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4 Ways To Improve Your Estate Plan

klpca

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I think I read somewhere in another thread a while ago not to put timeshares in a trust if you or your heirs hope to get rid of them. Your heirs can simply refuse the inheritance.
But I think that there is a possibility that you will still have to probate the estate to dispose of the timeshares. At any rate, for us I can't imagine it being an issue. We definitely plan to get rid of them before we die so unless we go in a plane crash, I think that they will be long gone before it's an issue.

And I still haven't found an answer on the pour-over provisions. The whole point as I understand is to get any untitled assets into the trust as though you titled them into the trust from the get-go. I'm sure it's a PITA to do it that way though, but it seems like the timeshares would get swept in just like any other untitled assets. Who knows? I hope that it's a purely academic discussion.
 

bogey21

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I think I read somewhere in another thread a while ago not to put timeshares in a trust if you or your heirs hope to get rid of them. Your heirs can simply refuse the inheritance.

The idea is if everything other than your TS is in your trust and you die, your estate will consist of nothing but your TS. At that point your heirs if they disclaim the TS, basically tell the Resort to pound sand...

George
 

rapmarks

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But I think that there is a possibility that you will still have to probate the estate to dispose of the timeshares. At any rate, for us I can't imagine it being an issue. We definitely plan to get rid of them before we die so unless we go in a plane crash, I think that they will be long gone before it's an issue.

And I still haven't found an answer on the pour-over provisions. The whole point as I understand is to get any untitled assets into the trust as though you titled them into the trust from the get-go. I'm sure it's a PITA to do it that way though, but it seems like the timeshares would get swept in just like any other untitled assets. Who knows? I hope that it's a purely academic discussion.
I understand and share the confusion on this point. This must be why our lawyer had unrecorded deeds made of property we owned. I have three deeds naming trust as owner, but not recorded with county until our death.
 

VacationForever

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Our trust attorney wanted us to keep our timeshares out of our trust unless they are of significant value or easy for the estate to get rid of. Even though what we own is of some value, like $20k when resold, we chose to keep them out.
 
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