Buying Marriott in a Trust?

[md8287]

Has anyone bought or tried to buy a Marriott timeshare week in a Trust? I am about to buy my first Marriott and all my other timeshares, including Vistana, are in Trust.
Any insight appreciated.

 

[Luvtoride]

Has anyone bought or tried to buy a Marriott timeshare week in a Trust? I am about to buy my first Marriott and all my other timeshares, including Vistana, are in Trust.
Any insight appreciated.

MD, why? What is the advantage of buying a timeshare in a trust?


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[md8287]

It was advised by my lawyer as part of estate plan. Avoids probate and requires no changes when I pass them on.

 

[Luvtoride]

It was advised by my lawyer as part of estate plan. Avoids probate and requires no changes when I pass them on.

Interesting. We discussed with our attorney when we revised our wills 2 years ago and based on his recommendation we set up the Will with trust provisions that our assets will all revert to the trust.


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[md8287]

Interesting. We discussed with our attorney when we revised our wills 2 years ago and based on his recommendation we set up the Will with trust provisions that our assets will all revert to the trust.


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We have a Trust for our home, a separate Trust for our timeshares and then a Trust for the remainder tied to our will.

 

[mjm1]

We have each of our timeshares in our family trust. As mentioned by someone earlier it protects them from probate.

Best regards.

Mike

 

[md8287]

We have each of our timeshares in our family trust. As mentioned by someone earlier it protects them from probate.

Best regards.

Mike

Including a Marriott?
I’m being told Marriott will not allow in a Trust.

 

[mjm1]

Yes, all of our Marriott’s. It has never been an issue.

Mike

 

[jeepie]

We have a Trust for our home, a separate Trust for our timeshares and then a Trust for the remainder tied to our will.

We have one trust, all (Marriott) timeshares mixed in there with everything else. We bought our timeshares over the past six years, and haven’t reviewed our trust in perhaps 15 years. Just curious, what are the considerations when deciding to put timeshares in a separate trust? Thx!

 

[clifffaith]

Our timeshares are in our trust. You need to watch how the "words" appear -- when we owned Marriott we discovered our reservation had the last name as Trust. We checked in with no issues and it wasn't until relatives who were supposed to join us, and then couldn't call us to come to their home instead, couldn't get through to us that we realized the issue.

 

[travelinmom]

Has anyone bought or tried to buy a Marriott timeshare week in a Trust? I am about to buy my first Marriott and all my other timeshares, including Vistana, are in Trust.
Any insight appreciated.

We own most of our Marriott’s in our trust. We need to transfer the ones we bought before our trust into the trust. We didn’t ha e any issues buying weeks and points in the trust.


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[BocaBoy]

Interesting. We discussed with our attorney when we revised our wills 2 years ago and based on his recommendation we set up the Will with trust provisions that our assets will all revert to the trust.

That arrangement will not avoid probate, and real estate normally has to be probated in the state where it is located.

 

[Delicate Arch]

We have all our weeks in the names of our trust (50% ownership to my trust, 505 to husband's). We paid to have them retitled in the trust names after (stupidly) titling them in our names originally. My advice is to do it correct in the names of your trusts from the outset.
Yes, the account will have the last name of "Trust" but it has no effect at all.
The reason to do this is it avoids probate, but more importantly if you own weeks, not points, it avoids probate in the state in which you "own real estate". That is, you may live in Montana, but if you own weeks in Hawaii, and if the weeks are in your name (not in the name of your trusts), you have to go through probate in Hawaii. That is going to involve an big hassle and perhaps paying for someone to deal with this for you. So just do it right to begin with.

 

[vacationtime1]

Yes, all of our Marriott’s. It has never been an issue.

Our Marriotts are also in our trust. Also, never an issue.

 

[vacationtime1]

We have all our weeks in the names of our trust (50% ownership to my trust, 505 to husband's). We paid to have them retitled in the trust names after (stupidly) titling them in our names originally. My advice is to do it correct in the names of your trusts from the outset.
Yes, the account will have the last name of "Trust" but it has no effect at all.
The reason to do this is it avoids probate, but more importantly if you own weeks, not points, it avoids probate in the state in which you "own real estate". That is, you may live in Montana, but if you own weeks in Hawaii, and if the weeks are in your name (not in the name of your trusts), you have to go through probate in Hawaii. That is going to involve an big hassle and perhaps paying for someone to deal with this for you. So just do it right to begin with.

This is good advice. There was probably a specific reason for two trusts for this family, but the overall advice -- that a trust will save your heirs the hassle and expense of ancillary probate proceedings in every state where you own a timeshare -- is very sound.

 

[wvacations]

On a related issue, I have 5 enrolled weeks that I want to move to a trust. I remember reading sometime ago with problems of moving enrolled weeks into a trust being considered a transfer and losing grandfathered status. My weeks net 13,700 points and was grandfathered to chairmen’s club level.

Has anyone had an issue lately.

 

[vlord]

On a related issue, I have 5 enrolled weeks that I want to move to a trust. I remember reading sometime ago with problems of moving enrolled weeks into a trust being considered a transfer and losing grandfathered status. My weeks net 13,700 points and was grandfathered to chairmen’s club level.

Has anyone had an issue lately.

We are looking into moving our timeshares to a trust and would like to know if we will lose our ability to get points for our enrolled weeks and what happens to our status.

 

[rthib]

We are looking into moving our timeshares to a trust and would like to know if we will lose our ability to get points for our enrolled weeks and what happens to our status.

Curious about this too. I have zero trust in Marriott IT so I have held off from moving mine because of this concern. Curious if anyone has done this recently.
I have a mix of developer weeks (from long ago), resale points and resale week.

 

[DRH90277]

Curious about this too. I have zero trust in Marriott IT so I have held off from moving mine because of this concern. Curious if anyone has done this recently.
I have a mix of developer weeks (from long ago), resale points and resale week.

All of our timeshares and VCP's are held in our revocable trust, and it works just fine. This started with our first purchase in 2006. Marriott did assign us three numbers, one for the trust, one for me and one for my wife. The trust number is the only one that seems to matter in use.

VacationForever responds in the next entry so I am adding this as our needs and prospects might be different. We have accumulated a sizable participation in Marriott Timeshare properties, some convertible to points, and 2,500 points. Our portfolio will generate just under 25,000 VCP's if we wanted them. We are Chairman's level. Some of this was purchased from Marriott but many are frequent use properties and were bought resale.

Our children (five of them) are all adults and pretty active participants in using the timeshares. I'm not too worried about the prospect of liquidation as the timeshares are all good seasons and very desirable properties. But should our descendants want to sell off the units, they are all highly marketable as resales. I won't be around to see what they do, but that's ok.

 

[VacationForever]

Timeshare should be placed in a revocable trust if
1) Timeshare is of value, i.e. some significant amount if sold
and
2) Beneficiaries know what to do with the timeshare that they inherit, can afford to continue to own and use them, or to sell it

In our case, we leave them outside of our trust because while they meet criterion (1), it fails (2). Our beneficiary will not use them and also will not have a clue on how to get rid of them. Per our trust attorney, keep them outside of the trust.

 

[rthib]

I don't think the question is about if/why trusts, but more of the dealing with Marriott and moving them to a trust.
Looks like others started putting them into trust to begin with.
I think the concern is does Marriott still treat developer purchased/enrolled weeks as enrolled weeks if you move them to a trust. And more importantly, has anyone done it recently and not had Marriott mess it up in the system.

 

[BJRSanDiego]

Including a Marriott?
I’m being told Marriott will not allow in a Trust.

We have 4 Marriott timeshares and all are in a trust. Plus one non-Marriott.

 

[vlord]

I don't think the question is about if/why trusts, but more of the dealing with Marriott and moving them to a trust.
Looks like others started putting them into trust to begin with.
I think the concern is does Marriott still treat developer purchased/enrolled weeks as enrolled weeks if you move them to a trust. And more importantly, has anyone done it recently and not had Marriott mess it up in the system.

Thank you. This is the question we are looking to get answered. What happens to status, covertability of enrolled weeks, etc, if you try to move them into a trust after purchase (and recently)?

 

[drlee]

A few things: Nothing changes on your status, convertability, etc if you move your timeshare weeks or points to your trust. Nothing changes after your death, the trust still "owns" the assets, and no changes are necessary unless the trust changes. Marriott has no problem with trusts, but recently implemented a new policy to deal with problems at check in. Whereby now a new account needs to be set up with one of the owners of the trust in order to make reservations. Doesn't affect ownership or title. Can be more than one account set up. Many of us noticed being unable to see our units a couple of months ago, and this was the issue.

 

[SteveinHNL]

Interesting. We discussed with our attorney when we revised our wills 2 years ago and based on his recommendation we set up the Will with trust provisions that our assets will all revert to the trust.


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That’s interesting. The problem is that upon your passing the deeds will then have to be conveyed into the trust. I would prefer to take care of that now.