Can timeshares owned in Arizona require probate in another state?

[Wyominguy]

All,

I don't know if this is the best place to post this question on this site but since a couple of these Starwood ones are in Arizona I am posting it here.

My father had a snowbird home in Arizona for 20 years and became aware that Arizona would also probate his farm in Iowa when he died so he gave the home away to us kids and our wives a few years ago.

I don't know if that was true but he seemed to research it pretty well. My question concerns if this is true, does it also apply to timeshare properties?

Thanks,

Neil

 

[vacationtime1]

Please get some competent legal advice. Your father should as well.

Think about it: the way he has apparently set things up (by deeding his Arizona home "to us kids and our wives"), if any of those kids get divorced, his ex-daughter-in-law will own a piece of his house and may thus be able to force the sale of his house.

Estate planning is not a DIY exercise -- unless you really want to create issues downstream.

 

[dioxide45]

I would agree with the PP. Your father needs to get legal advice on this. Probate can be costly, but if the estate is setup properly in a trust, he can avoid probate all together.

As the PP indicated, there are issues deeding real estate to someone before death. Both in ownership in the event of divorce and also in tax implications with regard to cost basis. Of course this doesn't help now since the farm has already been deeded over and cost basis probably wouldn't be an issue with the timeshares.

 

[Talent312]

Typically, probate is begun in the state where the deceased was domiciled, but ancillary adminisration may be necessary in other states where real property is held. This is becuz those in the state where the property is located (like TS resorts), may not recognize out of state court orders (sometimes they do). But as others say, legal advice would be helpful.


Sent from my KFJWI using Tapatalk 2

 

[bogey21]

My father had a snowbird home in Arizona for 20 years and became aware that Arizona would also probate his farm in Iowa when he died so he gave the home away to us kids and our wives a few years ago.

I like it. I did something similar about 12 years ago. I gave all my assets to my ex-wife and children (except race horses which can be more liabilities than assets). Took me a little longer to get rid of TS Weeks but they are all gone. My bank accounts are all JTWROS or Payable on Death. Makes my estate simple, no real estate, no cars, nada....

And yes, I did it myself without any legal advice.....

George

 

[Wyominguy]

FYI,

We sold the house about 5 years ago (just before housing prices crashed in Arizona) and my Father died three years ago. I was just asking for future reference.

Neil