Question about NOT leaving legacy week to beneficiary

[DeeCee]

I am just curious about this....if our wills do not state that our Marriott legacy timeshare should be left to our beneficiaries, what happens to it?
Would it automatically go back to Marriott?

TIA,

Dee

 

[Billikan]

A well drafted Will always contains a residuary clause. It will say something like, “All the rest of my property not specifically referenced and devised under this document shall be given to XYZ.” This is to prevent property from not being transferred from your estate when you forgot to list it in your document. This will prevent the situation you mention. Also, don’t forget that every state has intestate rules that define how your property will be devised and transferred upon your death, even if you fail to draft your own will.


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[iftravel]

Can somone in the will say this timeshare should be given back to Marriott? No one has to inherit it so if no one wants it, who's obligated to tack it?

 

[Billikan]

There is a method to disclaim an inheritance. The rules for this may differ from state to state. However the general rule is that if you are to receive property as an inheritance you have 9 months from the date of death of the decedent to formally disclaim an inheritance in writing and properly delivered to the executor or trustee. Failure to formally disclaim within the statuary time and in writing delivered to the executor / trustee may then force transfer of title to the named recipient. No benefit or benefit of ownership can be received or the this may be seen as acceptance of the property. This is a very specific process that must meet the statutory procedure.


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[rapmarks]

I am curious. Whose will lists all their property? If it did, you would have to change your will every time you bought or sold a house, a timeshare, etc. unless of course, your plan is to leave a different property or collection to each separate heir.

 

[Hindsite]

MVC won't take it from a will, they require that the property is owned by a live named person or Trust before they will accept it.

Depending on what you own and where you live it may require additional probate and while all that is going on the fees remain the responsibility of the estate, so it could delay closure of the estate.

Best to deal with it in some form before you pass (if you can) so its not a mess for those you leave behind.

 

[Dean]

As I understand it the estate would still be responsible unless removed from the estate by legal means or MVC foreclosed even if disclaimed. That should mean the estate could not be settled until this was taken care of.

 

[TolmiePeak]

There is a method to disclaim an inheritance. The rules for this may differ from state to state. However the general rule is that if you are to receive property as an inheritance you have 9 months from the date of death of the decedent to formally disclaim an inheritance in writing and properly delivered to the executor or trustee. Failure to formally disclaim within the statuary time and in writing delivered to the executor / trustee may then force transfer of title to the named recipient. No benefit or benefit of ownership can be received or the this may be seen as acceptance of the property. This is a very specific process that must meet the statutory procedure.


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If the bolded part is true why don't people name their worst enemies as the named recipient and have the executor force transfer?

 

[davidvel]

If the bolded part is true why don't people name their worst enemies as the named recipient and have the executor force transfer?

The can and maybe do. But the enemy has to be notified and they can then disclaim the property.

 

[TolmiePeak]

The can and maybe do. But the enemy has to be notified and they can then disclaim the property.

And if they don't they will be forced to take the timeshare? Even without signing anything?

 

[Billikan]

If the bolded part is true why don't people name their worst enemies as the named recipient and have the executor force transfer?

The Executor has a legal duty to give notice to each beneficiary written notice of their appointment as well as provide various documentation regarding the assets of the estate that the beneficiary is to receive. This notice is due within a prescribed number of days of the Executors appointment. This varies by state but is generally 60 days of their appointment. Without notice a beneficiary is not aware of their rights. This notice begins the disclaimer clock.

Remember settlement of Estates and Trusts at the death is a very prescriptive legal process that requires the Executor to provide various legal notices and execute tasks on a timeline. Their failure to do so can create personal liability to the Executor or Trustee.


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[davidvel]

And if they don't they will be forced to take the timeshare? Even without signing anything?

Yes in most states this is the law. If they dont follow those legal requirements, then the property belongs to them.

 

[TolmiePeak]

Yes in most states this is the law. If they dont follow those legal requirements, then the property belongs to them.

So why wouldn't vindictive people leave worthless timeshares to people they don't like?

 

[rapmarks]

My aunt bought a property in the 1960s and paid property tax on it until sometime around 2010 when she stopped getting bills. she had several strokes and stopped speaking. I discovered the bill was going to a different address and was not being paid, but the county would not change it back to her address. She died in 2015. As her executor, I spoke to a lawyer on what to do about that land, should we refuse to accept the inheritance which owed more in tax penalties than it would sell for. He told me to just let it go, not to give the county our names. So you are saying that we had to accept that inheritance. The back taxes will really be high by now if they come after us.

 

[Billikan]

Please read what I wrote. What I said was:

1. Executor has duty to inform beneficiary in writing. Typically 60 days.
2. Beneficiary has a prescribed time from notice received from Executor to disclaim an inheritance, in writing sent to Executor. Typically 9 months is the prescribed time.
3. Failure to adhere to the prescribed notice time can create liability to the Executor in the form of lawsuit from a beneficiary.
4. A Beneficiaries failure to disclaim once notice is given requires you to accept the property.
5. If Marriott is a beneficiary, thy must receive notice, and they too can disclaim.
6. Disclaimed property goes to the next in line under the Will. The cycle begins again with notice and time to disclaim.
7. The is always a next taker in default. The legal process for estates is designed to be sure that property is orderly transferred upon the deal of an owner.


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[davidvel]

So why wouldn't vindictive people leave worthless timeshares to people they don't like?

They can try, but most likely those people will disclaim the inheritance and it will be a fool's errand. There are no laws (that I am aware of) that say you can only leave worthless property to people you like.

 

[Billikan]

If the bolded part is true why don't people name their worst enemies as the named recipient and have the executor force transfer?

The enemy will get notice from Executor. The Enemy can then disclaim. If they don’t disclaim they take the property, but they were aware and made a decision to take or reject. If they don’t get a notice they sue the Executor and will likely win.


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[davidvel]

My aunt bought a property in the 1960s and paid property tax on it until sometime around 2010 when she stopped getting bills. she had several strokes and stopped speaking. I discovered the bill was going to a different address and was not being paid, but the county would not change it back to her address. She died in 2015. As her executor, I spoke to a lawyer on what to do about that land, should we refuse to accept the inheritance which owed more in tax penalties than it would sell for. He told me to just let it go, not to give the county our names. So you are saying that we had to accept that inheritance. The back taxes will really be high by now if they come after us.

It is possible, but I would consult an attorney that knows this area of law. It does not appear the one you spoke to does. As executor did you open a formal probate case? It was your duty to deal with this property one way or the other.

But it likely would have tax defaulted by now and may have been auctioned.

 

[Billikan]

My aunt bought a property in the 1960s and paid property tax on it until sometime around 2010 when she stopped getting bills. she had several strokes and stopped speaking. I discovered the bill was going to a different address and was not being paid, but the county would not change it back to her address. She died in 2015. As her executor, I spoke to a lawyer on what to do about that land, should we refuse to accept the inheritance which owed more in tax penalties than it would sell for. He told me to just let it go, not to give the county our names. So you are saying that we had to accept that inheritance. The back taxes will really be high by now if they come after us.

Is it possible that your attorney filed a disclaimer as it relates to this property on your behalf?

You were also the Executor. You can’t really say you didn’t know.


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[TolmiePeak]

The enemy will get notice from Executor. The Enemy can then disclaim. If they don’t disclaim they take the property, but they were aware and made a decision to take or reject. If they don’t get a notice they sue the Executor and will likely win.


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I’m just thinking that in 2025 mail isn’t a good way to notify people but I’m guessing that is all that law requires. Many people barely check their mail


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[davidvel]

I’m just thinking that in 2025 mail isn’t a good way to notify people but I’m guessing that is all that law requires. Many people barely check their mail


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The beneficiary would need to have actual knowledge of the interest. Not sure why you are using example of mail. This is generally insufficient for most legal notices. Even so, if someone wants to claim to a court that they didn't check their mail for 9 months I'm not sure that it would be convinced.

However, an executor likely would serve a stranger personally, or by return receipt, etc. I would expect a competent executor to assure the person had actual knowledge as it will be their burden to show this occurred.

 

[rapmarks]

Is it possible that your attorney filed a disclaimer as it relates to this property on your behalf?

You were also the Executor. You can’t really say you didn’t know.


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No he did not file a disclaimer and we never heard from any taxing body again remember, I had called them and asked them to correct the address on the tax bill and they said they could not. They continued to send the bill to an address we had never heard of, and it was not being paid