make sure he knows the long term commitment

    That said. We have taken remarkable vacations and he sees that
     
  8. OldGuy

    OldGuy Guest

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    How about a Beneficiary Deed back to the resort's association or timeshare corporation, whichever is in control?
     
  9. Talent312

    Talent312 Tug Review Crew: Rookie TUG Member

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    Our wills say that, if all beneficiaries disclaim a TS, the executor shall dispose of it by sale, gift, deed to management, or abandon it and suffer a foreclosure, at his or her absolute discretion.
     
  10. OldGuy

    OldGuy Guest

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    Under the assumption that there is no original thought, although I cannot find anyone/any place suggesting a Beneficiary Deed back to the association, here's an article regarding timeshares that mentions BD:

    As a real estate interest, no matter the value, some form of a probate proceeding is typically required at death if the property is not in a revocable trust or the subject of some other deeded mechanism to avoid probate, such as right of survivorship or beneficiary deed.

    http://bogutzandgordon.com/what-to-do-with-a-timeshare-some-options/

    - - - - -
    Oh, look, it does exist:

    Since there are so many timeshare-deeded properties in the state of Missouri, the state solved the problem by making available a Timeshare Beneficiary Deed which avoids probate for timeshare owners.

    http://www.timesharefun.com/what-is-a-timeshare-beneficiary-deed/
     
    Last edited: Jul 8, 2019
  11. OldGuy

    OldGuy Guest

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    It occurs to me that in these discussions regarding inheriting a timeshare, there is a general assumption that it is an obligation, not a benefit, and is unwanted, so the preponderance of the advice is how not to inherit it.

    I'm saying that as opposed to advice given to people who come here trying to find out how to get rid of an unwanted timeshare, and a good portion of the advice is on how to use it better, probably because trying to get rid of a timeshare is so problematic for the actual owner.

    I guess the difference might be that in the case of inheriting a timeshare, the person never had a desire for it, and in the case of trying to get rid of one, the person did have a desire for it, or at least what they perceived it would be, at one time.

    I'm trying to say this right, which I don't always do, but in one case it is almost always perceived as an obligation and in the other it is almost always perceived as something of benefit, when, in fact, for the person seeking advice, in both cases it is something they see only as an obligation and they came here to get advice on how to get rid of it.

    Or, in one case the person has a legal right to not accept it and in the other the person has a legal responsibility to be stuck with it. But, still, in both cases, for the person seeking advice, it is seen as an obligation, not a benefit.
     
    Last edited: Jul 9, 2019
  12. Gypsy65

    Gypsy65 Guest

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    Also

    Many here try and show ways to get a resale for cheap and use it

    Wouldn’t inheriting it be free?
    If there’s a balance owed. Isn’t that paid off from the estate? And then be free to the kids again?

    As mentioned. If they don’t know how to use it then there’s way less value

    Some who do use theirs still don’t to the full and even then the value may be hard to see

    I’ve purchased some from the resort and when they start telling me what an investment it is I stop them and tell them it’s not an investment. It a screw job at the minimum but it allows me a certain level of vacations and we pouchased from the resort to allow what we had to be pooled in the mix
     
  13. LannyPC

    LannyPC TUG Member

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    True, but like many here on TUG try to tell newcomers here who are considering taking on a "free" timeshare, one should do his homework and research regarding his travel needs, circumstances, and preferences before taking on ownership of a timeshare regardless of how much it costs. The cost of acquiring a TS is not as important a factor as maintaining it. You have to factor in the annual MFs, possible special assessments, and the peripheral costs of traveling.
     
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  14. bluehende

    bluehende TUG Review Crew: Veteran TUG Member

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    I think it can be explained this way. A timeshare is a very specific benefit to a very specific group of people. The two I own and consider a benefit would not be a benefit to very many people out there. If you change that universe of possible benefit to my kids age group it is rarer still. I have seen many here who as they aged out transferred their timeshares to their kids who were thrilled to keep this asset in the family. The key is to have a frank talk with the kids about what they are getting into and whether they would rather abandon it.
     
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  15. OldGuy

    OldGuy Guest

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    and the forever aspect
     
  16. OldGuy

    OldGuy Guest

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    & it is a natural course of events that even within that very specific group of people, a timeshare ceases being a benefit
     
  17. bluehende

    bluehende TUG Review Crew: Veteran TUG Member

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    I will have no use for my timeshare after I die.
     
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  18. bizaro86

    bizaro86 TUG Member

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    The TS would be free to the heirs. But there are some timeshares that are worth less than zero, especially to someone who isn't knowledgeable about them.

    Of course, if it is one of the timeshares that have value (a hotel brand week on Maui, etc) the estate could just sell it if the heirs don't want it.
     
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  19. OldGuy

    OldGuy Guest

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    Yes, that is one of the natural occurrences for even the most devoted timeshare lover. Amazingly, it does not end your timeshare obligation.

    :eek:

    die

    get divorced

    get married

    have kids

    have kids leaving home

    loose your job

    get a different job

    get too old to travel

    Change your lifestyle

    Change your habits

    All add up to reasons people want to get rid of their timeshare, in addition to fees.

    What were we talking about?

    :D


     

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