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Death of a person on deed; what's next?

dryden

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I'm thinking about buying another TS. I know there have been posts here about what happens when the deceased name is on the deed and what happens to the TS in terms of your survivors. I'll be darned if I can find those posts. Now that I'm considering another TS, and my own mortality, is it better to solely have my name on the deed and not leaving it to anyone in the will (providing no one wants it)? My main thought is I don't want to burden anyone with it against their will via the. What's the best way to achieve this?

Thanks in advance!
 

Ridewithme38

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I'm thinking about buying another TS. I know there have been posts here about what happens when the deceased name is on the deed and what happens to the TS in terms of your survivors. I'll be darned if I can find those posts. Now that I'm considering another TS, and my own mortality, is it better to solely have my name on the deed and not leaving it to anyone in the will (providing no one wants it)? My main thought is I don't want to burden anyone with it against their will via the. What's the best way to achieve this?

Thanks in advance!

Good luck, your kids(the executor of your will) will be stuck with in no matter what you do
 

djs

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Upon your untimely (or timely as the case may be) departure from this Earth the timeshare will be owned by your estate. It will still be need to be disposed of, not at the expense of your heirs so to speak, but any costs associated with your estate disposing of the TS would in theory effect any amounts they receive.

The better option would be to find someone ahead of time who you think would enjoy a TS, and understand the obligations, and give it to them before your demise (or arrange to bequeath it to them).

How's that for lawyerese from a non-lawyer?
:D
 

Talent312

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If you are the only person on the deed, upon your death, it will become a part of your probate estate. The estate administrator will have to pay any MF's that become due while the estate is open and find someone to take it, or abandon the property with the heirs' consent.

If you add a one or more persons as joint owners with right of survivorship, or give it to them, reserving a life estate for yourself, you can avoid probate, but you would need your co-owners' signatures if you later decide to dispose of the unit.

You know your heirs better than we do, so why not ask them who, if anyone, would be willing to take it, and if you trust them, put their names on the deed.
 

rrlongwell

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Whats the process behind abandoning the property? I don't see how it could be this simple

Abonding the property could be easyer said than done. Leaving to someone in the will does not necessarily get the Estate of the hook. The person getting it under the will can refuse it. You best and cheapest course of action is to consult with a Estate Planning Attorney.
 

malonem68

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I haven't been through this with a timeshare but I have been through it dealing with a lease with my father-in-laws Volvo.

If you feel that you are going to go first (like I do) then be sure that every asset is in both you and your spouse's name. (I am assuming you are married). All assets in both your names go to the spouse. All assets in only your name are yours. (Including any checking accounts, retirement accts. etc.)

Assuming you plan correctly, your estate will be insolvent and they can't go after anything. They can simply call and wish them luck.
 

Ridewithme38

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I haven't been through this with a timeshare but I have been through it dealing with a lease with my father-in-laws Volvo.

If you feel that you are going to go first (like I do) then be sure that every asset is in both you and your spouse's name. (I am assuming you are married). All assets in both your names go to the spouse. All assets in only your name are yours. (Including any checking accounts, retirement accts. etc.)

Assuming you plan correctly, your estate will be insolvent and they can't go after anything. They can simply call and wish them luck.

So basicly, a Viking ship?
 

malonem68

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So basicly, a Viking ship?

Not close to a viking ship! Though, I will admit this is certainly a bit different from the Volvo.

A viking ship is set up for one purpose. To fail, and go through the bankruptcy process. Estate planning is totally different.

By giving your heirs an 'out', you are not doing anything deceitful. Take the Volvo for example, they got the car, there was no money in the estate, and they got to resell that car. (they lost the interest which was made up by the sale of a car) We were offered the car if we wanted to take over the payments if we wanted. I am guessing that if this was a timeshare we could have kept it if we agreed to make the payments. (I'm sure there would have been hefty fees though :) )

The viking ship has a problem where as the other owners in the community are stuck holding the baggage for a planned bankruptcy! If another owner of a timeshare passed away, I can fully undersand that there may be vacancies and the HOA has to step in and work to get that week occupied for the sake of all the other owners.

Viking ship is most likely illegal!! Don't get caught.
 

MuranoJo

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I've heard multiple times here that if you will your t/s to someone, they can refuse to accept it. If this is true, isn't this a better way to deal with the matter than have it go unresolved to the Executor who has to deal with the estate?
(Probably a good idea to confer with the designee beforehand regarding the strategy and to get agreement.)
 

Ridewithme38

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I've heard multiple times here that if you will your t/s to someone, they can refuse to accept it. If this is true, isn't this a better way to deal with the matter than have it go unresolved to the Executor who has to deal with the estate?
(Probably a good idea to confer with the designee beforehand regarding the strategy and to get agreement.)

When they refuse to accept it it goes right back to the Executor(your spouse or children)...who has to dump it some how...they now are stuck with it until it has bleed everything you have ever owned out of your estate..then the TS should (hopefully) foreclose on it
 

rrlongwell

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The comparision to a viking ship:

You are putting your TS into an LLC(Estate) that is to be dissolved (Estates get closed) with the specific purpose of getting rid of the TS

Use of a LLC to put timeshares in for the purpose of liquadating the timeshare is also a very bad idea. It just moves the problem around not eliminate it.
 

Ridewithme38

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Use of a LLC to put timeshares in for the purpose of liquadating the timeshare is also a very bad idea. It just moves the problem around not eliminate it.

I agree, its just that currently, for most resorts, that is the best available option...

This is the same as putting it in an estate for the purpose of liquidating it though, that's all i'm saying, you shouldn't have to bankrupt an estate and eat up all inheritance to get rid of a timeshare....
 
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