Adding family member to deed?

[BigAl_50]

My wife and I want to add our daughters name to a TS we currently own; what would the easiest and least expensive way to handle this type of transaction?

Thanks,
Al

 

[dioxide45]

I would suggest using a TS closing company that also has a service of just Deed preparation. Shouldn't cost more than $100 or so. However what is the advantage to doing so?

 

[johnmfaeth]

Done properly, the main advantage is to bypass the need to probate your estate in each place you own a timeshare.

Should you live in NY and pass away, with timeshares in Florida, Pennsylvania, and Virginia for example, your estate would first need to be started with the NY Surrogates (Probate) court. Then your executor/Executrix would need to petition the Probate Courts of each of the three states for permission to dispose of your assets in each state.

If an attorney is used in each location, that will add many thousands of dollars of expenses to the costs of the estate.

If the heir's name is already on the deed with rights of surviviorship, all that is needed is a copy of your death certificate and then only when the timeshare is sold or someday retitled by your heir(s). Thus saving thousands.

This assumes that the deed is properly worded to include rights of survivorship and that the deed is worded properly as to ownership type. For example, most states do not allow joint tenants to be modified after the original purchase.

Estate planning is not a simple, do-it-yourself thing in most cases. That's why the pros are best used. However, I'm biased, my company does many of these transactions, but the heirs will not have unpleasant surprises.

The alternative is to just live forever...

PS. In addition to preparing the new deed, it does need to be reorded and the resort notified. Most resorts waive their transfer fees in such cases. Also real property transfer taxes are usually exempted in such a transaction. This helps keep the costs down.

 

[jejones3329]

The advantage if you are a silverleaf owner is that she could use the bonus time and dayuse.

 

[Dave H]

I agree with John, with one caveat, the children need to be over the age of majority in the state where the timeshare is located.

I can speak for certain in Florida that if your child is a minor by state law and you try to sell, the minor can not convey title as they have to be over 18 to sign legal documents.

There are ways around it by having an attorney appointed to handle the childs affairs in the transaction, but in general we error to the side that if they are not 18, don't add them till they are.

Dave

 

[johnmfaeth]

Thank you Dave for pointing out a good detail.

Dave is very correct in that everyone listed directly on a deed must be of "majority" age. There are other ways to account for minors and still bypass probate. That is the realm of trusts.

This is a complex area with many state by state rules and other topics not covered here for simplicity.

 

[ronandjoan]

Our resort handled it themselves for a small fee and we have the new deeds with our son's name on it too (he is an adult so no problem about minors.)